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.
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