Archive for December, 2009

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

Monday, December 28th, 2009

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

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

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

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.


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