Foreclosure – Page 7 – Miami Real Estate Attorney Blog

Many of the Problems Associated with the Handling of Foreclosures Comes to Light During Recent Congressional Hearings Investigating Foreclosures

A recent House Subcommittee hearing brought together bankers and housing regulators to discuss the ongoing foreclosure crises. The one consensus that was reached was that the system needs to be corrected and fixed.

One of the main obstacles that many banks claim they encounter during both the foreclosure and loan modification process are investors who require that the foreclosures keep moving forward even though borrowers are trying to get a modified mortgage to lower their mortgage payments. Another problem involves what to do with the second loans because the holders of both the first and second loans must agree to the modification. Therefore, homeowners may not get payments lowered as dramatically if they have a second mortgage, and that could lead to re-defaults.

Another source of harsh rebuke was the Home Affordable Mortgage Program (HAMP). The results of the HAMP program to date reveals that it is not meeting its objective of preventing foreclosures. Indeed, the Federal Reserve predicts that there will be approximately 2.25 million foreclosure filings in 2011 and about 2 million more in 2012. Florida would again be among the nation’s leaders in the number of foreclosure filings, with South Florida leading way in the Sunshine state.

The current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. Our Miami foreclosure defense lawyers have assisted many parties 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.

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 real estate market remains unsettled in large part due to the continued foreclosure crises.
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Consider Your Options. Contact Us Today.

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

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.

Lawlessness Running Rampant in Florida’s Court-run Foreclosure Process

“Robo-signing” has become a popular term in the ongoing foreclosure crises, especially in light of the investigation launched by Florida’s Attorney General is undertaking at many of the State’s foreclosure mills. Often, documents at these firms were being notarized with missing signatures and with the wrong dates.

Plenty of mortgage assignments have surfaced which indicate that these documents have been fraudulently notarized. A mortgage assignment is a document which helps prove a lender has the right to repossess a property. This documentation is of the utmost importance because many mortgages were securitized, sold, and transferred many times over before the recent mortgage crisis. Without this document, a lender will have to spend more money and time proving that it is the legitimate owner of a mortgage.

If you feel as though you have been victimized by fraud, don’t despair. Our lawyers will carefully evaluate the facts and legal issues in your case. If we believe that you are a fraud victim, we will aggressively represent you in your case while fighting for your rights and seeking justice in the legal system. If you are a victim of fraud, we will use our legal experience to stand up for your rights. We want to help you keep your home.

One of the foreclosure mills which is currently being investigated is the Law Offices of David J. Stern, P.A. Stern claims that the errors in these documents are isolated incidents and simply mistakes.

The Herald-Tribune, however, took a look at some of these documents which are public record in Sarasota and Manatee Counties. Their investigation seems to indicate that these alleged errors were purposeful and conducted in a systematic fashion.

Here is some of what they have found:

(1) At least 60 homeowners have lost property based on improper mortgage assignments;
(2) 1 in 10 mortgage assignments filed by Stern’s office in Sarasota County have mistakes that violate state law, and
(3) 1 in 3 have either legal violations or other irregularities which call into question their authenticity.

Despite these widespread examples of fraudulent documents, Courts have been slow to stop or reverse foreclosures based on questionable documents. Although this is mostly attributed to the fact that judges must maintain neutrality and allow borrowers to defend themselves, some judges have taken a stand. For instance, two judges out of Marion and Pasco Counties have dismissed cases where Stern’s firm misdated mortgage assignments. One of the judges called the filing a “fraud intentionally perpetrated upon the court” and said the lender could never try to foreclose on the homeowner again.

Unfortunately, we may be dealing with these fraudulent documents for years to come. A healthy real estate market depends on the legal transfer of property. Accordingly, there could be many title issues and someone who bought a home from a bank that used questionable paperwork might have trouble selling the property. Some experts “expect a flood of legal challenges based on inaccurate documents.” This could lead to previous homeowners suing to get their homes back.
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Consider Your Options. Contact Us Today.

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

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.

Florida’s “Foreclosure King” Facing More Problems and Troubles

David J. Stern, the reputed “foreclosure king”, has resigned as President and CEO of DJSP Enterprises, Inc. His resignation comes amidst an ongoing investigation which is exploring whether accusations of false documentation in foreclosure cases his firm handled are true. Stern stated he is resigning in order to focus on the operations of his law firm.

David Stern’s office has been at the center of many accusations of foreclosure fraud in light of the ongoing “robo signing” revelations. If you feel as though you have been victimized by mortgage fraud, don’t despair. Our Miami mortgage fraud lawyers will carefully evaluate the facts and legal issues in your case. If we believe that you are a mortgage fraud victim, we will aggressively represent you in your case against the predatory mortgage lender — fighting for your rights and seeking justice in the legal system. If you are a victim of mortgage fraud by a bank or mortgage lender, we will use our legal experience in real estate and mortgage fraud to stand up for your rights. We want to help you keep your home.

DJSP Enterprises, a publicly traded company, provides support services and document handling to Stern’s firm, the Law Offices of David J. Stern, PA. Until recently, this was the largest foreclosure firm in the state. However, clients such as Fannie Mae and Freddie Mac have left Stern as he faces an investigation by the Florida attorney general.

Stern is being replaced by Stephen Bernstein, the company’s interim chairman. Effective November 19th, he is the permanent chairman, president, and CEO.

In January 2010, Stern made $58.7 million in cash and stock interest when DJSP Enterprises went public. The company once employed 1,000 thousand people, but the company has announced more than 500 layoffs this year.

The problems don’t stop there. DJSP Enterprises reported it had defaulted on a line of credit with Bank of America. The stock’s value has plummeted throughout the year. The stock’s 52 week high was $13.65 and its low was 33 cents. As of Tuesday evening, the shares were trading at 41 cents.

While Stern states he is resigning in order to focus on his law firm his resignation is most likely a result of the recent problems which have led to the State attorney general’s investigation. Nevertheless, Stern will have all his time to solely devote to his law practice. Its certainly possible that the alleged frauds and oversights may have occurred because he may have been stretched too thin between DJSP and the law firm.
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EXTENDED BODY:
Consider Your Options. Contact Us Today.

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

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.

Florida Leads the Country in the Number of Homeowners who are Delinquent in their Mortgages

According to the latest figures, Florida still leads the nation in the percentage of homeowners who are seriously delinquent on their loans.

Down from 20.13 percent, 19.52% of borrowers were either 90 days past due or in foreclosure in the third quarter. When adding in borrowers who are 30 and 60 days late, one quarter of Floridians are behind on their home loans.

Unfortunately, Florida holds the number one spot with a sizeable margin. In Nevada, the state with the second greatest amount of homeowners who are seriously delinquent, the rate stands at 17.83%. Illinois ranks third with a 10.77% of homeowners that are seriously delinquent.

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.

For instance, the economic recovery that is currently taking place is largely a jobless one. In fact, since 2007, when the recession began, South Florida’s workforce has only recovered to about 90% of where it was before the recession began. Since South Florida’s economy was so dependent on the housing market, it will likely take some time for South Florida’s economy to recover given the ongoing real estate crisis that is impacting all of us on a daily basis here in South Florida.

Additionally, another potential problem for our local economy, an economy that is still very dependent on real estate development, is that many lenders are increasingly reluctant to make new construction loans to developers. Now that certain tax credits have expired, coupled with the increasingly sluggish real estate market, builders continue to see stormy days ahead. Indeed, increasingly high unemployment rates, coupled with stringent mortgage lending guidelines, are keeping many prospective purchasers on the sidelines.

Consider Your Options. Contact Us Today.

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

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.

Foreclosure Proceedings Must Remain Open to the Public

Unique issues continue to arise every day during the continued and growing foreclosure crises. We recently discussed the erosion of basic due process rights as a direct result of Florida’s “rocket dockets.” But another growing concern centers on the decision made by many Florida Judicial Circuits to close foreclosure proceedings to the public at large. As a result, Florida’s Supreme Court’s Chief Justice recently wrote to all of the state’s local chief judges.

The Chief Judge’s letter is being sent as a direct response to a letter from the Florida Press Association’s general counsel and other organizations informing the Chief Justice of possible instances in which judges have prohibited members of the public from attending foreclosure proceedings. In his statement Chief Justice Canady expressed deep concern about the allegations.

In his letter to the Chief Justice the attorney for the Florida Press Association listed several instances that have occurred since August. These allegations include:

1. A court observer that called a courthouse about the rules regarding attendance at foreclosure proceedings was told the hearings are not open to the public.

2. A woman representing herself in a foreclosure proceeding was told by a court security officer that she could not attend proceedings because only attorneys were allowed to attend.

3. Another court observer was informed that foreclosure hearings were held in private chambers and not open to the public.

4. An attorney was “castigated” for attending a hearing with a reporter from Rolling Stone magazine.

In response to those allegations, the Chief Justice’s letter told the state chief’s judges to speak with clerks and bailiffs to ensure visitors and callers are provided with accurate information regarding attendance at foreclosure proceedings. He also stated that the goal of resolving 62 percent of foreclosure proceedings should not keep judges from ruling on each case fairly and on the merits.

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.
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EXTENDED BODY:
Consider Your Options. Contact Us Today.

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

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.

What Are Your Rights In Foreclosure? Can You Save Your Home? Seek the Aid of a Foreclosure Defense Lawyer Today.

When you are facing foreclosure, you may feel powerless. A mortgage foreclosure is a frightening experience, especially if you are currently unemployed or have dealt with some other life altering factor in your life that has left your finances in ruin.

Yet, you have rights and options. At the law firm of Alvarez & Barbara, LLP, we stand up for your rights — and your home. Explore your options, protect your rights. Contact our Miami foreclosure defense attorneys for a free consultation.

Helping You Assert Your Rights

Asserting your rights will not only give you the chance to save your home; it may also increase the amount of time that you have in your home. You may also have many alternatives available to potentially avoid foreclosure.

Consider these rights that homeowners have during foreclosure:

• You have the right to be notified of the foreclosure. Lenders must give you written notice that they plan to foreclose on your home.

• You have the right to stop foreclosure by paying off all of the past due amounts you owe on your home mortgage.

• You have the right to discuss the foreclosure with your mortgage company. If you are unable to pay what you owe on the house, you may be able to negotiate alternative payment options (a loan workout/loan modification).

• You may be able to privately sell your home to pay back mortgage debt. However, selling your home may not discharge the remaining debt you owe on the home (if it sells for less than you may need to pay back the loans).

• You have a right to contest the foreclosure process. Did the mortgage company properly notify you? Is there evidence of predatory lending?

• If your home is sold, you have a right to any money that comes of the sale that is not necessary to pay back your mortgages and late fees.

• You have a right to hire an attorney. Sometimes, the best defense against foreclosure is a Miami foreclosure attorney.

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

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

Florida’s “Rocket Dockets” are Eroding Basic Due Process Resulting in Our Miami Foreclosure Defense Lawyers to Decry the Growing Judicial Intolerance to Foreclosures

“We who labor here seek only truth.” With these immortal words, Courthouses around the Country, including those right here in South Florida, stand as imposing places where justice is done, right? Wrong!! In these days of fast food justice and “Rocket Dockets”, the truth is the furthest thing on the minds of the Judiciary and their over-zealous support staff.

Not even the mounting foreclosure crisis, the investigations launched by all 50 State Attorney Generals into the faulty, and arguably criminal foreclosure practices employed by the Nation’s largest banks and the Federal Government’s recent criminal investigation, in conjunction with “robo signing” allegations, coupled with many recent appellate courts vacating foreclosure judgments on grounds that the trial courts failed to do their jobs in ensuring that the bank has all the necessary evidence to foreclose on the property, is enough to get the Judiciary to actually “seek only the truth”.

Take for example, the story of a local couple whose home is in foreclosure. The Bank pursuing the matter halted its pursuit of foreclosures while it performs an internal audit of its documents and practices. In other words, the Bank itself is saying…” hold on everybody while we seek the truth.” However, the fast food justice kitchens presiding over these cases are not interested in the truth. They are only interested in clearing their dockets. In an effort to ease the load on the dockets of Judges, some Judicial Circuits have implemented a “foreclosure master calendar”. These master calendars (and their masters) are second to none at violating the rights of homeowners and insuring that due process is due to no one.

In the case of the local couple described above, the over-zealous, faceless foreclosure master calendar took it upon itself to schedule a hearing (without any consideration for the desire of the parties or the schedules of their lawyers) on the Bank’s “knock out blow” motion, which by the way, not even the Bank wanted heard as the Bank realizes that there are problems with the procedures employed to attempt to foreclose on the couple’s home. This type of judicial activism is tantamount to judicial bullying, and should not be tolerated in Florida are in the United States.

Let’s not kid ourselves either, the Court did not set the Bank’s motion for hearing so that it could be denied for the patent deficiencies found in the Bank’s filings. Quite the contrary, it was set for hearing so that the Judge could blindly grant it and rubber stamp a Judgment of Foreclosure, thereby crystallizing another injustice like the ones suffered by so many other homeowners.

This cowboy courthouse antic forced the lawyers for the Bank and the homeowners to file a JOINT motion to cancel the hearing. That was no typographical error, a JOINT motion by the Bank’s and Borrower’s counsel was filed to cancel the hearing. The ultimate irony. The Bank and Borrower actually working together to ensure that injustice is not done. Working together against the Judiciary, the very people who are supposedly laboring to seek only the truth.
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The current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. Our Miami foreclosure defense lawyers have assisted many parties 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.

Consider Your Options. Contact Us Today.

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

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

Miami Federal Judge Tosses Foreclosure Lawsuit involving the Shore Club

A federal judge in the Southern District of Florida, in Miami, dismissed a foreclosure lawsuit against the Shore Club Hotel in Miami Beach. The pursuit of this foreclosure in federal court is not the norm because most foreclosures are filed in county circuit court. Nevertheless, this victory for the Shore Club may be short-lived because the lender has vowed to continue to attempt to seize the iconic hotel.

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.

As for the Shore Club case, back in March, the representative of commercial mortgage-backed securities fund serviced by local company, LNR Partners, filed a $126 million foreclosure lawsuit against the hotel’s owner, Philips South Beach. Philips South Beach responded to the lawsuit with a counterclaim. The counterclaim alleged that the fund organizers and LNR Partners gave confidential business plans to the developers of a rival South Beach hotel, The W. They also sought to have the case dismissed by arguing that federal court was not the right place to file this lawsuit.

US District Judge Cecilia Altonaga agreed with the owners of the Shore Club and dismissed the case. The judge stated that although the plaintiffs resided in a diverse group of states across the country, this simply was not enough to make federal court the proper venue. The judge ruled that because some of the plaintiffs resided in the hotel owner’s state of incorporation there was a lack of complete diversity.

According to reports, the hotel’s owner has not made a mortgage payment on the hotel in more than a year. It was appraised in 2009 for $86 million.
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EXTENDED BODY:
Consider Your Options. Contact Us Today.

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

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

South Florida Real Estate Values Continue to Plunge as Foreclosures and Short Sales Continue to Drive the Market

Real estate values continue to decline in South Florida as the local real estate market is still searching for its bottom.

Of all the South Florida homes that were sold between June and September, nearly half of them were sold for a loss. Specifically, 45.2% of all South Florida homes were sold for a loss in the last quarter.

The continued slide in real estate prices have further increased the amount of homeowners that are currently underwater on their mortgage. Since the peak of real estate values back in June 2006, home values have dropped 53.5% in South Florida. This has left almost half of all single-family homeowners underwater in South Florida. Put differently, approximately 42% of all single-family homeowners in South Florida currently owe more on their mortgage than their home is worth.

Many factors are contributing to the continued decline in real estate prices in South Florida. For instance, the continued high rate of foreclosures coupled with a weak job market are both continuing to influence housing prices, and the housing market, as a whole.

Short sales also continue to dominate the market. Indeed, sellers continue to slash their prices, making it a very attractive buyer’s market. In fact, many buyers are finding very attractive deals in this market. That is illustrated by the fact that nearly 21% of all south Florida home sellers reduced prices in the third quarter. Moreover, short sales and foreclosures continue to account for most real estate transactions and are currently accounting for more than 60% of all south Florida sales.

The current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated by a struggling homeowner. Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them.

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

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

Lawsuit Filed to Regain Homes that were Improperly Foreclosed

According to a complaint filed in the Southern District of Florida, some individuals are asking for their homes back after their mortgages were already foreclosed. The complaint alleges that the foreclosures were illegal. The attorneys representing the Plaintiffs are seeking class action certification.

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.

Nevertheless, it is highly unlikely courts will force out new owners of these homes if they bought them in good faith. If proven that these foreclosures were indeed illegal, the homeowners may have a greater chance of regaining their homes if the property is still in the bank’s possession.

The suit names three defendants. They are BAC Home Loans Servicing, a Bank of America subsidiary, Deutsche Bank National Trust Company, and US Bank National Association. The complaint alleges that employees of these lenders falsified and improperly notarized documents which were filed with courts.

Spokesmen for these banks claim their companies acted as trustees for the trusts holding the mortgage securities. Accordingly, they claim it was not them but the loan servicers and foreclosure law firms they hired that actually handles the procedures mentioned in the complaint.

This is one of a few recent class action filings showing up around the country as Attorneys General of all 50 states continue to investigate and uncover questionable foreclosure procedures practiced by lenders, loan servicers, and their law firms.

In a similar class action lawsuit filed in Maine, plaintiffs are seeking to halt ongoing foreclosures and evictions. If the homes have already been taken in alleged illegal foreclosures, the suit is attempting to recover monetary damages for these former homeowners.

Consider Your Options. Contact Us Today.

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

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