Archive for November, 2009

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Another One Bites the Dust: Bank Loses Summary Judgment For Foreclosure

Tuesday, November 24th, 2009
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Unbelievable: Attorney Geoff Sherman of Oppenheim Law just got a bank’s foreclosure summary judgment denied!

Why: because the Bank said they had lost the note when they filed the original complaint, yet 16 days after they filed the complaint in March they had received an assignment of the mortgage and Note from the old lender.

Thus, when the new bank had filed the original complaint they: (A) Did not have the note and mortgage to lose; and, (B) Lied to the Court when they said they lost the note! In fact, the new Bank brought the note to the hearing! Judge said too little too late. DENIED!

SO EVEN IF YOU DON’T UNDERSTAND ANY OF THIS: THE UPSHOT IS THE HOMEOWNER GETS TO STAY IN HIS HOME FOR THE HOLIDAYS and then some!

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Posted in Florida foreclosures, Foreclosure Defense | No Comments »

Oppenheim Law on Dating and Banking Relationships

Saturday, November 21st, 2009
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Picture 6Why Gentlemen Prefer Blondes and Banks Prefer…Short Sales

It should come as no surprise that only 12.4 percent of Florida borrowers who are at least two months behind on mortgage payments have entered into trial loan modifications through the Obama administration’s Making Home Affordable program.

The first date
For many who tried to get a Florida loan modification, the process is like a bad first date that just won’t end.

When you first got your loan, the bank picked you up in its nice car and took you to a fancy restaurant. Things were going great, but then halfway through the evening, dinner, like the economy, took a downward spiral. In an attempt to save the date, you turned the conversation to other topics and tried to stay on neutral ground, thinking maybe this bank isn’t so bad. Maybe I’m just too picky.

Checking out the blonde across the room
So you changed tactics and decided to go for the loan modification in an attempt to smooth out the relationship. Except now the bank can’t remember your name, your loan or number, and won’t even consider qualifying you until you are in default. You get rejected once or twice before you wise up. You start sending the right signals, only to find that your bank, like your date, has moved on. The negotiator or customer service agent you have been working with has been transferred, just like your date’s eyes have transferred to the blonde across the room.

Becoming too needy
Although commentators suggest that it is the fault of the bank’s parents because they failed to properly train your lender or give your bank incentive to finish out the evening on good terms, the bank is really just playing the odds that there are many fish in the sea. In their eyes, it is purely economical to look at other options while they are still on a date with you.
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Posted in Florida foreclosures, Florida Law News, Florida real estate, Florida short sales, Foreclosure Defense, Roy Oppenheim | No Comments »

Roy Oppenehim Discusses Florida Foreclosure on the National Randi Rhodes Radio Show

Wednesday, November 18th, 2009
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Roy Oppenheim on Randi Rhodes

Roy Oppenheim on Randi Rhodes

A couple weeks ago, I posted a summary of my appearance on the nationally syndicated Randi Rhodes radio show. I talked about how Oppenheim Law is helping South Florida homeowners fashion their own foreclosure bailouts and also discussed the deterioration of the social stigma associated with Florida foreclosure.

You can hear the interview by checking out the Oppenheim Law Facebook Fan Page, or by clicking on the link below:

Attorney Roy Oppenheim Discusses Florida Foreclosures on the Randi Rhodes Show

We also wanted to post the full transcript of the radio interview. There are some very interesting discussions about the newest Florida foreclosure defense strategies Oppenheim Law is using to help clients stay in their homes, as well as commentary on the responsibility of homeowners to be proactive and fashion their own bailouts.

I hope you enjoy reading or listening to the interview as much as I enjoyed participating.

Roy Oppenheim on Randi Rhodes Show: Florida Foreclosure Defense

Angela: Welcome back to Randi Rhodes on the Premier Radio Networks. Randi is out today so we’re filling in for her. We are Frangela. That means me, Angela V. Shelton.

Frances: And her very best friend, Frances Callier.

Angela: That’s right. We just smushed our names into one and got Frangela.

Frances: That’s for you.
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Posted in Florida foreclosures, Foreclosure Defense | No Comments »

CBS Spotlights Oppenheim Law: Strategic Defaults and Florida Foreclosure

Friday, November 13th, 2009
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The face and shape of Florida foreclosure is changing by the day. The newest trend identified by Oppenheim Law is the idea of a strategic default, where homeowners who can afford to pay their mortgage are choosing to stop payments and voluntarily enter into foreclosure.

I discussed this Florida foreclosure defense strategy Wednesday night on CBS4 with local reporter David Sutta, and you can see the entire interview on the Oppenheim Law Home Page.

The interview was followed by a news article on CBS4.com as well as commentary from David Sutta on his CBS4 Blog.

What’s so fascinating about strategic default is that it is spurred by the fact that the social stigma of foreclosure is now gone in many parts of the country, especially in Florida. So many people have been affected by foreclosure that the public is actually beginning to see it as a form of liberation from banks and mortgages that have homeowners owing sometimes double what their homes are actually worth.

As with any Florida foreclosure defense strategy, it is important that you understand your legal rights as a homeowner and can protect yourself during the process. Feel free to contact me if you have any questions regarding strategic defaults or Florida foreclosure defense.

You can find Wednesday night’s video and many more on Florida foreclosure and South Florida real estate through the Oppenheim Law You Tube Channel: http://www.youtube.com/user/OppenheimRoy

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Posted in Florida foreclosures, Foreclosure Defense | 3 Comments »

Fannie Mae Announces Deed for Lease Program: A New Weapon in Our Foreclosure Defense Arsenal

Thursday, November 12th, 2009
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As we are always trying to build our arsenal in terms of foreclosure defense strategies, we have constantly said time is on your side and that the cavalry will arrive. So here we have a new government program that may be of interest to all of us by allowing homeowners to stay in their property as a tenant as opposed to a debtor.

Fannie Mae is introducing the Deed-for-Lease Program (D4L), a program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.

Here are some of the details regarding the Deed for Lease Program:

  • Must be a Fannie Mae loan.
  • Cannot be eligible for a loan modification.
  • Rent cannot exceed 31% of the household income.
  • Provides up to a one year lease- which could possibly become a month to month lease.
  • Properties that are eligible for a DIL can possibly qualify for this program. Contingent upon successful DIL.
  • Both Primary Residences and Investment properties will qualify for the program.
  • Subleasing is prohibited under program.

Other Requirements for Deed for Lease

  • The mortgage loan is a first lien mortgage loan secured by a one- to four-unit property. All property types are eligible. Second lien mortgage loans are not eligible.

    • (more…)

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Posted in Deed in Lieu, Florida foreclosures, Foreclosure Defense | No Comments »

Free Legal Workshop December 3: Fashioning Your Own Bailout

Wednesday, November 11th, 2009
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Florida Foreclosure Defense Workshop Helps Bailout Homeowners
Roy Oppenheim is a real estate and Florida foreclosure defense attorney who says homeowners who know their legal rights have the power to fashion their own foreclosure bailouts. Free Workshop Thursday, December 3 from 6-7 p.m.

Fort Lauderdale, FL – November 11, 2009 – With South Florida on pace for nearly 100,000 foreclosure filings this year, it’s time homeowners start fashioning their own foreclosure bailouts, according to Florida foreclosure defense attorney and legal blogger Roy Oppenheim. The first step to protecting yourself and your home is understanding your legal rights.

Oppenheim Law’s monthly workshops are designed to assist both homeowners and real estate professionals. During December’s workshop, Roy Oppenheim will not only show homeowners how to fashion their own Florida foreclosure defense bailouts, but will also emphasize the decreasing social stigma attached to the foreclosure process, and provide insight and valuable tips on buying and selling South Florida real estate.

“You have to have your own lifeboat, and you have to do what’s best for your family,” Oppenheim said on the Randi Rhodes Show. “You can’t wait for the Ark to come and pick you up. You’re going to have to build your own Ark and fashion your own bailout.”

What: Fashion Your Own Bailout: Free Real Estate Workshop
When: Thursday, December 3, 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

December’s Foreclosure Bailout Workshop will highlight the following foreclosure defense strategies and real estate tips:
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Posted in Foreclosure Workshop | 1 Comment »

First Time Homebuyer Tax Credit Extended Into 2010! Plus…A New Tax Credit for Certain Existing Home Owners!

Monday, November 9th, 2009
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Why say it yourself when someone has already said it! Neil Solomon, my good friend, in the mortgage industry sent me this email and I thought I would share it with all of you. It speaks for itself. But the good news is the government will actually pay YOU to buy a house! How nice is that!

First Time Homebuyer Tax Credit Extended Into 2010!
Plus…A New Tax Credit for Certain Existing Home Owners!

It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
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Posted in Florida Law News, Real Estate Closings | 2 Comments »

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