Foreclosure Deficiency Judgments on the Rise in Florida, Roy Oppenheim Speaks to Naples Daily News
Fri Sep 3, 2010 by Oppenheim Law on Deficiency Judgements, Florida Foreclosures, Florida Law News, Florida Real Estate & Foreclosure Defense
Real estate reporter Laura Layden had some questions on deficiency judgments. Ms. Layden contacted Oppenheim Law to obtain the answers for her business story. Roy Oppenheim shared views on the state of the real estate market.
Here are a few excerpts from the story-
“Oppenheim, a leading foreclosure defense attorney in Florida, represents many homeowners in the state who are facing deficiency judgments. There has been legislation proposed to try to limit them in Florida, but it has gone nowhere, he said.”
“Some states don’t allow the judgments.”
“Most often, banks pursue deficiency judgments when they are the buyers at the auction,” Oppenheim said. He estimates that lenders are getting the judgments on less than five percent of foreclosed properties in Florida today. “But it’s creeping up,” he said.
“The best way to avoid such judgments is to fight a foreclosure every step of the way, and not to just allow a bank to take your property,” Oppenheim said.
For the full article see http://www.naplesnews.com/news/2010/sep/01/foreclosure-deficiency-judgments-rise-lee-county/
[…] Florida Foreclosure Deficiency Judgments on the Rise, Oppenheim … […]
furthermore, we are failing to mention that your business partener(the bank) turned around and allowed the same asset that they lent you money for after verifying your income, assets and requesting a down payment of sorts, and decided a year or two later to sell your neighbors the same asset based on their word (no doc loans) so the “pizza delivery boy” now become mortgage broker can increase his income about 1000% through loan generated fees, just by basically finding a bank irresponsible enough to approve the loan, not to mention with conditions (ARM, interest only or other adjustible rate disasters) buyers did not understand (and in many cases neither did the pizza delivery boy) There is enough blame to go around for everyone and we all need to cut our losses realize we made mistakes and get our lives back on track to be a better stronger both morally and financially nation again. And of course hope that we regain credibility with other countries that really believed they were buying the fictitious AAA rated U.S. mortgaged backed debt and are also trapped in this mess.
God, I would have never bought a house if I would have known what was in store for me. I think that it is prudent for a youngster to live with his or her parents until the family can pay cash for a very small house or apartment after saving up for it. **** the banks and the US government for allowing this to happen.
Well that’s sound advice! Speak with a lawyer and know what options you have when it comes to dealing with the banks on the topic of foreclosure. The old adage that knowledge is power couldn’t be more true!