Archive for August, 2009

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CBS4 Foreclosure Hotline Tonight: Avoiding Foreclosure

Monday, August 31st, 2009

Attorney Roy Oppenheim from foreclosure defense firm Oppenheim Law will be taking questions tonight live from CBS4 during its foreclosure defense hotline. South Floridians are encouraged to call in to CBS4 from 5:00 to 6:30 PM tonight with their Florida foreclosure questions.

Topics discussed include: foreclosure defense, mediation in foreclosure, loan modifications and loan modification scams.

What: Foreclosure Hotline: Ask Questions, Get Answers
When: Tonight, Monday August 31, 5:30 – 6:00 PM
How: Call CBS4 305-597-4404 and speak to a foreclosure attorney
Why: Learn how to prevent foreclosure, get free foreclosure advice, ask questions about short sales and Florida real estate

Roy Oppenheim will be in good company tonight at CBS4 with Geoff Sherman, also a foreclosure defense attorney at Oppenheim Law. Be sure to call in tonight (305-597-4404) from 5:00 – 6:30 PM for your free consultation.

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Posted in Florida real estate, Foreclosure Defense | No Comments »

Roy Oppenheim Assists The Miami Herald in Publishing Q&A Regarding Mortgage Modifications

Sunday, August 30th, 2009

On Thursday, August 27th, 2009, attorney Roy Oppenheim of Oppenheim Law was interviewed by Miami Herald reporter, Monica Hatcher regarding some helpful tips in obtaining a loan modification.


mhlogo

Posted on Sun, Aug. 30, 2009

Here are some tips to ease the pain of loan modification

BY MONICA HATCHER
mhatcher@MiamiHerald.com

Getting a loan modification is no easy task, especially if you go it alone. Banks, swamped with borrowers seeking help, are overwhelmed and understaffed. Homeowners complain of their files getting lost, months and months of waiting, and flat-out rejection, even when they have followed all the rules.

For those who are patient and diligent, the quest for a loan modification can be a highly rewarding endeavor. Loan payments can be reduced by hundreds of dollars each month, truly making them affordable and enabling owners to hold on to their homes.

Below are some tips to help get you started:

Q: Can I get a loan modification if I don’t have a job?

A: Yes. Borrowers who have lost their jobs may still be eligible for help. They need to demonstrate they have some kind of ability to make their payments, be it with savings or unemployment benefits. Maisah Williams, financial literacy coordinator with the Human Services Coalition in Miami-Dade, said lenders will consider the circumstances of your job loss and what the chances are you will be reemployed soon. They may offer you a forebearance plan, in which all or a portion of your monthly

payment is temporarily postponed.

Q: How are most loan modifications structured and how low can my payments go?
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Posted in Florida foreclosures, Florida Law News, Florida real estate | 4 Comments »

10 Tips to Survive Today’s Florida Real Estate Market: Free Workshop

Wednesday, August 26th, 2009

Buying and selling Florida short sales, foreclosures, and REOs (Real Estate Owned) are not for the faint of heart says foreclosure defense lawyer Roy Oppenheim. He regularly shares his insight with the media and now offers a Florida real estate workshop targeted at homeowners and real estate professionals looking for trusted legal direction in today’s murky waters of real estate buying, selling and investing.

What: Free Real Estate Buying and Selling Workshop
Who: Homeowners and Realtors
When: Thursday, September 3, 2009, 6:00 to 7:00 PM
Where: 2500 Weston Rd Ste 404, Weston, FL 33331
Cost: Free with advanced registration
RSVP: To register email roy@oplaw.net or call 954.384.6114


The workshop will be split into three strategy segments: buying Florida real estate, defending Florida foreclosures, and investors looking for opportunities. Attendees will leave with Oppenheim’s Top 10 Tips to Survive in Today’s Florida Real Estate Market.

For example: In a recent article in the Daily Business Review about the Florida Supreme Court’s foreclosure task force Oppenheim commended the task force for recommending mandatory mediation.

“One of the big problems that borrowers have had is getting in touch with an intelligent human being who has authority at the bank,” Oppenheim commented in the article. “Most of the time you’re dealing with people just pushing paper.”

The 53-page report starts off by describing the Florida foreclosure crisis and recession as a massive traffic jam during rush hour, in a thunderstorm during hurricane evacuation with a lane closed due to construction.
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Posted in Florida foreclosures, Florida Law News, Florida real estate | No Comments »

Roy Oppenheim on Obama’s Loan Modification Programs and What it Means to Florida Real Estate

Tuesday, August 25th, 2009

Once in Default: Always in Default

Borrowers stay in default … Regardless of Obama Modification Programs New Study Shows

As we have previously discussed about Florida real estate, the whole premise of the Obama Administration’s housing bail out response was to provide, Florida real estate borrowers, the opportunity to modify their loans and get back on track. Based on prior studies, folks that fell behind typically self corrected or played catch up with their lenders about 25 percent of the time. And that was without any modifications. Thus, the Obama policy was simple: hope and pray that 25 percent of homeowners that fell behind would self correct and provide modifications to those who qualify thus eliminating the number of foreclosures clogging the courts.

Well the verdict is now in once again. According to the Wall Street Journal a study conducted by the well-known Fitch Rating Services concludes that the cure rate on loans is only about six percent! That is almost 75 percent less than expected. Oops… I guess the policy works minus a slight miscalculation. But it is simple to understand, prior research was conducted during a time when real estate prices fell at most 10-20 percent… not 30-60 percent.

What does this mean to Florida real estate? The prior studies never factored in what we call “strategic defaults” where homeowners decide to just stop paying because it no longer makes sense to keep paying. Plain and simple.

The Fitch study is compelling enough since it covers $1.7 trillion of mortgages. That is a sum that exceeds the amount of numerals on all my calculators in the house (except the I-Phone). But it says something else. It provides an insight into the fact that in all likelihood we will see many more banks fail and that the FDIC will soon need its own infusion of funds.

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Posted in Florida real estate | 2 Comments »

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