Foreclosuer Consultant FLorida Bill

A bill to be entitled
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An act relating to foreclosure fraud; creating s.
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501.1377, F.S.; providing legislative findings and intent
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with respect to the need to protect homeowners who enter
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into agreements designed to save their homes from
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foreclosure; providing definitions; prohibiting a
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foreclosure-rescue consultant from engaging in certain
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acts or failing to perform contracted services; requiring
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that all agreements for foreclosure-related rescue
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services and foreclosure-rescue transactions be in
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writing; specifying information that must be in the
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written agreement; requiring that certain statements in
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the written agreement be in uppercase letters and of a
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specified size; providing that the homeowner has a right
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to cancel the agreement for a specified period and the
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right may not be waived; providing that the homeowner has
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a specified period during which to cure a default under
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certain circumstances; requiring equity purchasers to
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assume or discharge certain liens; requiring that an
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equity purchaser verify the homeowner's ability to make
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payments under a repurchase agreement; providing price
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limitations for repurchase transactions; providing for a
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rebuttable presumption of certain transactions being
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unconscionable under certain circumstances; providing for
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limited application of the presumption; providing an
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exclusion; providing that a foreclosure-rescue transaction
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involving a lease option or other repurchase agreement
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creates a rebuttable presumption that the transaction is a
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loan transaction and the conveyance from the homeowner to
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the equity purchaser is a mortgage; providing limited
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application of the presumption; providing an exclusion;
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providing that a person who violates certain provisions
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commits an unfair and deceptive trade practice as defined
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in part II of ch. 501, F.S.; providing penalties;
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repealing s. 501.2078, F.S., relating to violations
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involving individual homeowners during the course of
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residential foreclosure proceedings; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Section 501.1377, Florida Statutes, is created
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to read:
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501.1377 Violations involving homeowners during the course
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of residential foreclosure proceedings.--
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(1) LEGISLATIVE FINDINGS AND INTENT.--The Legislature finds
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that homeowners who are in default on their mortgages, in
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foreclosure, or at risk of losing their homes due to nonpayment
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of taxes may be vulnerable to fraud, deception, and unfair
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dealings with foreclosure-rescue consultants or equity
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purchasers. The intent of this section is to provide a homeowner
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with information necessary to make an informed decision regarding
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the sale or transfer of his or her home to an equity purchaser.
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It is the further intent of this section to require that
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foreclosure-related rescue services agreements be expressed in
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writing in order to safeguard homeowners against deceit and
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financial hardship; to ensure, foster, and encourage fair dealing
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in the sale and purchase of homes in foreclosure or default; to
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prohibit representations that tend to mislead; to prohibit or
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restrict unfair contract terms; to provide a cooling-off period
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for homeowners who enter into contracts for services related to
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saving their homes from foreclosure or preserving their rights to
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possession of their homes; to afford homeowners a reasonable and
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meaningful opportunity to rescind sales to equity purchasers; and
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to preserve and protect home equity for the homeowners of this
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state.
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(2) DEFINITIONS.--As used in this section, the term:
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(a) "Equity purchaser" means any person who acquires a
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legal, equitable, or beneficial ownership interest in any
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residential real property as a result of a foreclosure-rescue
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transaction. The term does not apply to a person who acquires the
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legal, equitable, or beneficial interest in such property:
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1. By a certificate of title from a foreclosure sale
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conducted under chapter 45;
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2. At a sale of property authorized by statute;
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3. By order or judgment of any court;
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4. From a spouse, parent, grandparent, child, grandchild,
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or sibling of the person or the person's spouse; or
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5. As a deed in lieu of foreclosure, a workout agreement, a
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bankruptcy plan, or any other agreement between a foreclosing
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lender and a homeowner.
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(b) "Foreclosure-rescue consultant" means a person who
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directly or indirectly makes a solicitation, representation, or
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offer to a homeowner to provide or perform, in return for payment
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of money or other valuable consideration, foreclosure-related
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rescue services. The term does not apply to:
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1. A person excluded under s. 501.212.
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2. A person acting under the express authority or written
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approval of the United States Department of Housing and Urban
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Development or other department or agency of the United States or
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this state to provide foreclosure-related rescue services.
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3. A charitable, not-for-profit agency or organization, as
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determined by the United States Internal Revenue Service under s.
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501(c)(3) of the Internal Revenue Code, which offers counseling
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or advice to an owner of residential real property in foreclosure
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or loan default if the agency or organization does not contract
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for foreclosure-related rescue services with a for-profit lender
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or person facilitating or engaging in foreclosure-rescue
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transactions.
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4. A person who holds or is owed an obligation secured by a
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lien on any residential real property in foreclosure if the
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person performs foreclosure-related rescue services in connection
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with this obligation or lien and the obligation or lien was not
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the result of or part of a proposed foreclosure reconveyance or
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foreclosure-rescue transaction.
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5. A financial institution as defined in s. 655.005 and any
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parent or subsidiary of the financial institution or of the
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parent or subsidiary.
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6. A licensed mortgage broker, mortgage lender, or
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correspondent mortgage lender that provides mortgage counseling
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or advice regarding residential real property in foreclosure,
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which counseling or advice is within the scope of services set
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forth in chapter 494 and is provided without payment of money or
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other consideration other than a mortgage brokerage fee as
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defined in s. 494.001.
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(c) "Foreclosure-related rescue services" means any good or
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service related to, or promising assistance in connection with:
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1. Stopping, avoiding, or delaying foreclosure proceedings
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concerning residential real property; or
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2. Curing or otherwise addressing a default or failure to
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timely pay with respect to a residential mortgage loan
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obligation.
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(d) "Foreclosure-rescue transaction" means a transaction:
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1. By which residential real property in foreclosure is
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conveyed to an equity purchaser and the homeowner maintains a
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legal or equitable interest in the residential real property
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conveyed, including, without limitation, a lease option interest,
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an option to acquire the property, an interest as beneficiary or
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trustee to a land trust, or other interest in the property
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conveyed; and
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2. That is designed or intended by the parties to stop,
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avoid, or delay foreclosure proceedings against a homeowner's
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residential real property.
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(e) "Homeowner" means any record title owner of residential
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real property that is the subject of foreclosure proceedings.
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(f) "Residential real property" means real property
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consisting of one-family to four-family dwelling units, one of
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which is occupied by the owner as his or her principal place of
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residence.
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(g) "Residential real property in foreclosure" means
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residential real property against which there is an outstanding
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notice of the pendency of foreclosure proceedings recorded
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pursuant to s. 48.23.
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(3) PROHIBITED ACTS.--In the course of offering or
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providing foreclosure-related rescue services, a foreclosure-
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rescue consultant may not:
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(a) Engage in or initiate foreclosure-related rescue
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services without first executing a written agreement with the
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homeowner for foreclosure-related rescue services; or
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(b) Solicit, charge, receive, or attempt to collect or
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secure payment, directly or indirectly, for foreclosure-related
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rescue services before completing or performing all services
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contained in the agreement for foreclosure-related rescue
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services.
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(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN
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AGREEMENT.--
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(a) The written agreement for foreclosure-related rescue
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services must be printed in at least 12-point uppercase type and
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signed by both parties. The agreement must include the name and
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address of the person providing foreclosure-related rescue
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services, the exact nature and specific detail of each service to
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be provided, the total amount and terms of charges to be paid by
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the homeowner for the services, and the date of the agreement.
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The date of the agreement may not be earlier than the date the
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homeowner signed the agreement. The foreclosure-rescue consultant
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must give the homeowner a copy of the agreement to review not
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less than 1 business day before the homeowner is to sign the
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agreement.
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(b) The homeowner has the right to cancel the written
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agreement without any penalty or obligation if the homeowner
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cancels the agreement within 3 business days after signing the
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written agreement. The right to cancel may not be waived by the
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homeowner or limited in any manner by the foreclosure-rescue
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consultant. If the homeowner cancels the agreement, any payments
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that have been given to the foreclosure-rescue consultant must be
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returned to the homeowner within 10 business days after receipt
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of the notice of cancellation.
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(c) An agreement for foreclosure-related rescue services
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must contain, immediately above the signature line, a statement
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in at least 12-point uppercase type that substantially complies
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with the following:
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HOMEOWNER'S RIGHT OF CANCELLATION
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YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED RESCUE
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SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3 BUSINESS DAYS
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FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY YOU.
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THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM
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ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU
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UNTIL ALL PROMISED SERVICES ARE COMPLETE. IF FOR ANY REASON YOU
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HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST
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BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE
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CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.
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TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A
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STATEMENT THAT YOU ARE CANCELLING THE AGREEMENT SHOULD BE MAILED
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(POSTMARKED) OR DELIVERED TO ________________ (NAME) AT
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_______________(ADDRESS) NO LATER THAN MIDNIGHT OF
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___________(DATE).
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IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER OR
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MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT. YOUR LENDER OR
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MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN OR A
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RESTRUCTURING WITH YOU FREE OF CHARGE.
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(d) The inclusion of the statement does not prohibit the
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foreclosure-rescue consultant from giving the homeowner more time
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in which to cancel the agreement than is set forth in the
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statement, provided all other requirements of this subsection are
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met.
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(e) The foreclosure-rescue consultant must give the
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homeowner a copy of the signed agreement within 3 hours after the
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homeowner signs the agreement.
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(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.--
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(a)1. A foreclosure-rescue transaction must include a
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written agreement prepared in at least 12-point uppercase type
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that is completed, signed, and dated by the homeowner and the
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equity purchaser before executing any instrument from the
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homeowner to the equity purchaser quitclaiming, assigning,
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transferring, conveying, or encumbering an interest in the
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residential real property in foreclosure. The equity purchaser
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must give the homeowner a copy of the completed agreement within
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3 hours after the homeowner signs the agreement. The agreement
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must contain the entire understanding of the parties and must
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include:
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a. The name, business address, and telephone number of the
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equity purchaser.
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b. The street address and full legal description of the
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property.
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c. Clear and conspicuous disclosure of any financial or
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legal obligations of the homeowner that will be assumed by the
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equity purchaser.
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d. The total consideration to be paid by the equity
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purchaser in connection with or incident to the acquisition of
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the property by the equity purchaser.
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e. The terms of payment or other consideration, including,
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but not limited to, any services that the equity purchaser
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represents will be performed for the homeowner before or after
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the sale.
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f. The date and time when possession of the property is to
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be transferred to the equity purchaser.
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2. A foreclosure-rescue transaction agreement must contain,
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above the signature line, a statement in at least 12-point
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uppercase type that substantially complies with the following:
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I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME
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TO THE OTHER UNDERSIGNED PARTY.
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3. A foreclosure-rescue transaction agreement must state
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the specifications of any option or right to repurchase the
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residential real property in foreclosure, including the specific
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amounts of any escrow payments or deposit, down payment, purchase
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price, closing costs, commissions, or other fees or costs.
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4. A foreclosure-rescue transaction agreement must comply
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with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and
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related regulations.
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(b) The homeowner may cancel the foreclosure-rescue
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transaction agreement without penalty if the homeowner notifies
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the equity purchaser of such cancellation no later than 5 p.m. on
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the 3rd business day after signing the written agreement. Any
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moneys paid by the equity purchaser to the homeowner or by the
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homeowner to the equity purchaser must be returned at
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cancellation. The right to cancel does not limit or otherwise
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affect the homeowner's right to cancel the transaction under any
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other law. The right to cancel may not be waived by the homeowner
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or limited in any way by the equity purchaser. The equity
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purchaser must give the homeowner, at the time the written
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agreement is signed, a notice of the homeowner's right to cancel
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the foreclosure-rescue transaction as set forth in this
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subsection. The notice, which must be set forth on a separate
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cover sheet to the written agreement that contains no other
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written or pictorial material, must be in at least 12-point
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uppercase type, double-spaced, and read as follows:
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NOTICE TO THE HOMEOWNER/SELLER
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PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS
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VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.
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BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU
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MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE
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THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.
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THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY
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YOU OR BY THE PURCHASER.
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ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE
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RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU
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TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.
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TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY
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5:00 P.M. ON ___________(DATE) AT ________________________
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(ADDRESS) . IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT
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DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF
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THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.
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I (we) hereby cancel this transaction.
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Seller's Signature
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Printed Name of Seller
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Seller's Signature
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Printed Name of Seller
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Date
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(c) In any foreclosure-rescue transaction in which the
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homeowner is provided the right to repurchase the residential
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real property, the homeowner has a 30-day right to cure any
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default of the terms of the contract with the equity purchaser,
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and this right to cure may be exercised on up to three separate
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occasions. The homeowner's right to cure must be included in any
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written agreement required by this subsection.
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(d) In any foreclosure-rescue transaction, before or at the
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time of conveyance, the equity purchaser must fully assume or
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discharge any lien in foreclosure as well as any prior liens that
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will not be extinguished by the foreclosure.
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(e) If the homeowner has the right to repurchase the
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residential real property, the equity purchaser must verify and
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be able to demonstrate that the homeowner has or will have a
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reasonable ability to make the required payments to exercise the
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option to repurchase under the written agreement. For purposes of
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this subsection, there is a rebuttable presumption that the
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homeowner has a reasonable ability to make the payments required
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to repurchase the property if the homeowner's monthly payments
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for primary housing expenses and regular monthly principal and
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interest payments on other personal debt do not exceed 60 percent
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of the homeowner's monthly gross income.
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(f) If the homeowner has the right to repurchase the
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residential real property, the price the homeowner pays may not
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be unconscionable, unfair, or commercially unreasonable. A
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rebuttable presumption, solely between the equity purchaser and
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the homeowner, arises that the foreclosure-rescue transaction was
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unconscionable if the homeowner's repurchase price is greater
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than 17 percent per annum more than the total amount paid by the
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equity purchaser to acquire, improve, maintain, and hold the
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property. Unless the repurchase agreement or a memorandum of the
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repurchase agreement is recorded in accordance with s. 695.01,
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the presumption arising under this subsection shall not apply
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against creditors or subsequent purchasers for a valuable
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consideration and without notice.
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(6) REBUTTABLE PRESUMPTION.--Any foreclosure-rescue
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transaction involving a lease option or other repurchase
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agreement creates a rebuttable presumption, solely between the
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equity purchaser and the homeowner, that the transaction is a
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loan transaction and the conveyance from the homeowner to the
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equity purchaser is a mortgage under s. 697.01. Unless the lease
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option or other repurchase agreement, or a memorandum of the
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lease option or other repurchase agreement, is recorded in
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accordance with s. 695.01, the presumption created under this
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subsection shall not apply against creditors or subsequent
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purchasers for a valuable consideration and without notice.
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(7) VIOLATIONS.--A person who violates any provision of
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this section commits an unfair and deceptive trade practice as
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defined in part II of this chapter. Violators are subject to the
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penalties and remedies provided in part II of this chapter,
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including a monetary penalty not to exceed $15,000 per violation.

The FLorida foreclosure consultant house bill.

Interesting that the fha partial claim is available to fha bad credit situations

Here is an answer to the fha partial claim question that was asked on HUD's website for the partial claim questions/answers.

Answer: Yes, when using a Preforeclosure Sale after a Partial Claim was provided on an earlier default, you must include the amount of the Partial Claim when calculating total indebtedness for the purpose of a Preforeclosure Sale. In order to be in compliance, mortgagees must include the unpaid principal balance, accrued interest, and the partial claim amount to correctly calculate the total outstanding mortgage indebtedness. HUD must net a minimum 82% of the sales proceeds from the Preforeclosure Sale. Refer to Mortgagee Letter 2003-19, dated November 20, 2003.

There are many loan modifications for fha loans that are taking place. This is not to be confused with teh fha secure initiative and fha program that is available to refinance an fha loan. Take a look at all of your foreclosure avoidance options and then lower your interest rate and payments if possible to avoid foreclosure. Sometimes in florida the short sale is the better options and sometimes the fha mortgage refinance is better. Learn all of the forbearnace and foreclosure options first and then choose the best foreclosure avoidance strategy for your situation. SOmetimes this results in a 1099 for cancellation of debt and sometimes the mortgage forgivenes act is applicable. Talk to your accountant too. The FHA secure details are following in a supplementary blog post.

FHA FULL CLAIM & FHA PARTIAL CLAIMS

CHeck Out How Easy FHA Secure is These Days!

FHA Secure has eased the guildines to save peopel from foreclosure! You can now save your home from foreclosure with the FHA Secure refaince. Yes it is secure and it is fhasecure and it can secure a low mortgage payment for you.

The FHA secure guidelines are easier to qualfy for and you may trade in a crummy subprime arm for an fhasecure laon. This is definitely a case of fha helping homeowners to lower the rate to an new fhasecure mortgage loan.

FHA Secure mortgage lenders.

FHASECURE.

This is a secure fha loan and it is called FHA Secure.

Somebody Said Subordination Agreement for FHA!

Somebody was selling FHA subordination agreement at the baseball game. The FHA subordination agreement allowed a CLTV higher than 100%. I said this will never work. The FHA title company must prepare the FHA subordination agreement and the lender who is direct endorsement underwriter will never allow an fha subordination agreement purchased at a baseball game.

This went on for a few hours and the FHA lender talked to the fha umpire who said that the fha subordination agreement was sufficient for closing an fha loan as long as the loan was not insured by HUD. Well....I said....that doesn't make it much of an FHA loan afterall. You can keep your fha subordination agreeement in that case. I'll take my CLTV elsewhere.

"Get your FHA subordination agreement!", we heard as we left the baseball game.

Who was playing you ask?

Fremont Investment & Loan v. Alphonso Jackson.

This is indeed a strange post about the fha subordination agreement.

Secrets of Loan Officer Marketing Singing

Give me a loan officer marketing if you've got your funky mortgage fare HO

There's a loan officer marketing comin' down the street
Movin pretty fast
So kinda shuffle your feet
Get on the mortgage and pay your fare
And tell the driver that you're
Goin' to a Double Dutch Affair
Fe Fi Fo Fum
Well I'll be darn here it comes
The Loan officer marketing is on the street
You'd better get off the curb
Move your feet

Mortgage fare trans-pass
That's the way my money lasts
Ain't got no car to get around
When I go to work I've gotta go downtown
Now I've missed my train
That's a darn shame
When I'm running late no sleep's to blame
If you've gotta wife you know I'm right
Gotta special man well I can understand
Uptown, downtown everybody's getting down
Say uptown say downtown
Well I've missed my mortgage I know I'm late
I've gotta do something I know I hate
I'm gonna walk to work fifteen blocks
I already got a hole in my socks
Go ahead and laugh that's okay
Cause what I really wanna say
I got bad feet my corns hurt
To top it off I'm late for work
Let me tell you what I say
When I'm dealing with the funky sidewalk
Let me show you how to walk
When I gotta do my funky walk
Let me tell you what I say
When I'm dealing with the funky sidewalk
I say sssssssss-sugar

(*children sing)

Iza gazirls yizo hizak mizo izak
wiza sizno tagiza kiza pizas kizah
(*asalizan nizo iso izane)
yizo pizo damizo
(*asalizan wilze isa mu zuve)
suza kuza muza muza bu baby
(*wilza isa pilza in dizouble dizuch, dizouble dizuch, dizouble dizuch)
(*wilza isa pilza in dizouble dizuch, dizouble dizuch, dizouble dizuch)
muzaQza silzabuza Qza duza Double deQza
(*Kizu?)
makizirl
(*dwilzingagizam)
izokiza
(*izowiezi)
izokiza
(*izowizie nizam wizie wilzu suzee)


Bip, bomp, bam alakazam
But only when you're grooving
With the Double Dutch Man
Put on your skates don't forget your rope
Cause I know I'm gonna see you
At my Double Dutch Show
Rebecca, Lolita, Veshawn and Dawn
Everytime you do the Double Dutch you really turn it on '
Bilzarbra, Mitzery, Milzetty, Kilsan
Tilzommy, Kitzerrance, Kilzommy that's my man
Come on, get on, my Loan officer marketing

(*The Loan officer marketing)

Let me hear you say - do that
(Do that)
Let me hear you say - do that again
(Do that again)
Let me hear you say do the do
(Do the do)
Let me hear you say do the do the do
(Do the do the do)
Do the do da do da do do do(Do the do da do da do do do)

Sing the loan officer marketing song by scrolling back to the top and do it again!

Many more loan officer marketing songs on other loan officer marketing sites!

This Flip is Your Flip

Chorus:

This flip is your flip, this flip is my flip From California, to the New York IsflipFrom the redwood forest, to the gulf stream watersThis flip was made for you and FHA
As I was walking a ribbon of highwayI saw above FHA an endless skywayI saw below FHA a golden valleyThis flip was made for you and FHA

Chorus

I've roaFHAd and rambled and I've followed my footstepsTo the sparkling sands of her diamond desertsAnd all around FHA a voice was soundingThis flip was made for you and FHA

Chorus

The sun coFHAs shining as I was strollingThe wheat fields waving and the dust clouds rollingThe fog was lifting a voice coFHA chantingThis flip was made for you and FHA

Chorus

As I was walkin' - I saw a sign thereAnd that sign said - no tress passin'But on the other side .... it didn't say nothin!Now that side was made for you and FHA!

Chorus

In the squares of the city - In the shadow of the steepleNear the relief office - I see my peopleAnd soFHA are grumblin' and soFHA are wonderin'If this flip's still made for you and FHA.

FHA Flips Information

Rules on FHA FLipping Properties

Learn FHA Flip Terminology

My Flipping FHA Loan

We're on a bankruptcy FHA mortgage kick

Kick me in the bankruptcy! Said the direct endorsement underwriter. I think she may have been eating an ddrinking too much of the 4155, but when she got to the compensating factors for debt ratio she said "bring the fha bankruptcy loans to me!"

Well what was I to say? I said of cours I will bring you bankrupt fha borrowers who have recovered from teh bankruptcy through fha buyouts of chapter 13 loans and you can approve them even if they have been turned down elsewhere for fha mortgage loans.

At this point the mortgage loan borrowers for fha were stirred up in an fha frenzy and they all left the bankruptcy trustees and headed to florida to refinance with an fha mortgage loan. I was asking the loss mitigation department at bank of america if they though th ebankruptcy buyout was a fine idea for an fha borrower and haven't gotten a returned call yet. Loss mitigation never returns calls buy the way.

FLORIDA MORTGAGE LOANS are easier than fha bankruptcy mortgages if that makes sense then at least one of us understood what was being typoed today. Have a nice fha bankruptcy mortgage loan! STudy your FHA lending guidleines!

Together we can all avoid foreclosures in florida. This may result in a lien relese or lien satisfaction through a florida short sale with creative financing in florida.

Help My Short Sale

Help my short sale is a foreclosure way to go. You say you need help with your short sale. Do you have tell tale signs of foreclosure? Do you have a foreclosure summary judgment approaching.

Maybe you are in foreclosure and have a short sale to investigate.

Look for more foreclosures in the weeks ahead.