Real Estate & Property Law

Business Booming for Lawyers Who Help Homeowners Facing Foreclosure

There’s one area of law practice that’s booming right now for attorneys in many areas of the country. With foreclosures at record levels, homeowners need help reaching a resolution with lenders. And while they may not be able to pay a lawyer much, if anything, many attorneys are either taking…

Mar 9, 2009 9:18 PM CDT

House OKs Mortgage ‘Cramdown’ Bill; Tougher Fight Expected in Senate

A controversial bill that would give bankruptcy judges the power to reduce the principal balance on a debtor’s personal residence passed the U.S. House of Representatives tonight but is expected to face a tougher fight in the Senate. Under the “cramdown” legislation, bankruptcy judges could also reduce the interest rate…

Mar 6, 2009 2:02 AM CST

Bankruptcy Filings Up 31% in 2008; Mortgage Foreclosures Hit New High

Bankruptcy and foreclosure litigation are likely to remain hot practice areas as the economy continues its free fall and housing values plummet. Newly released statistics show a 31 percent increase in bankruptcy filings in 2008, compared to the previous calendar year, and mortgage delinquencies are at an all-time high. Mortgage…

Mar 5, 2009 7:59 PM CST

Suit Accuses Greenberg Traurig of Malicious Prosecution

The owner of a Florida dental technician business has sued Greenberg Traurig for malicious prosecution after the state supreme court sided with her in an eviction case. Marina Del Toro claims the law firm, partner Craig Barnett and their landlord client filed suit to evict her company for improper reasons,…

Mar 5, 2009 3:25 PM CST

Fla. City Official: Business Sign Rules Allow US Flag, But Not 1st Amendment

Had a Florida bait and tackle shop covered up an offending fish painting with the U.S. flag, it could have avoided additional tickets under the Clearwater municipal sign ordinance. But covering the exterior wall mural with the text of the First Amendment of the U.S. Constitution violated Clearwater’s sign rules…

Mar 5, 2009 1:52 AM CST

The Foreclosure Learning Curve

In these days of crisis, a foreclosure takes place every 13 seconds in the U.S. So, doing the math, that means more than 400 foreclosures were initiated somewhere in the nation during the 90-minute program “Foreclosing on the American Dream” at the midyear meeting.

Mar 2, 2009 2:10 AM CST

Feds Ignored Loan Problems at Failing IndyMac, Treasury Report Says

The federal Office of Thrift Supervision ignored inflated appraisals and lax lending standards that led to the failure of California-based IndyMac Bancorp, according to a report by the U.S. Treasury Department’s inspector general. And that failure cost the taxpayer-funded Federal Deposit Insurance Corp. $10.7 billion, writes the Los Angeles Times.…

Feb 27, 2009 1:42 AM CST

ACLU Backs Florida Bait Shop Ticketed for Displaying US Constitution

Updated: At first, it was a painting of game fish on an exterior wall of a Florida bait and tackle shop that drew adverse attention from sign code enforcement officials of the city of Clearwater, who said it violates a ban on a business displaying a depiction of the product…

Feb 24, 2009 9:31 PM CST

Never Mind: Texas City Nixes Plan to Pay Personal Credit Bills with Public Funds

In an effort to increase the pool of potential homeowners, the city council of Houston was considering paying some personal credit card bills with taxpayer funds. But a public outcry has persuaded the city’s governing body to remove the proposal from its agenda, reports the Houston Chronicle. By giving individuals…

Feb 24, 2009 8:55 PM CST

Supreme Court Indian Trust Ruling Is Victory for States Seeking to Limit Casinos

The U.S. Supreme Court has limited the authority of the federal government to transfer land in trust for the benefit of Indian tribes. The decision is a victory for states seeking to prevent such transfers in an effort to control development on Indian lands, according to the Associated Press. The…

Feb 24, 2009 5:47 PM CST

Finance Giant Asks Top Law Firm to Probe Lobbying re Mortgage Regs

Freddie Mac has asked Covington & Burling to conduct an internal probe of the finance giant’s own $2 million lobbying campaign. The lobbying effort was mounted to counter a 2005 effort in Congress to enact new regulations that would have required Freddie Mac to sell a substantial amount of mortgages…

Feb 23, 2009 5:30 PM CST

Buyers Sue Bank: Bad Prequalification Cost Them Money, They Contend

Several buyers who say they were somehow prequalified to purchase expensive Seattle condos utilizing mortgages they couldn’t possibly afford are now suing the bank that allegedly put them in this position. By prequalifying them, JPMorgan Chase bank set the plaintiffs up to lose $175,000 in earnest money when, inevitably, they…

Feb 21, 2009 12:42 AM CST

Bank Sues Embattled N.Y. Lawyer Alleging $1.8M Mortgage Fraud

Wachovia Federal Savings Bank filed suit yesterday against a 57-year-old New York attorney, contending that he pocketed $1.8 million as part of an alleged mortgage fraud scheme concerning his deceased father’s former home in the Hamptons. George Guldi, who is a former Suffolk State Legislator, and a co-defendant allegedly misled…

Feb 20, 2009 11:29 PM CST

$75B Mortgage Bailout Detailed, as Foreclosures Clog Courts

As President Barack Obama today announced a $75 billion federal mortgage bailout plan intended to help up to 9 million homeowners avert foreclosure, courts are already busy dealing with a deluge of pending foreclosure cases for which such measures appear to have come too late. And the Homeowner Affordability and…

Feb 18, 2009 10:43 PM CST

Fla. Lawyer in $83M Real Estate Fraud: I Didn’t Think It Was Criminal

Testifying yesterday in a co-defendant’s federal mortgage fraud trial in Tampa, Florida attorney John Yanchek admitted that he had repeatedly lied to banks to help his clients get loans that reportedly totaled some $83 million. His methods included drafting false deeds and a secret joint-venture agreement, preparing two sets of…

Feb 18, 2009 8:09 PM CST