Archive for February, 2010

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CitiMortgage Launches Program for Distressed Homeowners

Friday, February 12th, 2010

Roy Oppenheim Tells SFBJ: It’s a Year Late!

South Florida Business Journal

Oppenheim Law has been arguing for creative and practical solutions that benefit banks and homeowners alike for more than two years. Finally, while curiously late into the game, CitiMortgage announces a trial deed-in-lieu mortgage program allowing homeowners to avoid the painful foreclosure process.

CitiMortgageThe deed-in-lieu program allows Florida homeowners facing foreclosure to remain in their homes for 6 months, in exchange for signing over their deeds to CitiMortgage at the end of the period.

Check out Roy Oppenheim’s opinion on the CitiMortgage announcement by reading the entire article in the Oppenheim Law News Room.

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Posted in Deed in Lieu, Florida foreclosures, Florida Law News, Florida real estate, Foreclosure Defense, Roy Oppenheim, South Florida Business Journal | 2 Comments »

Lemonade Courtesy of the FHA: 90 Day Anti-Flipping Restriction Waived

Wednesday, February 10th, 2010

Lemonade StandGreat news for real estate investors and flippers who were once restricted with the 90 day FHA anti-flipping regulations. Due to the increase in the volume of foreclosures over the past two years, the Department of Housing and Urban Development recently announced that they are waiving the 90 day flipping regulations in 24 CFR

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Posted in Entrepreneurial News, flipping, Florida foreclosures, Florida Law News, Florida real estate, Florida short sales, Real Estate Closings | No Comments »

In Case you Missed it! Florida Foreclosure Workshop In Review

Tuesday, February 9th, 2010

By Roy OppenheimPicture 20

Oppenheim Law marked its 16th Monthly legal real estate workshop last Thursday and thanks to you – our readers – who attended or brought a friend, we continue to evaluate the real estate market.

For those not able to make the event, I have two pieces of good news for you:

  • Oppenheim Law is already preparing for our next free real estate workshop scheduled on Wednesday, March 3.
  • We have a recap of the workshop’s timely highlights

The most important message: things are changing.

  • 70% of foreclosure cases that go to mediation are settled.
  • Walking away from an underwater mortgage is no longer a moral decision. The banks were allowed to walk away from their monumental debt and write it off as a “business decision.” Why can’t homeowners do the same?
  • The crisis in Haiti will likely have an influence on the South Florida real estate landscape. Florida saw similar results after Hurricane Andrew when folks were searching for new places to live. Black Swan events like these are important to consider and watch.

Oppenheim Law stresses the importance of helping homeowners avoid deficiency judgments at all costs. Ignoring the foreclosure notice or moving out is perhaps not the best possible decision you can make.
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Posted in Florida foreclosures, Florida Law News, Florida real estate, Florida short sales, Florida Supreme Court, Foreclosure Defense, Foreclosure Workshop, Roy Oppenheim, Short Sales | 2 Comments »

What to Tell Our Kids About Foreclosure: From the Heart

Saturday, February 6th, 2010

By Ellen Pilelsky

Many of you have been reading Attorney Roy Oppenheim’s “From the Trenches” series over the past year as he details his experiences as Florida foreclosure defense attorney. This post is the first for Oppenheim Law’s senior partner, Ellen Pilelsky, as she discusses Florida real estate and foreclosure, sharing her perspective “From the Heart.”

From the HeartThe Mortgage Bankers Association wants to know what folks in foreclosure should tell their kids.

I usually remain behind the blogging scenes, but this is my first attempt to share my views as a woman, mother and foreclosure defense attorney about how the world has changed and why we need to understand how to cope.

Last month John Courson, President of the Mortgage Bankers Association, said he had no idea what individuals were going to tell their children about why they stopped paying their mortgage. He suggested people who are in foreclosure are somehow immoral.

My response is simple:

  1. Never be judgmental towards others, for then you too will be judged: and
  2. Never, ever, throw stones when you yourself live in glass house.

The MBA arguably represents the very folks who brought us the current economic crisis. Perhaps worse than that, Mr. Courson has a less than stellar record himself of “doing the right thing,” as was well articulated by some of the subscribers to Oppenheim Law’s South Florida Law Blog.

The reality is we need to help our children understand that:

Wherever you move, or wherever we as a family move, we will always have a home. A house is just made of bricks and lumber, but the things that make it a home are the family and the memories we create together wherever we live.

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Posted in Ellen Pilelsky, Florida foreclosures, From the Heart, Mortgage Bankers Association | 3 Comments »

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