Listeners Tune In, Oppenheim Discuss Florida Foreclosure + Short Sales
Short 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: Barry Johnson, deficiency judgments, Florida real estate law, homeowner bailout, Oppenheim Law, principal reduction, Real Estate Radio USA, Roy Oppenheim, short sales
Roy,
Your comments, in your Ludmell interview, have literally changed the way I am living. I listened to you explain that your clients are doctors, lawyers, dentists and the like who were not looking to get “rich quick”. Rather, as you explained, these are people who have worked all their lives, and followed this nation’s cookbook for steady wealth building. I’m one of them: Professional school, 30 years of perfect credit, 25 years of painstakingly building retirement in rentals, sacrificing fancy vacations for backyard entertainment. When this debacle began, I used every penny I could to borrow against my net worth to “HONOR” my mortages.
Americans who sacrificed, to steadfastly build financial security, not just for themselves but for their family’s future financial security, are the pillars and backbone of american society, not the villains. Yet no one (isn’t that clear by now) is going to bail us out – and under traditional thinking we are dishonorable. But we are being left holding the fallout, living right now with the haunting prospect of deficiency judgments for up to 20 years!
Before, I felt defeated as well as ashamed (having a lot of self-esteem knocked right out of me) that I could no longer borrow “to make good” on my debts. Then, listening to your interview for the upteenth time, I got it! I wasn’t the culprit, I’m not the villian, and I’m not dispicable for not being able to pay STRICTLY BECAUSE OF THE FALLOUT on some mortgages.
Like you admonished, I have to direct my energies to fashioning my own bailout. I have children’s college funds that can potentially be saved from being wiped out (by trying to preserve remaining assets with positive net worth). Now, I am fashioning a remedial bailout, not with the old feelings of dishonor, or the bitterness of countless futile hours spent with bank telephone operators to no avail, but empowered to “use the system” for my (my family’s) own bailout. I am worthy of that much, and so is my family. Thanks for lending us your view.
Alex
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