Foreclosure – Page 9 – Miami Real Estate Attorney Blog

Home Repossessions Set a Record in August as the Foreclosure Crises in Miami, and Nationally, Rages On with no End in Sight

August was a rough month for many American families. Lenders took back more homes in August than in any other month since the start of the mortgage crisis, according to the USA Today. Although properties entering foreclosure have decreased, home repossessions are increasing. In total, lenders repossessed 95,364 properties in August. This denotes a 3% increase from July and 25% from August 2009.

The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws.

The increase in repossessions can be attributed to banks trying to clear out their load of bad loans with the prospect of eventually putting the foreclosed properties on the market. However, they can’t afford to just put all the properties on the marked. Lenders are concerned that if they dump all these properties onto the market, the housing market could stumble once again. This may explain why less than one-third of bank-owned properties are on the market.

There is a silver lining to this dark cloud though. Since lenders don’t want to put these homes on the market, they have slowed the foreclosure process. This means borrowers who are in default can stay longer in their homes. To put things in perspective, the number of initial default notices sent in August 2010 is 30% less as compared to August 2009. Moreover, the rate of initial default notices being sent out has fallen on an annual basis over the last seven months.

Apart from the foreclosure, many borrowers are attempting to modify their loans hoping to prevent foreclosure. But this remedy hasn’t worked perfectly. Many homeowners don’t qualify and others simply fall back into default. The loan modification process can be long and tedious because of the amount of back and forth communications a borrower must have with their lender.

Others face a different problem. A man in Winter Garden, Florida was one financial information packet away from a permanent loan modification after going back and forth with his bank for more than a year. However, the modification never went through because his loan was transferred to another entity. Now, he must pay up his arrearage or face foreclosure.

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.

Florida Foreclosures Being Pushed Through by a Crowded Court System Lead to Errors and Problems in Miami and Statewide

The New York Times recently published an article on how the State of Florida is dealing with the record amount of foreclosure actions. More importantly though, the article points a few reasons why its important to hire an experienced foreclosure defense attorney when facing a foreclosure.

Florida set aside nearly $10 million to organize foreclosure-only courts across the state. These courts are run by retired judges. While these courts have certainly helped speed up the foreclosure process and freed up dockets for other types of civil cases, foreclosure defense lawyers have expressed some concerns about how these judges run their court rooms.

Foreclosure defense attorneys, including the attorneys at our firm, argue that many of these judges are so intent on cutting down the foreclosure caseload that they may be unfairly siding with lenders at the expense of homeowners. Many of these judges simply ignore contradictory evidence and allow lenders to foreclose on properties that they have yet to prove they own.

Another major issue with foreclosures is that its often difficult to prove who owns the note on a mortgage because of the amount of paperwork and transfers that resulted when banks sold these mortgages as if they were shares in a company. Judges are overlooking this and lender attorneys may be easily committing fraud due to how difficult it is to track ownership of some notes.

The Florida Attorney General’s Office has received many complaints regarding the alleged improper actions of lender attorneys. Some bank friendly foreclosure firms are even falsifying or improperly notarizing documents. Some are reporting incidents where papers supposedly drafted by the same person have extremely different signatures. Additionally, and as in the case involving GMAC, as reported in our blog, there are even bank representatives that are signing, and notarizing, papers in a wholly fraudulent and deceptive manner.

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.

Florida GMAC Foreclosures are Put on Hold as a Result of Potential Perjury and other Irregularities here in Miami and Statewide

GMAC mortgage will need to take corrective action in connection with many Florida foreclosures, including many filed in Miami. GMAC has suspended evictions, cash-for-keys transactions and lockouts, regardless of occupant type, effective immediately. GMAC will also suspend sales of properties on which it had already foreclosed.

The reason behind GMAC’s unusual move to halt all foreclosures in Miami, and statewide, stems from serious concerns surrounding affidavits GMAC submitted in support of its foreclosures.

It turns out that Jeffrey Stephan, a GMAC foreclosure team leader, admitted under oath that he signed tens of thousands of affidavits verifying mortgage note ownership and amounts, even though he never saw original documents in those cases. This is a violation of Florida’s Rules of Civil Procedure, bolsters the defense of many of GMAC foreclosures, and could lead to possible perjury charges. Additionally, many affidavits filed in support of GMAC foreclosures were also signed without a notary public present. This is a violation of Florida’s notary rules and laws.

These irregularities can lead to the successful defense of a foreclosure. Our firm has a proven track record in defending foreclosure cases. We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure. The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws.

Prominent South Florida Foreclosure Law Firm Profits from the Foreclosure Crises Despite Allegations of Fraud

Unfortunately, many South Floridians are familiar with the name David J. Stern. Some South Floridians cringe at the sight of his name. Foreclosure attorney David J. Stern operates one of the largest law firms representing lenders and servicers throughout the foreclosure process.

While the average American has cut their expenses and boosted savings due to slower economic times, the Law Offices of David J. Stern has experienced massive growth cashing in on the housing crisis. Started in 1994, the Law Offices of David J. Stern posted $199 million in revenues in 2008 and $260.3 million in 2009.

Recently, Stern found a new way to cash in on the housing crisis. He sold the firm’s foreclosure processing arm, which makes the court documents needed in foreclosure proceedings, to a publicly traded company. The operation was sold for a total of $146 million to DJSP Enterprises which started trading on the NASDAQ in January. Stern is the chairman and CEO of this new company that has his law firm as its only client.

Although the cash may be flowing in, everything is not well for Mr. Stern. The law firm is facing an inquiry by the Florida Attorney General’s Office for allegedly falsifying documents on behalf of lenders and a RICO law suit claiming attorneys filed fraudulent pleadings.

Practitioners in the foreclosure defense bar worry that DJSP will give greater priority to profits, rather than ethics. As many critics have pointed out: This is a profession, not a fast-food joint. Lawyers have a larger responsibility not to be expedient but to do quality work, to do good for society as a whole. We cannot lose sight of that.

We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure. The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws.

Consider Your Options. Contact Us.

For a free consultation with a Miami lawyer familiar with the local real estate market, contact Alvarez & Barbara, LLP, today. We represent clients in Miami, Homestead, Hialeah, Coral Gables, and throughout South Florida.

Florida Ranks 2nd in the Nation for Foreclosures While Banks Carefully Manage the Real Estate Inventory

Although Florida foreclosure activity has decreased, year-over-year, for the fifth straight month in August, the foreclosure rate in Florida still remained one of the highest in the country. Seventeen percent (17%) of all foreclosures in the United States are right here in the Sunshine State. This ranks Florida second among all the states for foreclosures.

Specifically, 1 in every 155 Florida homes were in receipt of a foreclosure filing in August. That is 2.5 times the national average. That equals to 56,877 properties receiving a foreclosure filing in August. That is up 10% from July, but down 9% for the same time last year.

Recent figures, however, demonstrates that default notices are being sent out less frequently. In August, banks sent out 46% less default notices as compared with the amount of default notices that were sent out in August of 2009. However, and as compared with July of this year, August saw an increase of 2% in default notices being sent out.

As reported in the USA Today, it is becoming apparent that the housing supply being accumulated by banks by way of repossessions after foreclosures are filed is being carefully managed on both ends by lenders and servicers. Simply stated, on the front end, delinquent loans are falling into foreclosure at a slower rate. On the back end, the backed-up inventory of properties already in foreclosure are moving to bank ownership at a steady pace. This is most like being done to prevent a further drop in home prices.

Consider Your Options. Contact Us.

Light at the End of the Tunnel – South Florida’s Foreclosure Crises May be Improving, but Foreclosures Continue to Mount

It appears that the South Florida real estate market may have entered a new phase. According to news reports, banks are repossessing foreclosed homes at a faster rate, but fewer homes are falling into delinquency.

In August, the rate of bank repossessions increased 96.7 percent compared to the same time last year. Meanwhile, foreclosure filings have dropped 52 percent. This means that additional inventory is still going up for sale, which means there is still downward pressure on prices and home values. Moreover, some areas are actually seeing prices rise for the first time in years. Specifically, the Brickell real estate market is seeing slight increases in values currently.

The Miami lawyers at Alvarez & Barbara, LLP, are on your side. We are experienced trial attorneys who will help you understand your rights and options under Florida and federal foreclosure laws. Contact our law firm today for a free consultation and case evaluation.

This mixture of good and bad news makes it difficult to determine exactly what state the current real estate market is actually in. It could possibly mean that the first stage of the foreclosure crises has reached a peak. Year after year, foreclosure activity across South Florida has declined. Nevertheless, the foreclosure problem is still in the way of any substantial region wide recovery. South Florida is currently experiencing one foreclosure filing for every 111 homes, the fifth highest ratio in the country.

Many experts believe that we are hovering somewhere near the bottom. We only hope that this is true as many don’t expect the overall market to bottom out for another three years.
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Consider Your Options. Contact Us.

For a free consultation with a Miami lawyer familiar with deeds in lieu of foreclosure, contact Alvarez & Barbara, LLP, today. We represent clients in Miami, Homestead, Hialeah, Coral Gables, and throughout South Florida.

Miami Foreclosure News: More People are Falling Behind on their Mortgage Payments as Personal Bankruptcy Filings Increase BASENAME: miami_foreclosure_news_more_pe

The number of people falling behind on their mortgages for the first time is on the rise, according to CNNMoney.com. Additionally, personal bankruptcies are on the rise in Miami Dade County.

Specifically, 3.51% of borrowers were 30 days late in their own payments in the second quarter, up from 3.31% at the end of last year. The shift is a stark reversal from the steady decline in short-term delinquencies during 2009. Moreover, personal bankruptcy filings rose 74%, year over year, to 1,788 cases opened, and 5% over July. Bankruptcy filings are at the highest levels since Congress overhauled the bankruptcy laws in 2005.

These grim statistics serve as a sad reminder of our reeling economy. And the high rate of delinquencies and bankruptcies leave many experts wondering whether a new round of foreclosures is on the horizon.

Alvarez & Barbara, LLP, is a team of experienced and aggressive foreclosure defense attorneys. We use the legal system to help people save their homes — and we can stand up for you.

Many people wait too long before getting legal help. They delay in the hope that they can turn their financial situation around. If you are behind on your mortgage payments or are having trouble making your monthly payments, you need to take action now. The sooner you call us, the quicker we can start working to save your home. Get help today to assert your rights in these difficult times.
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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.

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.

Miami Foreclosure Defense Lawyers Review the Numbers Behind the Foreclosures

Double dip? Some are saying it is a foregone conclusion. Others are saying it won’t happen at all. But this much is certain. The foreclosure crises here in South Florida continues to pick up steam with no end in sight anytime soon.

South Florida has been one of the hardest hit regions in the country with respect to foreclosures. As reported in the South Florida Business Journal, the numbers are rather staggering.

For instance, more than 100,000 properties have been repossessed in the Tri-County area since the real estate market began to collapse in late 2007. That breaks out to an average of 2,300 repossessions a month. Moreover, the 100,000 mark was hit earlier this month, when 317 properties were repossessed in the tri-county area.

To understand these numbers in greater context, lenders have repossessed an average of 75 properties per day since January of 2007. Approximately 40% of all South Florida properties have been repossessed, by the banks, as a result of a foreclosure filing.

And it does not seem to be getting better. Consider a recent USA Today article discussing how 1 in 10 American households with a mortgage was at risk of foreclosure this year. About 9.9% of homeowners had missed at least one mortgage payment as of June 30th.

In a worrisome sign, the number of homeowners starting to experience problems with their mortgage rose after trending downward last year. The number of Americans missing payments and falling into foreclosure has followed the upward trend in unemployment, which has shown no sign of easing anytime soon.
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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.

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.

Our Miami Foreclosure Defense Lawyers Are Fighting to Save Your Home – Know Your Rights

It’s every homeowner’s nightmare — losing your home to foreclosure. But it does not have to happen. With a strong advocate on your side, it may be possible to keep your home and even get a lower mortgage payment.

Alvarez & Barbara, LLP, is a team of experienced and aggressive foreclosure defense attorneys. We use the legal system to help people save their homes — and we can stand up for you.

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.

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 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.
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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.

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.

July Foreclosure Rates Rise and the Housing Supply Increases Too in Miami and Across the State of Florida

According to the South Florida Business Journal, foreclosure filings were up across South Florida in July. Additionally, more homes have flooded the market in the past 10 weeks sparking many questions about the effect of foreclosures on the marketplace.

Florida had the third-highest foreclosure rate in the country with one in every 171 housing units receiving a foreclosure filing in July. Moreover, there has been a 4.6% increase of homes for sale in South Florida since May 31st, and that represents the first two month rise since the housing bubble burst.

It is therefore important to consult, and hire, an experienced foreclosure defense attorney to defend your rights. An experienced foreclosure defense attorney will be able to assess and evaluate what defenses you may have during the foreclosure process, and aggressively advocate your positions in the foreclosure. And when given an opportunity to defend these cases properly, we have actually not only won those cases, but we have secured attorney fees in our favor.

In Miami-Dade County, 1 in every 138 homes fell into foreclosure in July. Foreclosures in Palm Beach County shot up 77% in July, to 3,759 from 2,121 the month before, and were up 41.7% from a year earlier. In Broward County, 1 in every 125 homes was in foreclosure in July. In Broward, there were 6,471 foreclosure filings in July, and that represented a 4.76% increase from June.

These numbers are particularly troubling to the real estate recovery. For the past two years, the housing supply had been plummeting. Indeed, there was a string of 24 straight months where the housing supply declined. However, and in addition to the increase in foreclosure filings in July, the past 10 weeks have also seen an increase in the amount of supply in the market, i.e. an increase in the number of homes for sale. This is a troubling sign as it illustrates that there is still considerable uncertainty in the real estate market.

This new trend could mean further declines in home values and asking prices. For buyers, more inventory means more homes to choose from, and more leverage when negotiating prices. For sellers, this means more price reductions and likely more time for the property to stay on the market before it is sold.

One possible explanation for the increased inventory is that banks are slowly starting to dump more distressed properties back on the market. These distressed properties will no doubt likely drive prices down, and also increase inventory. The result could be further price reductions in a market still searching for a bottom.
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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.

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.