Miami Real Estate Attorney Blog

The dream of homeownership is still alive and well, albeit beat up a little bit. And, according to a recent survey, it will likely be individuals aged 18 to 34 who will play a key role in helping to stabilize our housing market.

Fueling the enthusiasm being felt by so many aged 18 to 34 is the growing number of very affordable homes in the market coupled low interest rates. However, increasing mortgage rates also might help drive those who have been sitting on the fence into the market.

However, the housing bust hangover continues to linger over South Florida. Cumulative home prices are expected to decline between 6 to 8% for the next 7 to 8 months and perhaps bottoming out towards the end of 2011.

A main culprit behind the housing market's continued struggles, aside from the real estate market's collapse, involves all of the recent scandals that have plagued our real estate market.

For instance, allegations of robo signing, fraud, documentation errors, issues with process servers, problems servicing loan modifications, and other similar issues, have prompted many lenders to slow down the foreclosure process which in turn has slowed down the housing recovery.

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We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.

Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.

If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.

Call us today toll free at 1-866-518-2913 or at 305-263-7700.

The Census Bureau revealed that 1.6 million homes in Florida are currently vacant. That's a rise of more than 63% over the past 10 years.

This large amount of inventory will no doubt continue to keep home prices down. The high number of vacant homes will also continue to make the housing recovery a slow one, especially with banks not being very aggressive in placing many of the properties they own on the market. The so called "shadow inventory" coupled with the large amount of vacant homes in Florida, and historically low interest rates, is making it a very good time for buyers to buy a home.

The high number of vacant homes should come as no surprise to anyone who has followed real estate trends here in Florida. Florida, and especially South Florida, was among the hottest real estate markets in the nation during the hey day of the real estate boom.

What does all of is mean? Its tough to tell. The drop in values means the housing market recession is not over. It also means that it would be imprudent to expect another month in which the foreclosure rates drop. After the banks finish reviewing their practices, we may begin to see a surge in foreclosure rates. Also, these reviews may continue for the foreseeable future. This is certainly true in light of the fact that very recently HSBC indefinitely suspended foreclosures to conduct a review of their practices.

On the other hand, it also means that buyers have many wonderful investment opportunities available to them. Indeed, buyers continue to find bargains by purchasing foreclosed homes in record numbers. Given the historically low interest rates, coupled with the low prices for many properties, especially foreclosed properties, the timing may never be better to purchase a new a property. Our firm can certainly assist you in your real estate needs should you be interested in purchasing property.

We are certainly in difficult times. Not only can a foreclosure be daunting, it can break an individual's spirit. However, there are solutions, and alternatives, to foreclosures. At Alvarez & Barbara, we understand all of our client's individual needs and pride ourselves in providing high quality service. If you're facing a foreclosure, don't let it bring you down. Call us today so we can show you that the saying "every problem has a solution" is an undeniable truth.

According to the latest reports, both home values and foreclosure filings are down. While many think that a drop in foreclosures is a sign that economic times are improving, the figures are a bit misleading.

The decline in foreclosures seen in Florida and throughout the nation most likely has to do with the allegations concerning robo-signing and document fraud. Late last year many banks suspended their foreclosures after allegations of robo signing, fraud, documentation errors, issues with process servers, problems servicing loan modifications, and other similar issues, prompted many lenders to slow down the foreclosure process which in turn has slowed down the housing recovery.

Because of these allegations, many lenders are carefully reviewing their procedures and inspecting documents. Other factors that led to the drop include the short month of February and bad weather.

In Miami-Dade County, filings were down 8 percent from January and 66 percent from February 2010. As for home prices in South Florida, they fell 14.5 percent since January of last year. National figures show that home values fell 7.3 percent.

Experts believe that depreciation rates will begin to stabilize and foresee a reduction in the depreciation rates in the spring numbers ahead of an eventual bottom nationally later this year.

What does all of is mean? Its tough to tell. The drop in values means the housing market recession is not over. It also means that it would be imprudent to expect another month in which the foreclosure rates drop. After the banks finish reviewing their practices, we may begin to see a surge in foreclosure rates. Also, these reviews may continue for the foreseeable future. This is certainly true in light of the fact that very recently HSBC indefinitely suspended foreclosures to conduct a review of their practices.

On the other hand, it also means that buyers have many wonderful investment opportunities available to them. Indeed, buyers continue to find bargains by purchasing foreclosed homes in record numbers. Given the historically low interest rates, coupled with the low prices for many properties, especially foreclosed properties, the timing may never be better to purchase a new a property. Our firm can certainly assist you in your real estate needs should you be interested in purchasing property.

We are certainly in difficult times. Not only can a foreclosure be daunting, it can break an individual's spirit. However, there are solutions, and alternatives, to foreclosures. At Alvarez & Barbara, we understand all of our client's individual needs and pride ourselves in providing high quality service. If you're facing a foreclosure, don't let it bring you down. Call us today so we can show you that the saying "every problem has a solution" is an undeniable truth.

There are some wonderful opportunities for many buyers looking to enter South Florida's real estate market. Part of the reason for that is because of the continued increase inventory involving foreclosed properties.

That is particularly true when you consider that the gap between the average sale price of a foreclosed home and that of other properties grew wider in 2010, giving home buyers that snapped up foreclosed properties significant discounts.

And that trend should continue because the amount of homes that were foreclosed on last year far outpaced the amount of foreclosed homes that were sold. Buyers who purchased a foreclosed home in 2010, on average, received a 28% discount as compared to those homes that were purchased that were not involved in a foreclosure.

Moreover, foreclosed homes made up approximately one quarter of all homes sold last year. Traditionally, foreclosures account for less than 10% of all home sales.

It should also be noted that many lenders increased the amount of homes that they repossessed last year. Indeed, Banks took back more than 1 million homes last year. This increase in the so-called shadow inventory of foreclosed homes have yet to hit the market.

However, many banks are very reluctant to put too many foreclosed homes on the market at once, because they would face booking sizable losses on the sales. Generally speaking, about 30% of bank foreclosed inventory is on the market.

Today's current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. There are many factors contributing to Florida's nation leading delinquency rates. They include a weak job market, weak economic recovery, and a major drop in home prices.

Consequently, Florida's housing market remains unsettled in large part due to the continued foreclosure crises.

Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.

Continue reading "Buyers Continue to Find Bargains by Purchasing Foreclosed Homes in Record Numbers" »

For the past two years the Collins Center has been handling all foreclosure mediations in Miami-Dade County. However, it is now being replaced by the Oasis Alliance Corporation, a not-for-profit based out of Tampa.

Oasis Alliance will begin the take over on March 28. Before venturing into South Florida, Oasis has been handling foreclosure mediations in Hernando, Citrus and Lake Counties. In these three counties there are about 15,000 open foreclosure cases. There are 70,000 in Miami-Dade County.

Is the Oasis Alliance ready? Considering that Oasis has handled a small amount of cases compared to what they are about deal with in Miami-Dade, there is certainly some concern that they may not be ready to handle the increased case load. In addition to the case load, Miami-Dade County presents difficulties because of its diversity.

During the Collins Center tenure, only 5.6 percent of distressed homeowners eligible for mediation reached a resolution with their lenders. The biggest problem the Collins Center faced was getting people to actually attend mediation. Of those who did attend, 32 percent of those cases were resolved in mediation.

These figure show that if the distressed homeowners actually show up to mediation, there is a good chance that an out-of-court resolution is certainly possible. It is incumbent upon the Oasis Alliance to reach out and make a concerted effort to convince more homeowners to attend mediation.

At Alvarez & Barbara, we understand the importance of attending mediation and stress upon our clients that they must attend mediation. Not only are we familiar with foreclosure mediations, we have experience as mediators. We have been able to achieve favorable resolutions for our clients at mediation, and that includes finding suitable alternatives to foreclosure.

Continue reading "Oasis Alliance to Run Miami-Dade County's Foreclosure Mediation Program" »

The robo-signing fiasco continues. Late last year many banks suspended their foreclosures after allegations of robo signing, fraud, documentation errors, issues with process servers, problems servicing loan modifications, and other similar issues, prompted many lenders to slow down the foreclosure process which in turn has slowed down the housing recovery.

After suspending foreclosures, the banks and their attorneys reviewed their policies and procedures to ensure that any fraud was put to a stop. Most banks have resumed their foreclosures, but HSBC is the latest bank to suspend its foreclosures.

The Palm Beach Post is reporting that HSBC has indefinitely suspended foreclosures because of problems with how the cases are being handled. The suspension came in response to federal inquiries regarding its foreclosures and "certain deficiencies" in how HSBC processed, prepared and signed affidavits along with other documents supporting foreclosure actions. The bank is also evaluating the law firms handling their cases.

In a report released by HSBC, the bank stated it is reviewing foreclosures where judgment has not yet been entered. The bank states it will correct deficient documentation and re-file affidavits where necessary.

While unfortunate that HSBC needed to be scrutinized by the federal government before suspending foreclosures, they should be applauded for taking the necessary steps to prevent fraud and correct already fraudulently filed documents. On the downside, this suspension may have the effect of creating the illusion of less foreclosures. It will also assuredly slow down our economic recovery. However, ensuring that the bank is properly repossessing properties should be the most important concern.

Fraud is widespread in foreclosure cases. It appears to be a systemic problem. Despite this fact, its not easy to spot. It takes an experienced foreclosure defense attorney to spot fraud. But spotting the fraud is not even half the battle. The challenging part is attacking the fraud and establishing the appropriate strategy.

Navigating these waters can be difficult, but we are experienced in handling foreclosure matters. People often think that foreclosure defense basically entails delaying the "inevitable" - a foreclosure. However, many alternatives exist. At Alvarez & Barbara, we don't buy time to delay the inevitable. We buy to time to find a solution that suits each individual client.

Continue reading "HSBC has Indefinitely Suspended Foreclosures" »