Archive for March, 2010

Get Paid to Leave Your Home? Florida Real Estate Workshop Tells All April 7

Sunday, March 28th, 2010

OppenheimLawAprilShortSaleWorkshopFind out how President Obama’s new Short Sale Program can help South Florida homeowners defend foreclosure, protect credit and prevent costly deficiency judgments.

Join Oppenheim Law for the next Free Legal Real Estate Workshop on April 7, as real estate attorney and legal blogger Roy Oppenheim explains the potential government incentives for homeowners to rid their delinquent mortgages through a short sale.

Unable to make it to Weston? Oppenheim Law will broadcast its monthly workshop online through the Oppenheim Law UStream Channel. Participants are invited to ask questions and comment on the presentation through Oppenheim Law’s Twitter account @OPLaw.

What: Short Sales, Deficiency Judgments + More: Free Real Estate Workshop

When: Wednesday, April 7, 2010 – 6:00 to 7:00 PM

Who: Homeowners facing foreclosure, buyers and sellers

Online: The Oppenheim Law UStream Channel

Live: 2500 Weston Road, Suite 404, Weston, FL 33331

Cost: Free with advanced registration

RSVP: To register email roy@oplaw.net or call 954.384.6114

Oppenheim Law looks forward to seeing you on April 7 whether in person or online!

Tags: , , , , , , , , , ,
Posted in Florida foreclosures, Florida real estate, Florida short sales, Foreclosure Defense, Foreclosure Workshop, Roy Oppenheim, short sales, social media | View Comments

Roy Oppenheim on “Asset Protection” Show Part 2 – Discusses Deficiency Judgments and Homeowner Negotiating Power

Friday, March 26th, 2010

Oppenheim Law on "Asset Protection"Homeowners who are represented by proper legal counsel and take steps to protect their assets before, during and after the foreclosure process can leverage valuable negotiating power over the banks, according to Florida Real Estate Attorney Roy Oppenheim.

Oppenheim sat down with Asset Protection Attorney Douglass Lodmell for a second time to discuss the specific benefits legal representation can present for homeowners facing foreclosure, attempting a short sale or considering strategic default. We’ve attached the full video at the end of this post.

Oppenheim Law is continuing to defend South Florida homeowners’ deficiency judgments whether the result of foreclosure or improper liquidation and negotiation after a short sale.

“Banks are always going to go after the lowest hanging fruit,” Oppenheim said. “Legal representation and asset protection can make you an unattractive target for the banks and translate into debt settlements for pennies on the dollar.”

Check out the video below to hear Part 2 of Roy Oppenheim’s interview with Asset Protection Attorney Douglass Lodmell and feel free to leave any questions in the comments section of the blog.

Tags: , , , , , , , ,
Posted in Florida Law News, Florida foreclosures, Florida real estate, Florida short sales, Foreclosure Defense, Loan Modification, Roy Oppenheim, short sales | View Comments

Underwater, But Mortgage Tides Turning: Mortgage Principal Reductions are Coming

Friday, March 26th, 2010

TidesTurning

WOW: What a week for folks who are looking for ways to bailout their family from the underwater mortgage mess.  The tide may be turning.

This third week of March 2010 will long be remembered for when tides started to truly turn for those families with underwater mortgages. First, of course the historic health bill was passed by Congress and signed by the President.

Then, Bank of America announced that they would actually reduce principal up to 30% on some 40,000 underwater mortgages. While the news was encouraging for those who would qualify, it represented less than 1% of all mortgages underwater and seems to be merely a indication for other news to follow. http://www.nytimes.com/2010/03/25/business/25housing.html

Obama Admits Problem, Plan Not Working

But then the Obama Administration today finally announced and acknowledged that their original loan modification program designed to help millions only helped maybe 200,000 people.

Government Plan B

Most importantly, however, the government is unveiling a program that will…we hope… truly encourage banks to begin modifications and refinances with significant principal reduction. http://www.nytimes.com/2010/03/26/business/26housing.html?hp Up until now principal reduction claims on mortgage modifications were made by late night cable TV ads, by national modification scamsters and for the most part became at best urban legend.

As we have discussed on the South Florida Law Blog for more than a year, a government program modeled after the programs during the Depression Era is the most likely way to stem the foreclosure crisis. Here in South Florida, only 15% of all foreclosure properties have hit the streets. Either the banks are holding off on putting the inventory back on the streets (creating a shadow inventory) or the foreclosures have yet to be finalized by the courts. Either way, the continuous flow of distressed properties will not let the market return to anything orderly even if you have on-line foreclosure sales and triple the number of buyers which has happened in some counties, like Miami-Dade County, Florida.

Although the details of the “New” government program will only be released later today, between the Obama Administration’s new short sale initiative going into effect in early April and now a “real” modification program with reduced principal backed by the government guaranties there is no reason why anyone would quit and just walk away.

With the tide turning and waters receding: for those folks who may feel like they are drowning, there is hope and it is on the way. As always,  Oppenheim Law is here to help.

Just DO NOT give up. DO NOT despair. DO NOT walk away.

Obviously, we will be discussing all of the latest bailout developments at our free seminar on April 7.  We hope you can join us either in person or through our online broadcast via the Oppenheim Law UStream Channel..

What: Short Sales, Deficiency Judgments + More: Free Real Estate Workshop

When: Wednesday, April 7, 2010 – 6:00 to 7:00 PM

Who: Homeowners facing foreclosure, buyers and sellers

Online: The Oppenheim Law UStream Channel

Live:      2500 Weston Road, Suite 404, Weston, FL 33331

Cost: Free with advanced registration

RSVP: To register email roy@oplaw.net or call 954.384.6114

Tags: , , , , , ,
Posted in Florida Law News, Florida foreclosures, Foreclosure Workshop, short sales | View Comments

Oppenheim Law Brings Class Action Suits Against the Banks

Thursday, March 25th, 2010

Enough is enough.Oppenheim Law Class Action Against Banks

Oppenheim Law, along with a team of lawyers, recently brought a series of class action suits against various banks alleging the banks charged improper fees at closing.  Specifically, these banks have been accused of the unlicensed practice of law for charging documentary preparation fees in connection with their mortgages.

Interestingly, the Florida Supreme Court recently heard arguments concerning this practice and we invite you to watch fellow counsel argue this case.

Ultimately because the state and federal government have woefully failed to regulate banking institutions, in part because of their cozy relationship between the banks, lobbyists, regulators and politicians, these class actions will send a strong message to the banks that their morally bankrupt conduct needs to change.

As Oppenheim Law continues to defend Florida foreclosures, we will invite you to participate in various class actions where together we identify systemic, unfair and deceptive trade practices by the banks.

If you believe you have a set of facts that arises to the potential of a class action, we invite you to contact us by email.

Tags: , , , , ,
Posted in Florida Law News, Florida Supreme Court, Florida real estate, Foreclosure Defense, Roy Oppenheim | View Comments

From the Heart: Life Lessons Learned from Mister Rogers

Friday, March 19th, 2010

Cooperation, Persistence, Patience, Sharing, and Positivity

This post is the third for Oppenheim Law’s senior partner, Ellen Pilelsky, as she discusses Florida real estate and foreclosure, sharing her perspective “From the Heart.” Oppenheim Law looks forward to your continued feedback and support for this new column.

From the Heart Ellen PilelskyIt has been seven years since Fred Rogers, the star of Mister Rogers’ Neighborhood, has died. Although the series of his well-known Mister Rogers’ Neighborhood can now only be found online (in fact there was a contest for the best show), we can all learn from Fred Rogers.

In these turbulent times, it is actually refreshing to view one of Mister Rodgers’ episodes. It reminds us how critical our role is not only to our children but also to our community.  Mister Rogers embodies the “old time” values when neighbors knew each other, cared for each other and made sure that our children learned how to positively deal with others.

Interestingly, Mister Rogers’ series still gives us a gentle yet firm reminder of how timeless skills such as cooperation, persistence, patience, sharing, and the ability to remain positive helps us in any situation and any time. Generations of children and adults were and are drawn to these old episodes because they embody how simple life really can be.  Even when we are dragged into negativity from the economy, war, and rampant unemployment, there existed and can still exist a better way.

In fact, Mister Rogers provides us all with the “good” feeling that we have the ability to act and face our difficulties.  His episodes support a young child’s self-confidence by focusing on moving past frustrations and inevitable failures. In fact, his earmark lines, “You’ve made this day a special day just by being you. You are the only person like you in this whole world. And people can like you just because you’re you,” give us hope that we can count on and overcome difficulty

What can we, as adults, take from this?

Even though we may be burdened with debt, face foreclosure, or have encountered some difficulties, we still must and will go on.  Somewhere deep inside of us we all, like Mister Rogers, have the ability to cope, become resilient, treat ourselves and our neighbors with respect, and move forward.

From the heart,

Ellen Pilelsky, Esq.

Tags: , , , , , ,
Posted in Ellen Pilelsky, From the Heart | View Comments

Roy Oppenheim Shares View on Real Estate Radio USA

Thursday, March 18th, 2010

Listeners Tune In, Oppenheim Discuss Florida Foreclosure + Short Sales

Oppenheim Law on Real Estate Radio USAShort sales have emerged as the best option for most South Florida homeowners when it comes to defending foreclosure and avoiding costly deficiency judgments, according to real estate attorney and legal blogger Roy Oppenheim.

Oppenheim joined host Barry Johnson on Real Estate Radio USA to discuss the latest trends in Florida real estate law, foreclosure and homeowner options for fashioning one’s own bailout.

We’ve uploaded the full radio interview at the end of this post, but here’s a quick summary of Oppenheim’s thoughts and advice:

  • Government Failure: It has become clear the programs the Obama administration intended to help homeowners have done little more than line the pockets of banks.
  • Personal Bailouts: Oppenheim Law has been positing for months that homeowners cannot sit back and wait for government programs to save their homes. Homeowners need to take it upon themselves to fashion their own economic bailout.
  • Short Sale Savings: Short sales have surfaced as the best option for avoiding foreclosure, preventing deficiency judgments, and starting homeowners on the path of their own bailout.
  • “Principal Reduction”: The attorneys at Oppenheim Law have seen huge “principal reduction” through short sales, with clients walking away from hundreds of thousands of dollars in debt after executing a short sale.
  • Expect the Unexpected: When looking toward the future, you need to learn to expect the unexpected in the economic and real estate landscapes. These “Black Swan” events are what will ultimately change the markets.

You can hear the entire Real Estate Radio USA interview with Roy Oppenheim below. We look forward to seeing your feedback and answering questions in the comments.

Tags: , , , , , , , ,
Posted in Florida Law News, Florida foreclosures, Florida real estate, Florida short sales, Foreclosure Defense, Roy Oppenheim, short sales | View Comments

Roy Oppenheim Guest Spot on “Secrets of Asset Protection” Show – Discusses FL Foreclosure and Short Sales

Wednesday, March 10th, 2010

Many times Florida homeowners make decisions regarding their assets before being served with a foreclosure complaint. Unfortunately, 97% of homeowners do nothing to protect themselves or their assets before and during the foreclosure process, according to South Florida Real Estate Attorney and legal blogger Roy Oppenheim.

Oppenheim met with Asset Protection Attorney Douglass Lodmell to share how Oppenheim Law guides South Florida homeowners through defending themselves and their homes and helps them fashion their own economic bailouts.

“We frequently represent individuals who are professionals and have done everything right in the traditional path to wealth in this nation,” Oppenheim said. “And now because certain institutions that we have all respected for so many years failed us, we are seeing these individuals have to figure out how to deal with getting out of their tricky financial situation.”

The current system, including banks, Congress, the President and the Courts, is failing American homeowners according to Oppenheim and Lodmell.

Oppenheim describes how his firm navigates through the current system to protect homeowners’ rights during the foreclosure process.

Check out the video below for the entire interview and we look forward to reading your comments and answering any questions.

Tags: , , , , ,
Posted in Florida Law News, Florida real estate, Florida short sales, Foreclosure Defense, Roy Oppenheim, short sales, social media | View Comments

Tides Turning? Short Sales + Deficiency Judgment Workshop In Review

Friday, March 5th, 2010

house short saleOppenheim Law hosted its largest Free Florida Foreclosure Defense Workshop Wednesday night as the real estate market and foreclosure defense landscape evolves.

Almost half of South Florida homeowners are facing negative equity in their homes, and more than 400,000 Florida foreclosure cases are expected by the end of 2010, according to real estate attorney Roy Oppenheim.

More than 40 South Florida homeowners turned out to hear the latest legal techniques and strategies Oppenheim Law is using to defend foreclosures, execute short sales, prevent deficiency judgments and keep people in their homes.

We’ve put together a summary of the main points from March’s Workshop, and look forward to seeing you at the next free event on April 1st at 6 p.m.

  • Social stigma is so yesterday. The fact that so many people are being affected by this real estate crisis completely erased the social stigma associated with foreclosure.
  • Banks are overwhelmed. The depth and breadth of this crisis makes it difficult for banks to successfully foreclose homeowners who are represented by counsel.
  • Do what’s right for you and get help. If it no longer makes economic sense to continue paying your mortgage, your best option is to speak to a qualified attorney.
  • Don’t leave. Whatever you chose to do, stay in your home as long as possible.
  • Banks warming up. Short sales are emerging as one of the best options for homeowners facing foreclosure, and believe it or not, banks are beginning to favor them as well. Some short sales are being approved in less time than in the past. One need only be 30 days behind on your mortgage to begin the short sale process.
  • The bank is happy with instant cash gratification, while you avoid the hassle and stress of foreclosure proceedings.
  • Price is right. When executing a short sale, an experienced real estate agent must price your home correctly, and you must protect yourself from a costly deficiency judgment through legal representation.
  • Know the facts. Deficiency judgments can stay on your record for up to 20 years: Banks may garnish wages and even collect against heirs.
  • Oppenheim Law has negotiated reductions in deficiency judgments by as much as 80-85%.

It is important to remember that buying yourself time in this real estate market can prove to be incredibly valuable. The tide is beginning to turn as new laws are discussed and the economy makes gains.

Again, 97% of folks facing foreclosure are not represented by counsel. Those who are have a much better chance of avoiding a deficiency judgment and saving their home.

We look forward to hearing your comments on March’s workshop and hope to see you all on April 1 for our next event.

Tags: , , , , , , ,
Posted in Florida Law News, Florida foreclosures, Florida real estate, Florida short sales, Foreclosure Defense, Foreclosure Workshop, Roy Oppenheim, short sales | View Comments