Posts Tagged ‘Paul Owers’
Wednesday, April 13th, 2011
Weston is Number One! Zip codes with good schools, high paying jobs are topping list.
Some areas of South Florida are finally seeing the first steps of a tentative recovery. As reported by the Sun-Sentinel, ten zip codes in Broward and six in Palm Beach County are seeing higher home prices.
33327, in Weston, saw the largest price increase from February 2010 with a 9.3% increase. The areas that have had a price recovery have generally been close to good schools or high paying jobs. While only a few zip codes are showing signs of recovery, the news is nevertheless good for all of South Florida. As an area that was one of the worst hit by the real estate crisis, we are now seeing a recovery before the rest of the country. Prices are still low in other areas because foreclosures and short sales make up the majority of sales.
Every recovery has to start somewhere and it seems to be starting in our own back yard here in Weston.
There is a large backlog of these “distressed” loans and the only way property values are going to go up in the rest of South Florida is if they are cleared out. This is what is happening right now and is the first step on a long road to recovery.
This news comes on the heels of reports that traffic to real estate websites increased 27 percent during the month of February – the largest jump since the first half of 2009. This combined with news that single family home sales across South Florida also went up in February and an encouraging job market leads Oppenheim Law and Weston Title to believe that the economy here in South Florida is showing signs of life after all.
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Tags: House Keys, Oppenheim Law, Paul Owers, Real Estate News, Roy Oppenheim, south florida real estate, South Florida Sun Sentinel, Weston, Weston Title, Zillow
Posted in Florida real estate, Roy Oppenheim, Sun Sentinel | No Comments »
Friday, April 8th, 2011
Investors looking for a great deal at Florida foreclosure auctions may want to think twice before clicking “Buy Now”. Records show amateur investors are falling victim to a simple mistake that’s costing them thousands. When novice real estate investors turn up at foreclosure auctions, what they don’t know is they are often bidding on second or third mortgages. These mortgages get trumped by first, or primary, mortgages when the first mortgages foreclose; leaving the investors with only the money left after the first mortgage has been paid off, which in this market usually means nothing.
The Sun-Sentinel interviewed investor, Gus Armenakis. Armenakis bought what he thought was the only mortgage on a home for $102,600. The County had appraised the home at $325,800. After the sale, Armenakis found out that Wells Fargo had a first mortgage on the home for $386,593. This means that as soon as Wells Fargo forecloses on the house, the bank will be able to recoup as much of the value of the house as they can, up to the value of their mortgage, effectively leaving Armenakis out of the entire $102,600 he spent.
This problem is getting worse now that counties offer foreclosure auctions online. Online access opens up the bidding process to more people, most of whom are inexperienced. While the counties do disclose the risks of the bidding process, marketing ploys have effectively played down the risks involved. One such tactic suggested that bidding on real estate is as easy as eBay.
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Tags: eBay, Florida foreclosure auctions, Florida foreclosures, Florida real estate, foreclosures, Gus Armenakis, House Keys blog, Oppenheim Law, Paul Owers, Roy Oppenheim, South Florida Sun Sentinel, Weston Title
Posted in Florida real estate, Foreclosure Defense, Sun Sentinel | No Comments »
Wednesday, March 23rd, 2011
Broward County homeowners now face an additional hurdle when trying to complete a loan modification or short sale to avoid a Florida foreclosure.
In Sun-Sentinel reporter Paul Owers’ blog House Keys, Owers discusses the ramifications of Broward County now requiring 10 days’ notice to cancel residential foreclosure auctions according to an administrative order signed by Broward Chief Judge Victor Tobin.
Prior to the Administrative Order, Broward foreclosure auctions could be cancelled only hours before the sale. Now, homeowners looking to cancel a home foreclosure in Broward County are forced to file a motion and be scheduled for a hearing at least 10 business days before the foreclosure sale date.
Oppenheim Law Real Estate Attorney and Legal Bogger Roy Oppenheim was quoted in the article saying, “This will have unintended consequences. Clearly, the homeowner gets the short end of the stick here.”
Effectively, this order limits the time homeowners have to negotiate a short sale or loan modification before their home is put up for auction. Before the order, these deals could be completed up to the last minute.
This order appears to be an attempt to eliminate the backlog of foreclosure cases by limiting the number of homeowners who cancel their foreclosure auctions.
“Roy Oppenheim gets it, and I agree with him,” said Ronald Scott Kaniuk in a comment to the blog. “Courts throughout the state are trying to expedite foreclosures in the mistaken belief that completing foreclosures – even if the process is flawed, improper or ill-advised – is better than having cases continue to proceed on a normal track like any other litigation.”
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Tags: Broward County, Florida Foreclosure Defense, Florida short sales, foreclosures, House Keys, Oppenheim Law, Paul Owers, Roy Oppenheim, Short Sales, Sun Sentinel
Posted in Florida foreclosures, Florida Law News, Florida real estate, Florida short sales, Foreclosure Defense, Short Sales, Sun Sentinel | 2 Comments »
Monday, December 13th, 2010
Homeowners and lawyers including Roy Oppenheim say overwhelmed lenders and judges are rubber-stamping foreclosures, overlooking major problems and compromising the defendants’ rights to due process.
In a recent interview with Sun Sentinel’s Real Estate Writer Paul Owers, Roy Oppenheim and Geoff Sherman shared a recent case of improper foreclosure.
“This case is a symbol of the crisis,” said Oppenheim, whose Weston, Florida law firm is representing the Kachkos. “It’s a system that’s run amok. All the rules of civil procedure are being flushed down the toilet.”
Read more about how Oppenheim and Geoff Sherman crafted a basic foreclosure defense for a client outlined in this story
Tags: Foreclosure Defense, foreclosures, Geoff Sherman, Improper Foreclosure, Oppenheim Law, Paul Owers, Real Estate Writer, Robo signer, Roy Oppenheim, Weston Florida law firm
Posted in Florida foreclosures, Florida Law News, Foreclosure Defense, Foreclosure Fraud, Roy Oppenheim, strategic default, Sun Sentinel | 3 Comments »
Sunday, September 26th, 2010
Today's cover story in the Sun Sentinel discusses how underwater mortgage options are not working
Florida foreclosure attorney Roy Oppenheim shared his views with Sun Sentinel real estate reporter Paul Owers and contributed to today’s cover story. In case you missed it, below is an excerpt from the story and a link to the full story.
‘But Roy Oppenheim, a foreclosure defense lawyer in Weston, argues that the government should have given money directly to homeowners.
Under such a plan, discussed by Yale economist Robert Shiller in his 2008 book, “The Subprime Solution”, the government would lend homeowners money to pay off their mortgages. Banks, with the help of the government, would refinance those existing loans at lower interest rates, saving homeowners hundreds of dollars a month.
“Your recession would be over,” Oppenheim said. “Instead, the money went to the banks, which used it on stock dividends or to pay bonuses. It’s lunacy. That money doesn’t make it to the average guy on Main Street.”
“People can’t hold on anymore,” Oppenheim said. “They’re losing faith that the cavalry is coming.”
Read the full story: Mixed results for mortgage programs and Federal programs for troubled homes have limited success http://www.sun-sentinel.com/business/fl-mortgage-relief-programs-20100924,0,6634223.story?page=2
Tags: Florida foreclosures, Florida Home, Paul Owers, Roy Oppenheim, underwater mortgage
Posted in Florida foreclosures, Florida Law News, Roy Oppenheim, Sun Sentinel, Underwater Mortgage | No Comments »
Monday, August 16th, 2010
The Sun Sentinel’s real estate writer Paul Owers noted RealtyTrac Inc report last Thursday that foreclosure filings spiked last month in Palm Beach County as a backlog of pending cases abruptly moved through the court system.
The county had 3,759 homeowners in some stage of foreclosure in July, up 77 percent from June and 42 percent from a year ago. Palm Beach County had the 11th-highest foreclosure rate of Florida’s 67 counties.
Foreclosure defense attorney and legal blogger Roy Oppenheim told the Sun Sentinel he is noticing expensive mortgages going into default more frequently.
“This is like the second shoe dropping,” he said. “A lot of people with higher incomes have been seriously, seriously hurt.”
Want to learn more about mediation and foreclosure? Join Oppenheim Law for our free monthly foreclosure defense workshop the first Wednesday of each month and check out the entire Sun-Sentinel foreclosure story in the Oppenheim Law Newsroom. Find Oppenheim Law on Facebook or follow us on Twitter for up-to-the-minute real estate news.
Tags: florida foreclosure, Florida Foreclosure Defense, Florida real estate attorney, Foreclosure Defense, Foreclosures in Palm Beach County, free foreclosure workshop, Oppenheim Law, Paul Owers, Real Estate, real estate attorney, Roy Oppenheim, Sun Sentinel
Posted in Florida foreclosures, Florida Law News, Florida real estate, Foreclosure Defense, Sun Sentinel | 1 Comment »
Monday, July 19th, 2010
As housing sales hit an all time low, The South Florida Law Blog and Oppenheim Law bring our readers a fresh perspective on the Florida real estate landscape and legal trends. We also serve as an expert source to local and national media outlets.
Investing, renting, buying or selling real estate in today’s market is a tricky course to follow, we know, we’re on the frontlines and in the trenches defending homeowners.
So we wanted to take note of the other excellent resources and personalities to follow in the news. House Keys, written by Sun-Sentinel real estate reporter Paul Owers, and It’s Your Money, written by Sun-Sentinel personal finance reporter Harriet Johnson Brackey.
Connected to Oppenheim Law on Twitter, @OPLaw? You can follow Paul Owers, @paulowers, and Harriet Johnson Brackey, @HarrietBrackey, as well for the latest in business news and views on personal finance, real estate and foreclosure defense.
Have a favorite source for legal advice, real estate tips or personal finance? Share it in the comments section!
Tags: Foreclosure Defense, Harriet Johnson Brackey, House Keys, It's Your Money, Oppenheim Law, Paul Owers, Roy Oppenheim
Posted in Sun Sentinel | 1 Comment »
Weston is Number One! Zip codes with good schools, high paying jobs are topping list.
