Naples Real Estate News 06/12/08
HOMEOWNERS INSURANCE
The Florida Insurance Guaranty Association, a nonprofit agency formed by the Legislature to pay claims of the insolvent Poe property insurance companies, has been slow to respond, say lawyers who have filed suit on behalf of nearly 300 homeowners in South Florida.
EMINENT DOMAIN
Eminent domain law, traditionally somewhat sedate, generated an earthquake in 2005 when the U.S. Supreme Court decided that governments could take property and give it to private developers. Florida then tightened its eminent domain laws, leading to a recent Orlando case that ended with the city paying $8.4 million for one family’s third-of-an-acre property.
EQUITY CREDIT LIMITS - HELOCS
Banks and other lenders, wary after the subprime collapse, have been suspending many home equity lines of credit (heloc) because homeowners’ debts have exceeded their homes’ property values.
HOMETOWN DEMOCRACY
Hometown Democracy - the proposed constitutional amendment that would make it more difficult to change land-use plans - could be on the November ballot if proponents win a just-filed federal court case. Sponsors sued yesterday, claiming Florida’s Feb. 1 cutoff date for signature petitions violates the U.S. Constitution.
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