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Jumbo Mortgages Boost Luxury Home Sales

According to the National Association of Realtors, sales of properties worth over $750,000 have considerably increased in the past year. Reuters reports that the recovery in the luxury real estate market is likely attributed to jumbo mortgages. A jumbo mortgage is riskier for lenders because a luxury residence is harder to sell in the event […]

Investors Purchasing Distressed Florida Properties

Investment firms are buying distressed properties nationwide. Florida foreclosures are among the most popular with these firms. The popularity of Florida properties may have to do with speculation that cities like Miami will be among the nation’s fastest growing in the next decade. Last year, firms including American Homes 4 Rent, Blackstone Group, Waypoint Homes, […]

Agencies Issue Final Rule on Appraisals for Higher-priced Mortgage Loans

A final rule establishing new appraisal requirements for higher priced mortgage loans was issued by federal financial regulatory agencies. The rule implements amendments to the Truth in Lending Act. For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the final rule requires creditors to obtain an […]

Alleged Adverse Possessor Charging Rent Gets Arrested

In West Palm Beach, Nathalie Heil was arrested on February 1, 2013, and faces charges of grand theft and fraud. Various news sources indicate that Heil has been accused of renting her neighbor’s foreclosed home. Heil claims she owns the property through adverse possession. To claim adverse possession, a claimant must file a DR-452 form […]

$2.5 Million Boca Raton Mansion Faces Adverse Possession Claim

Adverse possession is a means of attempting to gain legal title to property by continuous possession of the property for at least seven consecutive years in an open, notorious, and visible manner such that it conflicts with the owner’s right to the property. Fla. Stat. § 95.18.  The adverse possessor must pay all taxes for […]

New Rules to Protect Mortgagors

The Consumer Financial Protection Bureau (“CFPB”) released new rules to protect consumers from mortgage servicing companies. The new rules have nine major topics that cover periodic billing statements, interest-rate adjustment notices for adjustable rate mortgages, prompt payment crediting and payoff statements, force-placed insurance, error resolution and information requests, general servicing, early intervention with delinquent borrowers, […]

Qualified Mortgage Rule

On January 10, 2013, the Consumer Financial Protection Bureau released the Qualified Mortgage (“QM”) rule. The QM rule provides standards a lender must use to minimize risky loans and help a borrower avoid an eventual default. Implementing the QM rule will provide banks some protection from consumer lawsuits by helping lenders prove they adequately evaluated […]

Due Process and Wetland Designations – Supreme Court Sides with Property Owners

Supreme Court Allows for Judicial Review of Clean Water Act Wetlands Designations In March of this year, the Supreme Court reversed a lower court decision holding that a property owner could only challenge an EPA Compliance Order if and when the EPA brought an enforcement action seeking to impose civil and criminal penalties. Mike and […]

Construction to Begin on Miami Mixed-Use Development

Swire Senior VP of Development Christopher Gandolfo announced in a statement last Wednesday that construction of the long planned Brickell CitiCentre project will begin at the end of June. According to Swire, this project will bring 1,700 contruction jobs and 3,500 permanent jobs to the region. Swire Properties announced its plans for a major new […]

Optimism in South Florida Housing Market

According to Seattle-Based real estate website Zillow.com, South Florida’s housing market hit bottom at the end of 2011. Zillow’s position is supported by local interviews conducted by the Sun-Sentinel, who spoke to a dozen builders, buyers, analysts, real estate agents and other people involved in the local real estate market, ten of whom agreed that […]