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.