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Category: Short Sales

Short Sales On The Rise; Banks Offering Incentives to Borrowers

Wed Feb 8, 2012 by on Short Sales

For 5 years now we’ve been a huge champion of the short sale. We’ve been banging and banging away at the banks because they didn’t share our opinion. There has long been an institutional reluctance among our nation’s lenders to embrace the short sale, but it appears they are finally coming around. According to Corelogic’s most recent numbers, short sales […]

Short Sale Deficiencies Now Illegal in California. What About Florida?

Thu Jul 28, 2011 by on Florida Law News & Short Sales

Welcome back to the Divided States of America. Oppenheim Law has been discussing the chasm that exists in our country between recourse and non-recourse states for years. (Check out Roy Oppenheim’s Op Ed piece in the Sun-Sentinel) It now appears that rift is widening. In non-recourse states, like California, a lender may not pursue a deficiency following a foreclosure sale […]

Real Estate Review: Mortgage Rates Set New Low, Homeowners Get More Time, Banks Get Blame and “Reverse Foreclosure”

Mortgage Rates Set Fresh 2011 Low After Jobs Report Fixed rate home mortgage loans dropped for the eighth straight week to a new low for 2011 amid concerns of another economic slowdown this year, according to data from Freddie Mac and a report by The Wall Street Journal. The 30-year fixed-rate mortgage averaged 4.49%, down from 4.55% last week and […]

Second Mortgages Lead to Misery or Modification for Florida Homeowners

Nearly 40% of homeowners who took out a second mortgage are underwater on their loans, but the news surrounding second mortgages isn’t all doom and gloom for Floridians, says Florida foreclosure defense attorney Roy Oppenheim. Second mortgages refer to any loan taken out on a property that is subordinate to the first mortgage, and include home-equity loans or lines of […]

Media Optimism. Spring Good Time to Buy and Sell Florida Real Estate

Will April flowers bring May showers for Florida real estate sales? While some U.S. economists are still singing doom and gloom when it comes to the real estate market, TODAY show contributor and real estate mogul Barbara Corcoran sees some positive signs for prospective buyers and sellers, South Florida Law Blog shares this optimistic outlook. During a recent appearance on […]

Banks Desperately Seeking Short Sales

There is an interesting practice developing at our nation’s big banks. Borrowers who are in or nearing foreclosure are being offered thousands of dollars to short sale their homes. Some are even being offered $35,000 to get rid of their homes, and quickly. This situation presents an intriguing insight into the way banks are thinking at the moment. Banks would […]

Deficiency Judgments Haunting Return, Jason Lives Once Again

Like the never ending horror franchise, deficiency judgments are back. A Florida deficiency judgment occurs when a bank pursues the remaining balance on a mortgage either after a foreclosure or, in theory, after a Florida short sale. Most banks are currently too busy to process deficiency judgments because they are dealing with foreclosures and short sales. Due to the large […]

Oppenheim Law Weekly Winners and Losers: Pending Home Sales, Mortgage Fraud, Job Markets and Subprime Bonds

Reporting on the winning and losing headlines, South Florida Law Blog brings you the break down and what this means to the Florida homeowner. While South Florida is #1 for mortgage fraud and foreclosure settlement talks between banks and the Obama administration appear futile at best, this week’s new was not all doom and gloom. Check out Oppenheim Law and Weston […]