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Oppenheim Law Update After Hurricane Irma

Posted on September 14, 2017 Posted in Florida Law News Leave a comment by Roy Oppenheim

Dear Friends and Colleagues,

On behalf of the Firm, we hope that you and your loved ones are safe and well following the catastrophic impact of Hurricane Irma. Fortunately, our office did not get the brunt of Hurricane Irma, but we know that many fared much worse than us. We cannot even begin to imagine what you must be going through. However, we are here to help.

Our Firm reopened this past Tuesday afternoon, and all our staff is now back, although a number of us including Ellen and myself do not yet have power restored.

Our Firm has served the South Florida community for the past 30 years, and we are here for you now. We are here to continue to assist you with your various legal needs and to do our part in rebuilding South Florida. I could go on and on about how my faith in humanity is always restored during these trying times, and I am confident that whatever hardship you are now facing, you will be stronger for it, too.

Should you have a moment, I have prepared a short video on the essential takeaways (long and short-term) from Hurricane Irma, and have included an interview from three years ago about the long-term impact of these kinds of catastrophic events on Florida’s real estate market.

Best Regards,
Roy Oppenheim

Weston Title & Escrow Now Provides Title Services in New York

Posted on July 26, 2017 Posted in Florida Law News 1 Comment by Roy Oppenheim

WESTON, FL (PRWEB) JULY 26, 2017

Roy Oppenheim, senior partner of Oppenheim Law and Vice-President of Weston Title & Escrow, Inc., has recently been appointed as a title insurance agent in the State of New York. With over thirty years of real estate experience, Oppenheim will provide title insurance services through New York Title Research Corp. in New York State.

“We have been doing business with NY Title for almost a decade and decided it made sense to formalize our relationship,” says Oppenheim. He also noted that, while 30 years ago, many New Yorkers frequently purchased properties in Florida as a second home, or for retirement. Today, many Florida clients are also buying second homes in New York for various reasons.

About Weston Title & Escrow, Inc.

Since 1994, Weston Title & Escrow, Inc. has been serving South Florida, and prides itself for providing exemplary, high quality, dependable service, closing more than $1.7 billion in escrow accounts. Backed by more than 100 years of collective title and real estate knowledge, Weston Title has Spanish, Portuguese, Russian, and German speaking staff to serve diverse clientele. For more information, please visit http://www.westontitle.com

About New York Title Research Corp.

Headquartered in Westchester County, New York, New York Title Research Corp. provides comprehensive, real property title and settlement services on local, statewide, and national levels. New York Title has been serving the legal and lending communities, as well as developers, government agencies, municipalities, and homeowners since 1996.

About Roy Oppenheim, Esq.

Roy Oppenheim, an AV-rated attorney, is licensed to practice law in both in New York and Florida. Prior to co-founding Oppenheim Law 28 years ago, Roy Oppenheim was associated with the New York firms of Milbank, Tweed, and White & Case, and has an extensive real estate and title business background. A sought-out speaker and expert witness on real estate issues, Roy Oppenheim has also co-authored two law review articles on the real estate crisis and founded the South Florida Law Blog. Further, Roy Oppenheim serves on both the South Florida Princeton University Alumni School Committee, and the Board of the Broward County Real Estate Council.

New York State producer license # TLA-1111610, issued 7/19/17

Another Wells Fargo Scandal?

Posted on June 28, 2017 Posted in Florida Law News 1 Comment by Roy Oppenheim

Wells Fargo is at it again… A scandal-plagued Wells Fargo has found itself in the midst of a new controversy involving “stealth” modifications of consumers’ mortgages while they are in bankruptcy.

According to The New York Times, a class action and other lawsuits have been filed against Wells Fargo alleging that since 2015, Wells Fargo has been making unauthorized charges to the loans of borrowers who are in bankruptcy. The changes involve shadowing a lengthier loan term (extensions as high as several decades) behind an enticing lower monthly payment. According to the lawsuits, the changes were made without the approval of the bankruptcy courts, which is a major no-no, and also without consent of the borrowers.

Wells Fargo’s (substantial) Financial Motive

Why would Wells Fargo want to do this? The extensions were hardly an act of kindness toward borrowers. By extending the terms of a mortgage by such an extensive period, (as in the case of the lead plaintiffs from North Carolina that had an extension of 26 years) Wells Fargo would be due substantially more in interest payments than under the original loan. In addition, the adjustments would enable Wells Fargo to receive as much as $1,600.00 for each loan that was adjusted, based upon a federal program setup with the intention of encouraging lenders to help struggling borrowers through modifications.

Ramifications in Bankruptcy Court

The filed lawsuits allege that Wells Fargo would implement these unauthorized changes by using documentation routinely filed with bankruptcy court to track new real estate taxes or homeowners’ insurance costs. Wells Fargo’s conduct is a problem for borrowers who may have been placed in danger of default and foreclosure because of the meddling with their payment plans as ordered by the bankruptcy court. Its conduct is also a huge problem for Wells Fargo itself, which is at risk of bankruptcy court sanctions and further federal investigation.

From the trenches,

Roy Oppenheim

Federal Reserve Interest Rates Take a Hike

Posted on June 21, 2017 Posted in Florida Law News 1 Comment by Roy Oppenheim

The Federal Reserve has put on its hiking boots. Last week, the Federal Reserve hiked its benchmark interest rates. Homeowners and prospective buyers alike are rightfully alarmed about what the increased interest rates could signal for the housing market. Since the great recession back in 2007, homeowners enjoyed relatively lower interest rates as the federal government attempted to rebuild the economy. A recent article from Housing Wire suggests that as a result of the Federal Reserve interest rate hike, the period of uncertainty has only just begun.

More Interest Could Mean More Money?

Typically, higher interest rates tighten the housing market as prospective buyers may not qualify for mortgages and homeowners may face higher monthly mortgage payments. As such, people may be less likely to purchase homes and/or commit to increased mortgages. However, a recent Freddie Mac mortgage report shows that interest rates are actually at the lowest level in nearly seven months. As the Housing Wire article puts it, “[T]his hike was largely priced in to markets already, so mortgage rates should remain flat or even fall slightly.”

Additionally, many economists have said that the increased Federal Reserve interest rates may actually be a positive thing for prospective homeowners. How could that be? For starters, prospective purchasers may be inclined to purchase sooner rather than later when the interest rates increase. Also, because the increased interest rate provides an additional safety cushion to creditors, the increased rate could potentially incentivize creditors to relax stringent requirements for loans. This, in turn, will allow millions of credit-worthy borrowers previously prevented from obtaining a mortgage, to have better chances to obtain home loans, as indicated in a recent CNBC article. Both factors are expected drive up demand in the housing market for the next few months.

Not All That Glitters Is Gold

Despite certain potentially positive outcomes of the Federal Reserve rate hikes, a further peak into things shows that there is a possibility that they will wreak havoc. When combined with a low rate of inflation and low interest rates on long-term bonds, increases in the interest rate may cause our economy to once again fall into a recession.

As of now, there is still a widespread lack of knowledge as to whether the Federal Reserve will continue to increase interest rates, and if so, by how much. Another four Federal Open Market Committee meetings are expected in the coming year, meaning that there are several more opportunities for rate hikes. Amid the uncertainty of the Federal Reserve’s future decisions, homeowners need to put on their hiking boots and prepare to navigate the rough terrain that may lie ahead.

From the trenches,

Roy Oppenheim.