Archive for August, 2009

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CBS4 Foreclosure Hotline Tonight: Avoiding Foreclosure

Monday, August 31st, 2009
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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
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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.


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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
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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
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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 »

Buyers Beware: Time is of the Essence but Knowledge is Power for the First-Time Homebuyer

Wednesday, August 19th, 2009
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Buying a home is a big decision; a choice that should be carefully thought out. Unfortunately, time is running out for eligible first-time buyers as the November 30th deadline for the $8,000 nonrepayable federal tax credit quickly approaches. Although time is of the essence, first-time buyers must do their due diligence by making sure they qualify for this tax credit.

Realtors have seen an influx of much needed business as people are anxious to take advantage of the government’s offer. Many of the buyers who have kept a keen eye on the market waiting for the best time to buy are finally getting off the fence. Papers have reported that buyers should try and have contracts in place by September 30th as it typically takes two months to overcome several hurdles, such as inspections and mortgage approvals.

Buyers must be aware of the strict list of criteria needed to qualify for this tax credit. The Miami Herald recently reported that 24 criminal investigations are underway as fraudulent claims have been filed across the U.S. Yes, accidents do happen, but in some cases smooth talking tax preparers and dishonest taxpayers have capitalized off falsifying claims to gain access to this federal tax credit. A Florida tax preparer who recently entered a guilty plea last month faces up to three years in prison, and/or a $250,000 fine.

The bottom line: act fast but know the rules. For all details regarding the tax credit please go to: http://bit.ly/aN0Co and www.westontitle.com

http://bit.ly/mT8nY

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Posted in Florida Law News | No Comments »

Roy Oppenheim is quoted in the Daily Business Review on the Final Report from the Florida Supreme Court’s Foreclosure Taskforce

Tuesday, August 18th, 2009
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Foreclosures: Mandatory mediation urged to help streamline process

By Jordana Mishory

Florida Supreme Court task force is calling for uniform mandatory mediation for all residential foreclosure cases in the state to deal with the tide of foreclosures that has swamped courthouses.

The proposal, obtained by the Daily Business Review, calls for all circuits to implement a mediation process modeled on a program used by the Miami-Dade Circuit Court and two others, where lenders pay for the mediation and borrowers provide their financial information to the lenders.

The goal is to require lenders and borrowers to meet in the hopes of working out a solution that doesn’t tie up the courts’ limited resources. Both sides in the foreclosure process have complained of an endemic lack of communication that bogs down cases.

“The task force determined the real problem here was capturing an opportunity for communication — for the borrower and the lender to convene in an informal and non-adversarial session to determine what could be worked out if anything,” according to the task force report.

If the proposals are adopted by the Florida Supreme Court, it would be the first instance of a uniform statewide effort in Florida to handle the glut of foreclosure cases clogging courthouses. Different circuits around the state have been dealing with the problems independently, but the lack of uniformity has caused problems.

According to the task force report, nearly 176,000 foreclosure cases have been filed from January to May of 2009. The volume has increased steadily.

In Miami-Dade there has been a 474 percent increase in foreclosure filings between 2006 and 2008. In Broward it has increased 516 percent and in Palm Beach County 496 percent.
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Posted in Florida Law News | 2 Comments »

The Florida Supreme Court Task Force on Residential Mortgage Foreclosure Cases speaks out: Chastises Banks and Banks’ Attorneys.

Monday, August 17th, 2009
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Today, the Florida Supreme Court Task Force on Residential Foreclosure Cases issued their final report. While the report is over 50 pages in length, they are making a number of very important recommendations that should help Florida homeowners.

Specifically, they are requiring mandatory mediation for all homestead property in every county in the State of Florida. Right now, only a few counties including Miami Dade and Palm Beach County have mandatory medication. The report states that in those counties where there has been mandatory mediation, approximately 75 percent of all cases are settled in mediation. Further, the Task Force is recommending that there be pre-suit mediation in order to reduce the clogging of the court system. The Task Force is also requiring that the banks– not the borrowers— pay for the mandatory mediation.

The Report also mentioned that mortgage modifications are becoming more effective. In fact, they mention that in those loans that have recently been modified, there has been a drop in the re-default rate by 31 percent. Further, they indicated that loan modifications overall increased 55 percent from the fourth quarter of 2008 to the first quarter of 2009 and increased 173 percent over the past year.

The Task Force also took great issue with a number of tactics that have been used by the banks’ attorneys. Specifically, in relevant part, the Task Force stated: “A leading plaintiff’s lawyer and a major plaintiff’s law firm have been the subject of a public reprimand and sanctions due to untruthful filings with the courts. Judges continue to see affidavits of amounts due and owing signed by law firm employees, and cost affidavits charging very high service of process fees for process serving firms owned by the law firm principals. To some extent, it is fair to be concerned whether the press of the caseload is interfering with a judge’s ability to police the conduct of the firms before them in these usually uncontested, unopposed foreclosure cases.”
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Posted in Florida foreclosures, Florida Law News | 7 Comments »

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