Archive for October, 2009

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Double Header Weekend: Quoted in 2 Foreclosure Stories!

Monday, October 26th, 2009
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Florida foreclosures defense, know your rights.

Florida foreclosures defense, know your rights.

Sun Sentinel: Playing the “What if” game with your Florida mortgage

Miami Herald: Homeowners walking Away from Underwater Mortgages

Story #1

How big of a gamble is it to stop paying your Florida mortgage? This is a question I receive very frequently as a foreclosure defense attorney in South Florida and was recently cited as a source on the topic by the Sun-Sentinel.

Personal finance writer Harriet Johnson Brackey wrote an article outlining the consequences of stopping payments on your mortgage.

Here is a summary of what could happen if you don’t pay the mortgage:

  • Your lender will first report your missed payment to the credit bureau and your credit score will drop by up to 200 points.
  • Next, you can expect other creditors to take notice and take action by closing your credit cards, raising your interest rates or lowering your credit limit.
  • The tightening of your credit will cause you to use more of your available limit and in turn continue to lower your credit score.
  • Then, your lender will try to contact you. After 90 days, you cannot just start making payments again. Your lender may actually send the payments back if you have not been in contact.
  • After four months of not paying your mortgage, you will likely be served a foreclosure notice.

The article also echoes something I have been saying for awhile now: “If you hire a lawyer and fight the foreclosure, you may be able to delay the sale for many months or avoid it altogether.”

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Posted in Florida Law News | 2 Comments »

Goldilocks and the Three Bears: Here We Go Again “The New Normal: Foreclosures Not Abating Until 2013

Friday, October 23rd, 2009
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After reviewing the recent numbers for 2009 published by RealtyTrac, nothing is “just right” and won’t be for some time. With foreclosures on the rise in 2009, the new “three bears” to hit the market have nearly doubled the number of foreclosures this year, and the trend will not be ending anytime soon.

The highest growth in the foreclosure market has been a result of three types of foreclosures; (1) delayed sub-prime foreclosures from 2008; (2) higher default rates on Option ARM loans, and (3) a significant rise in unemployment related foreclosures. With numbers indicating that 1 out of every 6-10 unemployed will face foreclosure, Goldilocks better find somewhere else to take a nap because there won’t be many family-owned homes left when the dust settles.

The “new normal” appears to be a staggering number of foreclosures, and is not expected to return to pre-recession figures until 2013. Foreclosures are expected to rise the rest of the year, and peak throughout 2010 and 2011. In Florida, we can expect to have about 40-50% of the foreclosures in the country, and half of these will be in South Florida. At this rate, Goldilocks will be old enough to buy her own house by the time the market rebounds.

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Posted in Florida foreclosures, Florida real estate | 2 Comments »

Roy Oppenheim’s Free Legal Real Estate Workshop Helps Homeowners: Know Your Rights, Save Your Home

Wednesday, October 21st, 2009
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Fort Lauderdale, FL – October 20 2009

Foreclosures happen to all ages. Reporting the latest Florida foreclosure news, stats, tips and legal insight is Attorney Roy Oppenheim and his staff.

Foreclosures happen to all ages. Reporting the latest Florida foreclosure news, stats, tips and legal insight is Attorney Roy Oppenheim with his clients.

Protecting yourself and your home in this turbulent economy and Florida real estate market is easier said than done. Roy Oppenheim, Oppenheim Law’s legal blogger and foreclosure defense attorney, believes understanding your legal rights greatly increases your chances of survival and recovery.

Oppenheim’s monthly legal workshops are designed to assist both homeowners and real estate professionals. The November workshop will not only focus on defending Florida foreclosures, but will also include a state of the economy update and valuable tips on buying and selling South Florida real estate.

What: Florida Housing Help: Free Real Estate Workshop
When: Thursday, November 5, 2009 – 6:00 to 7:00 PM
Who: Real estate professionals and homeowners facing foreclosure, buyers, and sellers
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

Oppenheim Law’s November workshop will highlight the following foreclosure defense strategies and real estate tips:

• Learn the process of foreclosure and how to defend your home
• Learn tips on applying for a mortgage modification and the best time to apply during foreclosure
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Posted in Florida Law News, Foreclosure Workshop, Loan Modification, Roy Oppenheim | 1 Comment »

Roy Oppenheim Comments on Florida Supreme Court’s Report, You Can Too!

Wednesday, October 14th, 2009
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You can make a difference! Take action and make your comments to this report that can be found at http://www.floridasupremecourt.org/pub_info/foreclosure.shtml

Comments must be submitted on or before October 15,2009 to e-file@flcourts.org
Or you can read Roy Oppenheim and the law firm of Oppenheim Law’s comments concerning the mortgage foreclosure crisis.

Below is a copy of the official comments from Roy Oppenheim.

October 13, 2009

Chief Justice Peggy A. Quince
Florida Supreme Court
500 South Duval Street
Tallahassee, Florida 32399-1925

Re: Oppenheim Pilelsky, P.A.’s comments in response to the Final Report and Recommendations on Residential Mortgage Foreclosure Cases (the “Report”) by the Task Force on Residential Mortgage Foreclosure Cases to the Florida Supreme Court (the “Task Force”)

Dear Madam Chief Justice:

It is an honor for our law firm, Oppenheim Pilelsky, P.A., comprised in part of foreclosure defense attorneys, to provide the following comments concerning the mortgage foreclosure crisis. We appreciate the amount of time and effort that the Task Force and the Supreme Court have allocated to address these important matters. In reviewing the problems identified by the Task Force and the appropriate recommendations to such problems, our comments on the Task Force recommendations are as follows:

1. We strongly agree that having uniformity of forms and procedures statewide is important to a fair and just statewide judicial system. Thus the goal of establishing a uniformity of forms and procedures statewide is important and is endorsed by our firm.

2. Establishing a central information source and a statewide web site to provide centralized information for all parties involved with a foreclosure is a good idea. Our firm’s only concern is who will fund and manage the web site in light of economic realities. Further, it is important that the web site remain neutral and not favor banks or homeowners in connection with the information provided.
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Posted in Florida foreclosures, Florida real estate, Florida Supreme Court | No Comments »

Sun Sentinel Publishes Roy Oppenheim’s Op-Ed

Tuesday, October 13th, 2009
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Sun-Sentinel

Refusing to let banks and lenders continue to steamroll homeowners and their rights, I recently submitted an Opinion Editorial to the Sun-Sentinel describing the consequences the State of Florida is facing if it continues to allow deficiency judgments on foreclosed properties.

My article was published in the paper’s Sunday Outlook section. Here’s a summary of why I believe the United States of America sure seems to be turning into the Divided States of America.

States like Florida are allowing their homeowners to suffer and be enslaved by debt even after the foreclosure process, while homeowners in many other states are free from this obligation.

Thankfully, members of the Florida Legislature are starting to realize they either need to change the laws or continue to watch the Florida population implode while the economy continues to tank.

“The model is broken, and it won’t get fixed until there is a national uniform standard,” I wrote. “The options are: All states become recourse states, like Florida, and every homeowner becomes a servant to the banks, or Florida can stop sucking up to the banks, get competitive with other non-recourse states like California and stick up for the little guy.”

The entire article is posted in the Oppenheim Law News Room.

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Posted in Sun Sentinel | 1 Comment »

The New Normal… NYT Reports: Expect Four Million More Foreclosures Despite Obama’s Mortgage Modification Policy

Friday, October 9th, 2009
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In today’s New York Times (10/9/09) the lead story in the Business section is: “In Trial Phase, Mortgage Bills Fall for 500,000. Is that supposed to be good news or news at all? I am not sure. I guess it depends on whether you think the glass is half full or half empty.

The reality is that by now the Obama administration had anticipated (or promised) about 5 million modifications: not 10 percent of that number!

So the real news is that Mark Zandi, chief economist at Moody’s and one of the top real estate prognosticators in the US is fully anticipating another 4 million foreclosures, as reported in the article today. Now I call that News. That’s right four million! Thus, one can expect at least 35% of those foreclosures to occur right here in Florida.

Further Peter Goodman, the NYT’s reporter failed to actually discuss the percentage decrease that occurs s in modifications or whether there was material principal reduction to date. Well I will tell you: the average successful mortgage modification is between 20%-22%. Little if any principal is reduced. Thus we can anticipate that many of these half million modifications will become part of the 4 million in foreclosure. In fact, based on prior studies, modifications without principal reduction lead to foreclosure half the time.

So don’t expect real estate values to start increasing any time soon as long as folks keep losing their homes. Yes, the economy is no longer in free fall and things are better than last fall: Stock market is rising, retail sales have stopped falling and job losses are decreasing. However, until people are employed and can afford their houses payments again and there are meaningful principal reduction or forbearance of underwater equity nothing much will change. The folks who brought us this mess: the politicians and regulators in Washington, the “bright minds” on Wall Street and the banks, will have to first realize that keeping people in their homes is better for them and for the rest of us too. Welcome to the New Normal.

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Posted in Florida foreclosures, Florida Law News, Foreclosure Defense | 2 Comments »

Florida Court of Appeals Tells Judges: Stop Being Compassionate

Tuesday, October 6th, 2009
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As discussed today in the Daily Business Review (see article below), the Third District Court of Appeals criticized a Miami Dade circuit judge for extending a foreclosure by one month. In essence, the Court reversed the judge’s opinion by stating that a courtroom is no place for compassion!

While it is inappropriate for an attorney to criticize the appellate court for possibly being uncompassionate, it is fair to say that a good foreclosure defense will go a long way in preventing a judge from having to attempt to be compassionate. Rather the Rules of Civil Procedure, the Florida Constitution, and the idea that the bank comes to the foreclosure with unclean hands will go a lot further than begging the court for mercy.

Typically circuit court judges were permitting extensions of foreclosure dates in order for homeowners to be able to complete a mortgage modification or a short sale. Ironically enough, if the banks didn’t drag their feet in approving short sales and approving modifications, the judges would never have been put in this terribly uncomfortable position in the first place.

Thus, in an ironic twist, we thank the appellate court for further justifying what we do every day and that is to defend homeowners with legitimate legal defenses in a foreclosure. The banks have done enough things incorrectly that will provide a trial judge an opportunity to delay a sale, should they want to, through the use of appropriate legal arguments.

The only unfortunate aspect of the appellate court’s ruling is that unrepresented clients will now be further churned and spit through a process that is only accelerating because of the increased workflow and reduction in court staff due to budget cuts. It is ironic that the bank even brought this action to the appellate court but it was through abuse by the homeowner that ultimately frustrated the bank in pursuing this appeal. Frankly, I would always prefer to have a strong legal argument than to beg for compassion from the court. So now you know the truth, don’t ever expect judges to be compassionate– even if it was their true desire.

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Posted in Daily Business Review, Florida foreclosures, Florida Law News, Foreclosure Defense | 1 Comment »

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