Tides Turning? Short Sales + Deficiency Judgment Workshop In Review
Oppenheim Law hosted its largest Free Florida Foreclosure Defense Workshop Wednesday night as the real estate market and foreclosure defense landscape evolves.
Almost half of South Florida homeowners are facing negative equity in their homes, and more than 400,000 Florida foreclosure cases are expected by the end of 2010, according to real estate attorney Roy Oppenheim.
More than 40 South Florida homeowners turned out to hear the latest legal techniques and strategies Oppenheim Law is using to defend foreclosures, execute short sales, prevent deficiency judgments and keep people in their homes.
We’ve put together a summary of the main points from March’s Workshop, and look forward to seeing you at the next free event on April 1st at 6 p.m.
- Social stigma is so yesterday. The fact that so many people are being affected by this real estate crisis completely erased the social stigma associated with foreclosure.
- Banks are overwhelmed. The depth and breadth of this crisis makes it difficult for banks to successfully foreclose homeowners who are represented by counsel.
- Do what’s right for you and get help. If it no longer makes economic sense to continue paying your mortgage, your best option is to speak to a qualified attorney.
- Don’t leave. Whatever you chose to do, stay in your home as long as possible.
- Banks warming up. Short sales are emerging as one of the best options for homeowners facing foreclosure, and believe it or not, banks are beginning to favor them as well. Some short sales are being approved in less time than in the past. One need only be 30 days behind on your mortgage to begin the short sale process.
- The bank is happy with instant cash gratification, while you avoid the hassle and stress of foreclosure proceedings.
- Price is right. When executing a short sale, an experienced real estate agent must price your home correctly, and you must protect yourself from a costly deficiency judgment through legal representation.
- Know the facts. Deficiency judgments can stay on your record for up to 20 years: Banks may garnish wages and even collect against heirs.
- Oppenheim Law has negotiated reductions in deficiency judgments by as much as 80-85%.
It is important to remember that buying yourself time in this real estate market can prove to be incredibly valuable. The tide is beginning to turn as new laws are discussed and the economy makes gains.
Again, 97% of folks facing foreclosure are not represented by counsel. Those who are have a much better chance of avoiding a deficiency judgment and saving their home.
We look forward to hearing your comments on March’s workshop and hope to see you all on April 1 for our next event.