Help For Homeowners – Page 5 – Miami Real Estate Attorney Blog

HSBC has Indefinitely Suspended Foreclosures

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.
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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.

Miami’s Foreclosure Defense Attorneys Continue to Push for Alternatives to Foreclosure to Help the Many Struggling South Florida Homeowners Facing 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.

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.

However, Florida homeowners who are struggling to make their mortgage payments may be able to get money from a billion-dollar fund run by the State. According to the Palm Beach Post, thousands of delinquent homeowners may be eligible to receive up to a year and a half worth of mortgage payments. Applications for this program called Hardest Hit will be available next month.

This will be the first time the billion dollar fund will be available statewide. Lee County homeowners were able to apply for the program while the State tested it.

The highest amount a person can receive is $35,000. Hardest Hit is aimed at unemployed homeowners or those who are working but don’t make enough money to pay their mortgage. The money can be used to make loan payments for up to 18 months and to bring delinquent loans current.

The State of Florida believes the program can help about 20,000 people. This is certainly a modest amount of help considering that about 19 percent of Florida borrowers are either in foreclosure or 90 days past due.

In the event a homeowner who accepts funds from this program sells his home within five years or falls back into foreclosure, they will have to return the money to Florida. However, paying back the State takes second place to paying off the bank and other liens on the property.

Since Florida started testing back in October, most major lenders have cooperated. This includes major banks such as Bank of America, Wells Fargo, Chase, and Citimortgage. Fannie Mae and Freddie Mac have also provided directions to servicers regarding the State’s program.

Those who didn’t qualify for funding during the pilot program were denied because many had more than one property or owed more than $400,000 on their loan.
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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.

Foreclosures Continue to Plague South Florida

Here is a small glimpse on how foreclosures are impacting South Florida:

By the Numbers

265,000 — Total foreclosures in Miami-Dade, Broward and Palm Beach counties since 2007.
23,348 — Total permanent South Florida mortgage modifications under the federal government’s Home Affordable Modification Program, HAMP.
48 — Percentage of homes worth less than the amount of the mortgage in Miami-Dade County.
10,000 — Mortgage counselors hired by Bank of America in 2010.
600 — Average number of days it takes to complete a foreclosure in Florida.
174,000 — Property tax appeals filed by South Florida homeowners in 2009.
109,496 — Pending foreclosure cases stuck somewhere in South Florida’s court system.
10,000 — Foreclosure affidavits signed each month by GMAC employee Jeffrey Stephan, the first bank employee exposed as a so-called robo-signer.
$9.6 million — Amount granted by the Florida Legislature last year to help close out 347,000 foreclosure cases from its backlog in 12 months.
200 — Foreclosure cases Miami-Dade courts would need to dispose of per day to meet the Legislature’s goal.

Impact

Everyone has been left scrambling to find solutions to the real estate collapse. Major lenders, local governments and county courts have spent the last three years trying to deal with the fallout from the housing crisis. Each institution quickly found out it was unprepared and undermanned to handle the crisis, and most have been trying to play catchup ever since.

In this difficult climate, it is imperative that you assess your rights and options. 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.
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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.

Massachusetts’ Supreme Court Provides a Powerful Victory for Many Struggling Homeowners Facing Foreclosure

The Massachusetts’ Supreme Court ruled that the bank could not foreclose on two properties because the bank could not produce the appropriate paperwork to demonstrate who actually owned the loan.

This is a powerful ruling, and it may be a harbinger of things to come. If you are facing foreclosure, the time may be now to contact our office. Many homeowners who stand up for their rights are often able to find an alternative to foreclosure. Plus, the growing list of scandals facing the banks only highlight the need to assess your rights. Those growing scandals include the robo-signing scandal, as well as issues surrounding service of process.

What makes the Massachusetts case interesting, however, is the fact that the State’s highest court found that the bank could not prove who owned the mortgage at issue. It turns out that it appears as though the system created by the banks to help streamline, and document, their own mortgage system, MERS, is likely what failed them in this case.

That is the case because mortgage loans are like real property and can only be transferred by physically signing over the paperwork — like someone endorsing a check or the title to a car — and delivering it to the next holder. Without that, the holder of record doesn’t change.

As you can imagine, the amount of paperwork required to maintain all those files during the “go go” days of the real estate boom would have been overwhelming. Consequently, systems and procedures were created to help alleviate the banks’ requirement to keep those records. Those systems are known as MERS.

MERS also enabled Wall Street to trade mortgage backed securities with greater ease. Under mortgage securitization, loans got transferred many times after origination before landing in pools of mortgages that are sold to investors. But often times, the banks simply didn’t endorse the paperwork between steps.

And that was apparently the problem in the Massachusetts case. The loan at issue went through five different owners before winding up in a pool of mortgages that U.S. Bank was the trustee for. During that trip down the chain, however, the parties failed to legally assign the mortgage.

The bank produced documents that showed that the loan was one of the mortgages put into a pool, but that failed to satisfy the court, which cited “the utter carelessness with which the plaintiff banks documented the titles to their assets.”
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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.

Miami Foreclosure Defense Lawyers Agree that David J. Stern’s Departure Creates Opportunities for Many Struggling Homeowners

How the mighty have fallen! Better known as the “foreclosure king”, David J. Stern was once doing well enough to buy employees cars and houses, while purchasing a few multi-million dollar homes himself. Currently, his company’s stock trades for pennies and may even face de-listing. His firm is facing multiple lawsuits and is still under investigation by the Florida attorney general’s office. His businesses have lost powerful clients. Consequently, he’s had to let go of hundreds of employees.

Stern’s fall is newsworthy because it will greatly impact pending foreclosures in Florida. The firm’s conduct which led to its demise will set the tone for the state’s real estate market. The downsizing at his firm has led to thousands of cases which are basically not being worked on whatsoever. Because Stern lawyers are no longer showing up for hearings, foreclosure defense lawyers are having trouble setting hearings or even finding someone to speak with on the other side.

This creates opportunities for many struggling homeowners to potentially get back on their feet, or otherwise chart a course of action that is best for them. 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.

Another consequence of Stern’s fall: banks are not bidding on their properties at foreclosure sales leading to properties being temporarily sold for as little as $200. These sales have only been temporary because Stern’s failure to represent the bank’s means notice of the sales have been legally deficient.

This is certainly not the end of the foreclosure ordeal. Other foreclosure mills are also being investigated, so its possible other firms will be slammed. Saving money was certainly one of the driving forces behind the fraudulent measures used by many of the foreclosure mills. However, its also certain that doing things right the first time around will have proven to be the cheaper approach and better approach for both the banks and many struggling homeowners alike.
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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 Homeowners Stay in their Homes Longer Because Florida is Among the Nation’s Leaders for the Length of Time it takes to Commence a Foreclosure against a Delinquent Borrower

According to a recent report, Florida ranks among the top states nationally for the average length of time it takes for foreclosure proceedings to begin. For those homeowners who went into foreclosure in November, they typically had not made a mortgage payment in 10 months. Financial experts are flabbergasted by the 307 day delay between the first late payment and a foreclosure referral.

Here are some statistics for other states: In Maryland, a home doesn’t go into foreclosure until 358 days after the first late payment. In New York its 344 days, and California tops the list at 367 days.

The report also found that 18 percent of loans across the country with 24 or more delinquent payments are not in foreclosure. Further, about 15 percent of loans with 18 months of no payments are not in foreclosure. As a result, a very large pool of extremely delinquent loans exist.

Of course, delinquent homeowners benefit from these delays. However, homeowner associations certainly do not obtain any benefit because they are unable to collect fees. Also, neighbors of vacant properties must deal with the fact of reduced home values and property maintenance.

A reason for the delay is the federal government’s loan modification plan. The Making Home Affordable program helps homeowners obtain lower monthly payments. As we’ve discussed, the program has not been completely successful due to the amount of homeowners dropping out and the bureaucratic red tape.

Another reason for the lengthy delays is the fact that banks are unprepared to handle the millions of foreclosure cases as well as loan modifications. They also don’t have the staff or the talent needed to move these faster.

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.

Foreclosures Get a Reprieve During the Holiday Season

While many loan servicers, and banks, were experiencing increasingly more difficulty in moving their foreclosures forward due to shoddy paperwork, “robo signing”, and faulty legal process, many of them are nonetheless temporarily halting all foreclosure evictions during the holidays. Moreover, some South Florida courts are even canceling foreclosure related hearings and foreclosure sales until after the holidays.

Fannie Mae and Freddie Mac have halted foreclosure evictions during the Christmas and New Year’s holidays. As for Bank of America, it will also halt all foreclosure sales and evictions during the holidays on all loans in its portfolio or held by investors who will allow such a moratorium.

Broward County has canceled all scheduled foreclosure auctions through the end of the year. Moreover, all foreclosure hearings scheduled during the holidays must also be re-scheduled.

While no such order has been issued in Miami-Dade County, long standing tradition, and custom, holds that foreclosure evictions and foreclosure sales will not take place during the holidays. Indeed, the next scheduled foreclosure sale in Miami-Dade County is scheduled to take place on January 3, 2011.

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 Attorney General Initiates Investigation Against Process Servers

While Florida’s Attorney General continues its investigation into many so-called foreclosure mills, it has now begun investigating two companies that deliver foreclosure notices to defaulted homeowners. While many would consider it a mere technicality, proper service of process is vital to our judicial system. It ensures we are all provided fair notice of any sort of legal action against us.

Two process serving companies, one based in Miami, are being investigated after numerous complaints were filed against them. Complaints include filing questionable statements with the court, back-dating documents and questionable billings. Both of those companies have been used by the now notorious law offices of David J. Stern in Plantation. Two recent court decisions also illustrate the importance of perfecting service of process.

The job of a process server is to personally hand court summonses to defendants. This provides homeowners of the fact that a legal action has been filed against them. It also lets them know that they have 20 days to respond to the complaint or the action will proceed.

As we previously discussed, banks, and their lawyers, are often in a rush to commence legal proceedings to foreclose on your home. In light of all the “robo signing” allegations, and on going investigation launched by Florida’s Attorney General, it should come as no surprise that banks are also often cutting corners to perfect service of process.

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.

Have You Been Properly Served with that Lawsuit? Contact a Miami Foreclosure Defense Lawyer Today to Determine if You Have Been Properly Served with a Foreclosure Lawsuit and to Further Assess Your Rights and Alternatives to Foreclosure

Two recent court decisions from the Third District Court of Appeal highlight the importance of proper service of process. These two decisions are also powerful rulings that could be used to aid homeowners in defending a foreclosure if they have not been properly served with the lawsuit.

Service of process is the procedure used to give legal notice to a person (such as a defendant/homeowner in a foreclosure action) of a court’s exercise of its jurisdiction over that person so as to enable that person to respond to the proceeding before the court. Typically, notice is furnished by delivering a set of court documents (called “process”) to the person to be served. Once service of process has been properly perfected, by the Plaintiff (such as a bank filing a foreclosure action against a homeowner), over the defendant (such as a homeowner), then the Court has jurisdiction to enter orders in the case. Such court orders could include the sale of the property. But the Court cannot sell the property unless service of process has been properly perfected.

In two very favorable rulings for homeowners facing foreclosure, the Third District Court of Appeal recently concluded that the bank could not sell the property at issue because the bank had failed to properly serve the defendant homeowners with the necessary legal papers to begin the foreclosure.

In the first case, Opella vs. Bayview, the Third District Court of Appeal concluded that a foreclosure judgment needed to be reversed because the lender failed to properly notify the property owner of the legal action. The Appellate Court ruled that service of process was done improperly and that the lender could not proceed with the lawsuit given that service of process was faulty. The Third District Court of Appeal also referred the matter to the Florida Bar for further investigation to determine if the Bank’s lawyers violated any rules governing the practice of law in Florida.

The second case, Bennett vs. Christiana Bank & Trust Company, also involved allegations of improper service of process. And in that case, the Third District Court of Appeal again concluded that service of process was faulty.

In Bennett, the Third District Court of Appeal concluded that leaving lawsuit documents at a homeowner’s front door is insufficient notification and in violation of Florida’s service of process laws, and voided the final judgment.

These two cases illustrate how banks, and their lawyers, are often in a rush to commence legal proceedings to foreclose on your home. In light of all the “robo signing” allegations, and on going investigation launched by Florida’s Attorney General, it should come as no surprise that banks are also often cutting corners to perfect service of process.

However, even if you believe that the legal papers, and lawsuit, were not properly provided to you, if you fail to respond within 20 days, or otherwise act in a timely manner, you will be in a default situation where your defenses may be all waived and it will be difficult for you to assert any valid defense that you may have to defend the case. And that includes the defense that you have not been properly served with process and the legal papers.

Therefore, if you have received any papers that you feel may be a lawsuit filed against you then you need to take immediate action to protect your rights. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. And one of the best ways to plan is to consult with a foreclosure defense lawyer. 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.

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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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.