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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