Miami Real Estate Attorney Blog

Florida’s Foreclosure “Rocket Dockets” Continue to be Scrutinized

The New York Times 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.

We have commented on our own labors in many “foreclosure dockets” in the past. Often times, however, the foreclosure process simply favors the banks to the dismay of many distressed homeowners. For instance, if a homeowner is representing himself/herself, and fails to appear for court, the Judge often issues the foreclosure in the bank’s favor. However, if the bank’s lawyer shows up unprepared, then often times the Judge just lets the bank re-schedule the hearing to the homeowner’s detriment.

This video also discussed Florida’s “rocket dockets.”

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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 Applaud Miami-Dade County’s Foreclosure Mediation Program’s Expansion to Include Pre-Foreclosure Cases

Borrowers that are falling behind on their mortgage, but that have not yet been sued by their lender, may now be able to participate in a mediation prior to litigation. This new pre-file/pre-suit mediation program will be available to certain homeowners with delinquent and defaulted mortgages that are approaching the foreclosure filing stage.

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.

Conceptually, bringing together homeowners and mortgage lenders before a foreclosure filing potentially saves homeowners, lenders and our overburdened state courts time and money. Fannie Mae has mandated that its servicers participate in pre-file mediations on Florida loans that are eligible for the program.

The pre-file/pre-suit mediation is only eligible to properties that are homesteaded in Miami-Dade County. The pre-filing mortgage mediation program will be initiated by the lender upon the 65th day of delinquency, at which point a determination of the loan’s eligibility for the pre-file program will be undertaken. If eligible, financial counseling for the homeowner will be arranged and mediation appointment with the homeowner and the lender’s representative will be scheduled.
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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.

Experts are Predicting Record Foreclosures in the First Quarter of 2011

Now that the holidays are over, the temporary freeze on foreclosures is over as well. Industry experts expect thousands of foreclosed properties to enter the market in the coming weeks and months. The slowdown at the end of last year was mostly due to regular holiday foreclosure freezes and the robo-signing scandal. However, those events are behind us now. Accordingly, the pace of foreclosures is about to pick up.

Many are predicting a record first quarter for 2011. They expect lenders to repossess about 100,000 homes. The expected record is attributed to the usual seasonal uptick in the first quarter coupled with the necessary acceleration required because of the delays caused by the robo-signing scandal.

The National Association of Realtors says it is not surprised by reports documenting the expected up-tick in foreclosures. Its believed that lenders are not going to dump repossessed parties all at once. They expect the process to be gradual. However, uncertainty lies on whether the already weak market will be able to handle the newly-unloaded housing inventory.

What would help the real estate market? Basically, an improved economy and job creation. These factors would increase housing demand and swallow the shadow inventory that is soon to hit the market. However, most economists believe that unemployment will remain near 9 percent throughout 2011. Plus, those who feel insecure in their employment or are unemployed are not going to buy a home. Also, considering how lenders have tightened their credit standards, its possible that even those with good credit scores may be unable to secure a loan.

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.

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.

Foreclosure Defense Lawyers Are Seeing Minimal Progress at Mediation

The Palm Beach Post is reporting that Florida’s required foreclosure mediation program is not having much success. Only a mere 6 percent of foreclosure matters are being resolved at the negotiation table.

Seven of the state’s 20 circuit courts are included the report, but lawyers state there is enough evidence to show the program is struggling. Between March and June, 13, 417 cases were referred to mediation. However, only 768 ended with the borrower and banking coming to an agreement. An “agreement” included the homeowner walking away from the property, deed in lieu of foreclosure, short sale or a loan modification.

As for the mediation program, a major hurdle for theprogram is the fact that many homeowners are difficult to contact. 44 percent of homeowners were reached in cases referred to mediation, and 38 percent attended a session. Of those who actually attended mediation, 34 percent walked away with some sort of resolution.

A big question regarding the program is how success should be measured. If it is measured in terms of providing financial relief to borrowers, then it may be considered a failure. On the other hand, it may be considered a partial success if it is measured in terms of how it has helped cases move forward.

Some state its too early to judge whether the program has been a success and the more time is needed to properly evaluate it. Even though the numbers show few have been able come to an agreement, to date, the requirement that all parties attend mediation is important because it affords the homeowner with an opportunity to sit down and have a “face to face” meeting with the bank and tell their story. If it doesn’t work out, at least they know they got their shot.
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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.

Happy Holidays and Merry Christmas

Wishing you and your family all the best during this holiday season, as well as peace and prosperity in the New Year.

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.

Real Estate Sales Increase in November but Foreclosed Properties are Still Driving Prices Down

The USA Today is reporting that existing home sales rose in November as compared with October. This is an indication that our housing market may be slowly awakening from its long slumber.

The real estate recovery, however, will continue to move in a rather uneven pace for the foreseeable future. While demand has steadily improved since bottoming in July following the expiration of the buyer’s tax credit, other factors are driving the rather uneven real estate recovery.

For instance, the glut of foreclosed homes continues to drive down home prices and continues to hurt demand for new homes. To illustrate this phenomenon one only needs to look at the numbers for the homes sold last month. During that time period, foreclosed homes sold at a 15% discount as compared to non-distressed properties. In short, foreclosed homes were selling for less than non-foreclosed homes, and, as a result, driving down prices as a whole.

Because of the large inventory of foreclosed homes still unsold, many anticipate that real estate prices will continue to decline through most of 2011. Indeed, many are anticipating that banks will repossess one million homes in 2011, and that is on top of the one million homes they repossessed in 2010. These foreclosed homes will no doubt continue to drive prices down in 2011.

Another significant factor driving today’s real estate market is job growth. Many economists are predicting that the US economy will add close to 2 million jobs in 2011. Until the job situation is truly improved, however, the real estate market, and recovery, will remain rather uneven.

Additionally, many homebuilders anticipate that 2011 will also prove to be a very difficult year. This year proved to be one of the worst years for homebuilders in decades. However, many homebuilders are claiming that the groundwork for a recovery has been laid because of the historically low interest rates, low prices, improving consumer confidence, and anticipated growth in job creation.
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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’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.