Hundreds of homeowners participated as Roy Oppenheim shared the latest on foreclosure defense, strategic defaults and South Florida real estate trends.

Oppenheim Law is making July’s Strategic Default Workshop available until Thursday, July 15.

Let us know what you think in the comments section below.

Until now, banks have been abusing a Florida statute allowing them to file a foreclosure based on a “lost note.” The problem: the notes aren’t lost; the banks are just too lazy to look for them. This new rule is halting foreclosure filings in their tracks, as banks scramble to find the notes so they can foreclose.

Before, foreclosure mills were simply filing a complaint and claiming a ‘”lost note,” without actually ever looking for it. Now, the courts are requiring attorneys to prove the banks have at least attempted to find the note. Prior to this rule, banks would file the complaint, and the note would always mysteriously appear four months later IN ALMOST EVERY CASE.

An article published today in The Sun-Sentinel found foreclosure filings have dropped 36% since last month in South Florida. Local attorneys and judges are attributing this to the colossal mess at the banks, as they scramble to find the notes.

Before, they had plenty of time to look for it. Now, they can’t do anything without it. While this might seem like good news for the overwhelmed court system, in reality it is simply delaying the inevitable. Like the receding waters before a tsunami, we can expect a substantial increase in filings once the banks begin finding these “lost notes,” and then the entire system could drown.

Anthony DiMarco of the Florida Bankers Association sees it a bit differently, claiming the decrease in filings is due to the banks’ increased number of loan modifications, and an increased willingness to approve short sales.

GIVE ME A BREAK!

Based on raw numbers, DiMarco is dead wrong! Although Obama’s Making Home Affordable plan had promised over 3 million loan modifications by now, in reality the banks have accepted only 300,000. Furthermore, of these 300,000, only 13,059 were in South Florida. Thus, it is ridiculous to say the banks are being more cooperative.

Maybe DiMarco has never tried to call a bank to discuss a short sale or loan modification. If he had, he would likely find that being on hold for hours at a time, having the bank tell you they have lost your sensitive financial documents, and being constantly hung up upon, is not exactly “cooperation.” If DiMarco actually believes what he is saying, he should stand by the receding waters until he is swept out to sea by the forthcoming foreclosure tsunami.

From the Trenches,

Roy Oppenheim

Miss out on the live show? Oppenheim Law is streaming the Short Sale and Strategic Default Workshop on the South Florida Law Blog and UStream TV Channel through Sunday night.

We’re giving homeowners a second chance to hear Roy Oppenheim explain the latest trends in Florida foreclosure defense. Check out the video below for answers to many of the common questions homeowners have when facing a foreclosure, short sale, or strategic default.

Questions or feedback? Oppenheim Law would love to hear your suggestions for next month’s free Real Estate Workshop on June 2 in the comments section below, and be sure to follow Roy Oppenheim on Twitter @oplaw for all the latest real estate news.

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 1^st 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.

Join Oppenheim Law at the next Free Legal Real Estate Workshop on Wednesday, March 3, as Oppenheim explains how short sales can prevent Florida deficiency judgments and provides insider tips for buying and selling Florida real estate in this turbulent market.

What: Short Sales, Deficiency Judgment + More: Free Legal Workshop

When: Wednesday, March 3, 2010 – 6:00 to 7:00 PM

Who: Homeowners facing foreclosure, real estate professionals, buyers and sellers

Where: 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

For more information visit the Oppenheim Law News Room to access all of the event’s details. Please feel free to leave a comment if you have any questions or suggestions for the workshop.

Oppenheim Law looks forward to seeing you all on Wednesday, March 3^rd.

Thanks for your positive feedback on our new column. This post is the second for Oppenheim Law’s senior partner, Ellen Pilelsky, as she discusses Florida real estate and foreclosure, sharing her perspective “From the Heart.”

Some say there is a reason for everything and that we can control our own lives. Both of these thoughts come to mind when I watch Allstate’s recent “Our Stand” ad campaign.

I’ve now watched this short video a few times, and each time I am so moved that I felt compelled to share it with you.  The video drives home the point that even through these difficult economic times, we all can and will make it through.

It’s up to us to deal with and rise from the challenges we face today.

There is hope.  We all just need to look at our lives and make changes that need to be made.  As long as we are able to recognize what is really the most important things in our life, like family and friends, then we can avoid getting bogged down with “all the other stuff.”

The Silver Lining

There has to be a true silver lining to this foreclosure crisis.

I believe that our children will learn from these challenging times to live on what they earn and not beyond their means. They will become our future leaders in just a few short years and they will bring that old fashioned American Ideal to Washington and to the State Capitals. Soon our governments will learn to do with less, but still provide the essential services we need. We all just have to believe.

Although families may have to double up at times, children will actually once again truly know their grandparents.  We all will learn how to prepare a home cooked meal with more natural ingredients and eat out less. Families may decide to reacquaint themselves with the great outdoors and go camping instead of trekking to a pricey resort.  And we will find true happiness or riches is not just a bank account but how fulfilled our lives are based on friends and the good deeds we have done for others. Gretchen Rubin’s The Happiness Project is a good read and reminder of this.

Paying it Forward

I always taught my family the importance of “paying it forward” and believe now more than ever that lesson can provide much joy and happiness to the person paying it up front.

It is strange how in times like these we all need to understand we really do not need all that much. And if we can use our energy to be positive and move forward, then we will emerge stronger and wiser.

From the Heart,

Ellen Pilelsky

There are two caveats to this waiver that you must be aware of.  The first caveat is that the waiver is limited to forward mortgages, so it does not apply to Home Equity Conversion Mortgages.  The second caveat is when the sales price of the property is 20% or more over and above the seller’s acquisition costs, the waiver will only apply if the new buyer’s lender:

(1)     Justifies the increase in value by retaining in the loan file supporting documents and/or a second appraisal verifying that the seller has completed sufficient legitimate renovations, repair and rehabilitation work on the subject property to substantiate the increase, or the appraiser provides appropriate explanation of the increase in property value since the prior transfer of title; AND

(2)     Orders a property inspection and provides the inspection report to the purchaser before closing.

A.     The lender may charge the borrowers for this inspectio

B.     The inspector:

• Does not have to be an FHA-approved or a 203(k) consultant
• Must have no interest in the property or relationship with the seller
• Must not receive compensation from any other party other than the lender
• May not compensate anyone for the referral of the inspection
• May not receive any compensation for referring or recommending contractors to perform any repairs recommended by the inspection.

C.     At a minimum the inspection must include:

• The property structure, including the foundation, floor, ceiling, walls and roof;
• The exterior, including siding, doors, windows , appurtenant structures such as decks and balconies, walkways and driveways;
• The roofing, plumbing, electrical, heating and air conditioning systems;
• All interior; and
• All insulation and ventilation systems

So to all of you real estate investors… go ahead and buy these lemons and make a profit by selling lemonade.

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.”

The 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.

If your kids are in middle school or older you can explain the economy is experiencing one of its biggest corrections in 80 years, something we all have never experienced in our lifetimes. Maybe some of their grandparents went through the Depression, but in fact, very few Americans truly can remember that experience personally

Thus, we are all going through something that they too will be able to tell their children about and even their grandchildren one day. There are lessons, like everything else, to learn from what has happened.

In the meantime let your children know you love them and that mistakes were made by many people: politicians, regulators, lobbyists, banks, investment banks, mortgage brokers, lawyers… and even us!

We all are not above reproach.

But in the end, the important thing is to learn from these mistakes as we all grow to be better people and create a better country.

From the Heart,

Ellen Pilelsky, Esq.

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!

Fort Lauderdale, FL – November 11, 2009 – With South Florida on pace for nearly 100,000 foreclosure filings this year, it’s time homeowners start fashioning their own foreclosure bailouts, according to Florida foreclosure defense attorney and legal blogger Roy Oppenheim. The first step to protecting yourself and your home is understanding your legal rights.

Oppenheim Law’s monthly workshops are designed to assist both homeowners and real estate professionals.  During December’s workshop, Roy Oppenheim will not only show homeowners how to fashion their own Florida foreclosure defense bailouts, but will also emphasize the decreasing social stigma attached to the foreclosure process, and provide insight and valuable tips on buying and selling South Florida real estate.

“You have to have your own lifeboat, and you have to do what’s best for your family,” Oppenheim said on the Randi Rhodes Show. “You can’t wait for the Ark to come and pick you up. You’re going to have to build your own Ark and fashion your own bailout.”

What: Fashion Your Own Bailout: Free Real Estate Workshop
When: Thursday, December 3, 2009 – 6:00 to 7:00 PM
Who: Real estate professionals and homeowners facing foreclosure, buyers, and sellers
Where: 2500 Weston Rd Ste 404, Weston, FL 33331
Cost: Free with advanced registration
RSVP: To register email roy@oplaw.net or call 954.384.6114

December’s Foreclosure Bailout Workshop will highlight the following foreclosure defense strategies and real estate tips:

•    Learn the process of foreclosure and how to fashion your own bailout
•   Learn tips on applying for a mortgage modification and the best time to apply during foreclosure
•    Insider information about counterclaims against the banks and deficiency judgments
•    How to locate and purchase foreclosed properties substantially below market value
•    Tips on finding, buying and selling short sales
•    Insight on current Florida home prices and the right times to buy and sell
•    Oppenheim will also discuss: deed in lieu, second mortgages, and Chapter 13 bankruptcy

Address: 2500 Weston Rd, Ste 404 in Weston, FL 33331.
Phone: 954.384.6114

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