Residential Closing Best Practices Requirements by Amanda Barritt
2016 saw the CFPB regulations and Best Practices requirements move into high gear with respect to financed residential
Shannon Puopolo concentrates her business litigation in the area of real estate litigation. Specifically, she handles matters including title insurance claims, creditors' rights in bankruptcy and foreclosure proceedings, actions by third party purchasers in foreclosure, lien and tax deed sales. Shannon also handles partnership disputes, trust modification litigation, association law matters, lien foreclosures, reforeclosures, lien collection matters, residential and commercial evictions and ejectment proceedings. She is admitted to practice in Florida state court, as well as the United States District Court for the Middle and Southern Districts of Florida.
Shannon has been recognized by Florida Super Lawyers® magazine as a “Rising Star” in the field of business litigation for five consecutive years (2012-2016), which recognizes the top 2.5% of young attorneys in the State.
Professional and Civic Affiliations
Shannon is active in her local community. She was elected and serves as the Vice President of the Board of Directors for the Guardian ad Litem Foundation - 20th Judicial Circuit and is the past President of the Lee County Bar Association’s Young Lawyers' Division. Shannon also serves on the Lee County Bar Association's Board of Directors and is chairperson of its Golf Tournament Committee. She also dedicates her time as a student mentor for the Take Stock in Children Program through the Foundation for Lee County Public Schools, and is on the Scholarship Committee for the Alumnae Panhellenic of Lee County. Shannon has also coached the Cypress Lake High School Mock Trial teams, and judged the Ave Maria School of Law Moot Court Competition.
2016 saw the CFPB regulations and Best Practices requirements move into high gear with respect to financed residential…
Association boards frequently ask what recourse they have against owners who fall behind on paying assessments, or violate other provisions of an association’s governing documents. While most associations’ governing documents provide for the right to fine owners and place a lien on their property, not all boards are aware that they may also suspend owners’ rights to use common elements or facilities.
Under Florida law, community associations are required to provide owners with an end-of-year financial report. Specifically, within 90 days after the end of the fiscal year, or annually, as provided for in the bylaws, the association shall prepare and complete a financial report for the preceding fiscal year. The financial report must be mailed or hand delivered to the address last provided to the association, upon written request from an owner.
In addition to providing legal services, Henderson Franklin attorneys are involved in numerous community organizations throughout Southwest Florida. Over the next few weeks, we will be letting our blog readers get to know the members of our Condominium and Homeowners’ Association group a little better by sharing some of the exciting organizations and events we have been involved in.
Today, meet Shannon Puopolo. Not only does Shannon handle association and real estate litigation matters, including collections and foreclosures, and other commercial litigation matters, she serves on boards of several local organizations, including the Guardian Ad Litem Foundation. Shannon gives the highlights of the Foundation’s signature event of the year for us in her latest blog:
Many Americans enjoy the annual tradition of watching the Kentucky Derby. Some even partake in dressing the part, by putting on their finest hats, bowties, and pastel-colored clothing. In Southwest Florida, the community combines this time-honored tradition with a charitable cause – namely, raising money for at-risk youth in our legal system.
On Saturday, May 7th, the Guardian ad Litem Foundation (“GALF”) held its annual Viva La Derby Party, which raises money to support, recruit, and train volunteers who advocate for abused, neglected and abandoned children in the child welfare and court system.
This question comes up a lot from our association clients, who are often unsure about how to proceed, for fear of violating the automatic stay. Many associations know they should refrain from seeking collection efforts against homeowners for outstanding pre-petition assessments, but what about post-petition assessments? Further, can the association attempt to recoup pre-petition assessments without violating the automatic stay?
Case Study – Montalvo
A recent decision in In re Federico Augusto Montalvo, 546 B.R. 880 (M.D. Fla. 2016) addressed these issues. The owner of two condominium units filed Chapter 13 bankruptcy and specified in his Chapter 13 Plan that he was surrendering his interest in the units, although he held title to units during the pendency of the bankruptcy case.
On May 20, 2009, President Obama signed into law the Protecting Tenants at Foreclosure Act of 2009 (the “Act”). The Act was created during the height of the foreclosure crisis as a temporary measure to protect tenants who entered into a lease without realizing a property was in foreclosure. The Act provided that lenders and third-party purchasers who took title to a property at a foreclosure sale must provide a tenant with a minimum of 90 days’ notice, prior to seeking a writ of possession and evicting the tenant.
Sunset Provision of the Act
The Act was scheduled to expire on December 31, 2012, but the Dodd-Frank Wall Street Reform and Consumer Protection Act extended the sunset provision to December 31, 2014. There was much speculation within the legal community regarding whether the Act would be extended again. On November 21, 2013, the Senate introduced Bill 1761, titled “Permanently Protecting Tenants at Foreclosure Act of 2013,” which sought to indefinitely extend the protections afforded under the original Act, as well as provide tenants with a private right of action against lenders and third-party purchasers who failed to comply with the Act. However, Senate Bill 1761 never progressed forward, and the Act expired on December 31, 2014.
What Happens After the Sunset?