Archive for December, 2009

Oppenheim Law Looks Back at “The Year of Foreclosure” + Ahead to Florida Foreclosure Defense in 2010

Monday, December 28th, 2009
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As I write this, I’m preparing for a two-week trip to South America with my family (packing my bags now). By the time you read this, I hope to be relaxing and enjoying the opportunity to reconnect and recharge.

But first some last words for the year…

It’s hard to believe the South Florida Law Blog is now approaching its one-year anniversary!

When Oppenheim Law unveiled the South Florida Law Blog, not even my own wife, kids, sibling or in-laws would subscribe. When I wrote, it seemed only to be for the invisible search engines that provide little substantive feedback.

But slowly, ever so slowly, YOU started subscribing. Oppenheim Law’s early readers commented frequently, as did our Facebook fans. You all pushed our Florida foreclosure defense team, supported Oppenheim Law and gave me more encouragement than I ever deserved or expected. In fact, it was never me that propelled the blog but the cutting-edge subject matter and helpful content. Now we have thousands of online subscribers and it’s growing every day.

Throughout 2009, Oppenheim Law found ways for families facing Florida foreclosure to stay in their homes, even against the most improbable odds. My recent appointment by the Florida Bar to a committee that addresses Florida foreclosure-related issues is a testament to the collective efforts of Oppenheim Law’s foreclosure defense team. At first, our foreclosure defense attorneys considered ourselves the underdog. But now, with so many other attorneys emulating Oppenheim Law’s tactics, the playing field is becoming a little more balanced.

The banks and our public officials in Washington undeniably let us down. They demonstrated unbelievable hypocrisy in bailing out the largest financial institutions with taxpayer money while expecting families to fashion their own bailout. The U.S. Treasury looked the other way when the very bankers who caused the crisis were paid multi-million dollar bonuses with tax payer funds, while folks underwater and unemployed continued to drown. And through it all, Washington looks on and takes political contributions from the banks. Sometimes, I think Washington is just fiddling as Nero did while Rome burned to the ground.

In the New Year, Oppenheim Law will continue helping the average person craft personal bailouts through my signature column “In the Trenches.” Ellen, my law partner and wife, with a background in psychology, will introduce a new column called “From the Heart.” Her column will address the long-term social ramifications South Florida can expect from the legal and economic fallout of this foreclosure crisis.  Once in awhile, we may even collaborate on a blog.

I’m also proud to announce Oppenheim Law will be continuing its free Florida foreclosure defense and real estate workshops in 2010.  The legal workshops are designed to help South Florida homeowners understand the tools available for crafting personal bailouts.

The first workshop of the New Year will be Thursday January 7th at 6 p.m.

2009 has proven to Oppenheim Law that the “new normal” has arrived and “Dorothy: We are no longer in Kansas. No matter how much you want to go home,” certainly applies to South Florida’s real estate and economic landscape. Together, however, Oppenheim Law will provide you the tools and encouragement to persevere.

On behalf of my whole family, and staff I thank you all again for your support. I look forward to hearing from you often and wish you and your family the very best in the New Year. I am confident 2010 will be better for all of us.

Oppenheim Law’s Top 15 FL Real Estate Lessons of 2009

Friday, December 18th, 2009
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As a foreclosure defense and real estate attorney at South Florida’s Oppenheim Law, I witnessed striking developments in the Florida real estate and legal landscape throughout this year. As 2009 comes to a close, the blogger in me decided to reflect on a year that we’ll never forget.

In 2009, the United States experienced presidential history and remarkable scandals and unbelievable Ponzi schemes costing in the billions but Oppenheim Law believes 2009 will forever be tied to memories of bank failure, economic collapse and more than 3.8 million foreclosures from coast to coast.

Practicing Florida foreclosure defense taught me times of trouble bring with them lessons learned and opportunities to be had, so without further adieu, here are Florida Attorney Roy Oppenheim’s 2009 Foreclosure Lessons:

1. Credit scores are like cigarette smoking. At one time you thought both were good for you.
2. The world has turned upside down; only folks who previously had good credit scores are in foreclosure.
3. Everything your mother taught you about always paying your bills on time is wrong: If you do, you will disqualify yourself from a short sale or mortgage modification.
4. The American Dream of home ownership is now the American nightmare.
5. Renting is in Vogue. The American Dream changed from home ownership to renting: It’s cheaper; more affordable and less risky.
6. Possession remains nine-tenths of the law. If you are in foreclosure stay put. Do not move out.
7. Prove it! Make the banks prove they own your note. Many times the banks are clueless who owns their note.
8. Banks are the biggest hypocrites. They asked the taxpayer to bail them out, yet they won’t provide meaningful help to the very taxpayers that helped the banks when they were in crisis.
9. The silver lining: During the foreclosure crisis, families are getting closer together as they double up. Grandchildren are actually getting to know their grandparents better.
10. Social infection of foreclosure. Everyone knows someone that is in foreclosure if they themselves are not in foreclosure.
11. Thus, the social stigma of foreclosure is evaporated.
12. Should I stay or should I go? Stay! Never move out of your home even after the foreclosure sale. The banks want you to stay and pay the utilities, clean the pool and schedule the bug guy.
13. Pay your homeowner association dues even if you are in foreclosure. Be a good neighbor.
14. Remember the Goldie Locks Rules when applying for a mortgage modification. You can’t be the papa bear or the little bear you need to be just right.
15. Divorce and real estate. For most of my legal career divorcing couples always fought over who got to keep the marital residence… now it’s a question of who gets stuck with the property!

For even more coverage of “The Year of Foreclosure” check out the South Florida Law Blog, follow the conversation of @OPLaw on Twitter or become a Fan on Facebook. Oppenheim Law loved your comments and reactions throughout 2009 and looks forward to even more in the New Year!

Oppenheim and WSJ Today: South Florida Real Estate Dilema = Pay + Stay or Strategic Default

Thursday, December 17th, 2009
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95_WSJIt was 4:30 p.m. on Thanksgiving eve at my office, and I was enjoying a moment of quiet phones as I cleared my desk and my mind. The one call that did come was from The Wall Street Journal Real Estate reporter James (Bob) R. Hagarty. He was working on a story about homeowners who are creating their own bailouts, the coined name “strategic defaults.” Bob asked my thoughts on what a homeowner should know before they stop paying the mortgage: a tough decision and one that I help my clients make each day.

It just so happens one of my clients, Steven Olson, was also a phone call away, ready and willing to talk to Hagarty about how he came to his conclusion to stop paying and walk away.

This is a toxic time for homeowners in the real estate market. In good times, it would be unthinkable to stop paying the mortgage, but today it is the right option for some. Read the full story Debtor’s Dilemma: Pay the Mortgage or Walk Away on the Oppenheim Law News Room or in today’s Wall Street Journal on page A22.

The Wall Street Journal: Why Renting is the New American Dream

Thursday, December 10th, 2009
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For almost three years now I have talked about the idea that the American Dream of homeownership was really only a mirage.  While policymakers had good intentions, homeownership has in many instances become the American Nightmare for numerous systematic reasons including: greed, lax government regulation and pure fraud.  In a wonderful front page analysis in today’s Wall Street Journal, they take us through the process of why renting is now the “New Normal” and the New American Dream.

Oppenheim Law Explains How Short Sales and House Flipping Can Bailout South Florida Homeowners

Tuesday, December 8th, 2009
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WSJ reporter, James Hagerty, arguably one of the best reporters covering the real estate crisis and with whom I speak with from time-to time wrote a great article this morning concerning professional investors who are going to auction, fixing up the houses and then flipping them for a profit.  (Also take the time to look at the slides and related comments).

Unlike the flippers of the past, these folks are true professionals as this IS their business. They are not cops, firemen or teachers by day and flippers by night.

In fact, OppenheimLaw and Weston Title represent a number of these types of professional groups. They are all well funded and clearly taking advantage of the fact that the Banks are drowning in too much stuff and thus many times are clueless to the true value of an asset.

Further, as we have explained before, the Banks would rather get back cold cash now than continue trying to make old loans work through loan modifications, when they know the likelihood of re-default remains high.  That is why we at OppenheimLaw and our sister title company, Weston Title, are calling 2010 the “Year of the Short Sale.”  Banks actually still do about 20% better according to a recent Federal Reserve study when they allow a short sale to proceed as opposed to the Bank proceeding all the way through the foreclosure process. Of course with millions of homes that have already been foreclosed upon by the Banks, the Banks have to somehow get rid of their unwanted inventory.

One word of caution: if you are thinking of becoming a “professional flipper” do your homework; and do not think for a moment that there is a title company out there that will allow you to use the funds from the final buyer as your source of funds to purchase the property at the courthouse’s steps or in a short sale. That practice is now dead.

Thus, if you are in a position to look at flipping as your way to help bail yourself out from being underwater to treading water with your head up high… call me!

Roy Oppenheim

From the Trenches

Disorder In The Court: Some Very Funny Stuff

Friday, December 4th, 2009
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lawyer 2I am fortunate that I frequently get forwarded items that are meant for the blog. This particular item comes from a close relative who I know does not want their name disclosed. So I say thank you and encourage all my readers to continue to send me material that you would like me to share and let me know if I can publicly thank you!

Disorder In The Court…

These are from a book called Disorder in the American Courts, and are things people actually said in court, word for word, taken down and now published by court reporters who had the torment of staying calm while these exchanges were actually taking place.
____________ _________ _________ ___________ ___________

ATTORNEY: Are you sexually active?

WITNESS: No, I just lie there.
____________ _________ _________ __________ _________

ATTORNEY: What gear were you in at the moment of the impact?

WITNESS: Gucci sweats and Reeboks.
____________ _________ _________ __________ ___________

ATTORNEY: This myasthenia gravis, does it affect your memory at all?

WITNESS: Yes.

ATTORNEY: And in what ways does it affect your memory?

WITNESS: I forget.

ATTORNEY: You forget? Can you give us an example of something you forgot?
____________ _________ _________ ___________ __________

ATTORNEY: What was the first thing your husband said to you that morning?

WITNESS: He said, “Where am I, Cathy?”

ATTORNEY: And why did that upset you?

WITNESS: My name is Susan!
____________ _________ _________ ___________ ___________

ATTORNEY: Do you know if your daughter has ever been involved in voodoo?

WITNESS: We both do.

ATTORNEY: Voodoo?

WITNESS: We do.

ATTORNEY: You do?

WITNESS: Yes, voodoo.
____________ _________ _________ __________ ___________

ATTORNEY: Now doctor, isn’t it true that when a person dies in his sleep, he doesn’t know about it until the next morning?

WITNESS: Did you actually pass the bar exam?
____________ _________ _________ __________ __________

ATTORNEY: The youngest son, the twenty-one-year- old, how old is he?

WITNESS: Uh, he’s twenty-one.
____________ _________ _________ ____________ __________

ATTORNEY: Were you present when your picture was taken?

WITNESS: Are you shittin’ me?
____________ _________ _________ ___________ ___________

ATTORNEY: So the date of conception (of the baby) was August 8th?

WITNESS: Yes.

ATTORNEY: And what were you doing at that time?

WITNESS: Uh…. I was getting laid!
____________ _________ _________ ____________ ___________

ATTORNEY: She had three children, right?

WITNESS: Yes.

ATTORNEY: How many were boys?

WITNESS: None.

ATTORNEY: Were there any girls?

WITNESS: Are you shittin’ me? Your Honor, I think I need a different attorney. Can I get a new attorney?

________ _________ _________ _____________ ____________

ATTORNEY: How was your first marriage terminated?

WITNESS: By death.

ATTORNEY: And by whose death was it terminated?

WITNESS: Now whose death do you suppose terminated it?
_________ _________ _________ ___________ __________

ATTORNEY: Can you describe the individual?

WITNESS: He was about medium height and had a beard.

ATTORNEY: Was this a male or a female?

WITNESS: Guess.
____________ _________ _________ ___________ ___________

ATTORNEY: Is your appearance here this morning pursuant to a deposition notice which I sent to your attorney?

WITNESS: No, this is how I dress when I go to work.
____________ _________ _________ ____________ ___________

ATTORNEY: Doctor, how many of your autopsies have you performed on dead people?

WITNESS: All my autopsies are performed on dead people. Would you like to rephrase that?
____________ _________ _________ ___________ ___________

ATTORNEY: ALL your responses MUST be oral, OK? What school did you go to?

WITNESS: Oral.
____________ _________ _________ ___________ ___________

ATTORNEY: Do you recall the time that you examined the body?

WITNESS: The autopsy started around 8:30 p.m.

ATTORNEY: And Mr. Denton was dead at the time?

WITNESS: No, he was sitting on the table wondering why I was doing an autopsy on him!
____________ _________ _________ _____________ ___________

ATTORNEY: Are you qualified to give a urine sample?

WITNESS: Huh….are you qualified to ask that question?
____________ _________ _________ __________ ___________

– And the best for last: —

ATTORNEY: Doctor, before you performed the autopsy, did you check for a pulse?

WITNESS: No.

ATTORNEY: Did you check for blood pressure?

WITNESS: No.

ATTORNEY: Did you check for breathing?

WITNESS: No.

ATTORNEY: So, then it is possible that the patient was alive when you began the autopsy?

WITNESS: No.

ATTORNEY: How can you be so sure, Doctor?

WITNESS: Because his brain was sitting on my desk in a jar.

ATTORNEY: I see, but could the patient have still been alive, nevertheless?

WITNESS: Yes, it is possible that he could have been alive and practicing law.

Obama Administration Implements New Guidelines to Assist Short Sales

Wednesday, December 2nd, 2009
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While mortgage modifications continue to be a huge problem for the Obama administration, they seem to be following the advice of the geeks at the Federal Reserve and from the folks in the “Trenches“. (See WSJ Article).  You are eligible to do a short sale if (1) you have a government backed loan (Fannie, Freddie, VA, etc.), (2) its your primary residence, (3) you have been turned down for a modification, and (4) you have had the property listed at market price. That means you may get $1,500 from the government upon closing and you get to Walk Away! No Deficiency!  Learn more about alternatives to foreclosure and defenses to foreclosure at our seminar tomorrow night at 6:00 p.m.