Florida Mortgage Modification Lawyer Blog

The Florida Fair Foreclosure Bill Is Dead - Or Is It ???

Thu, 22 Mar 2012 12:14:42 -0500

The Florida Fair Foreclosure Bill is dead for now. But, will the Florida Fair Foreclosure Act come back to life in 2013 ?

Kathleen Passidomo's pet bill is dead. I don't want to sound harsh, but I'm glad it's dead because this bill should never have been in the Florida Legislature to start with. It was a piece of trash when it started and it was a piece of trash when the Florida Legislature closed it's 2012 session without passing the bill.

Which Servicers/Mortgage Companies are part of the Independent Foreclosure Review?

Thu, 23 Feb 2012 09:44:34 -0500

Here is the complete list of mortgage companies/servicers who are part of the Consent Order.

Independent Foreclosure Review- Part 2

Thu, 23 Feb 2012 09:40:46 -0500

What is the Independent Foreclosure Review? The Independent Foreclosure Review provides homeowners, who were in foreclosure during the time period of January 1, 2009 to December 31, 2010, the opportunity to request an independent review of the foreclosure process.

This Independent Foreclosure Review is not for everyone who was in foreclosure during this time. The Independent Foreclosure Review only applies to fourteen (14) mortgage servicers and their affiliates. For a complete list of all the entities involved click here.

Foreclosure Bill Fight Sharpens

Thu, 23 Feb 2012 08:00:10 -0500

Attorney Carmen Dellutri of the Dellutri Law Group was interviewed for this article. Please click here to read the full article.

Independent Foreclosure Review Part 1

Tue, 21 Feb 2012 10:46:15 -0500

Well let’s start with a little history. We know back in the hey days of 2005, 2006 and 2007 banks were writing loans with reckless abandon, then they tried selling these loans to other buyers, investors, etc. Then, they realized that someone had to collect these loans.

Mortgage servicers stepped in to take up the slack. The mortgage servicers act as agents for their principals (owners of the note), and they take a slice of the pie for themselves. Eventually, we found out that the servicers had such a slim margin (little profit) servicing the loans legitimately, but the real upside (amazing profits) was in default servicing (when the homeowner defaulted).

Statistics on Short Sales? Are There Any? Part 2

Tue, 21 Feb 2012 09:43:41 -0500

In the many years of assisting Sellers though Short Sale transactions, I have found it unproductive to try to keep statistics as they relate to what each Lender does, timeframes, whether cash contributions will be required or ways deficiencies are handled. Too many times I have experienced the same group of decision makers (or what appears to be the same group because) produce a result on one transaction, which would be expected on another transaction including same or similar circumstances. The reason for the different result remains undisclosed. I have also repeatedly experienced receiving an approval, losing a Buyer before closing, obtaining a new Buyer and resubmitting for approval. While the purchase price remained the same, the second approval contained different terms and requirements. Again, while understanding the variables and individuals in the transaction, it is unproductive to try to chase down an explanation for the difference.

Statistics on Short Sales? Are There Any? Part 1

Mon, 20 Feb 2012 10:03:23 -0500

I am regularly asked questions like:

“In your experience, what does my Lender usually do in a Short Sale?”
“Are they going to let me do a Short Sale?”
“How long will it take?”
“Am I going to have to pay money in the Short Sale?”
“If I am going to have to pay, how much do they require?”
“Are they going to give me a full release? If not, then what?”
“Is my short sale going to close?”

The answer is the same to all of these types of questions. “It depends”. You might ask why such a vague and uncommitted answer? I have found that after assisting Sellers through Short Sale transactions over the past five plus years, providing any other answer would be inaccurate and could be misleading.

Florida’s Housing Outlook for 2012

Fri, 17 Feb 2012 14:39:40 -0500

Since the beginning of 2012, the weather has been really really good. And now for the bad news.

Florida alleged unemployment rate is 9.9%. I cannot track down a trusted source for this number, and I cannot believe it either. It seems the more people I meet, the more I hear yes I’m still unemployed. It is not uncommon to meet people who have not worked in over a year or more.

Next, state wide our home prices are down again. We can now say that our home values are down 41% since the peak in 2006. We are now into this mess for well over 5 years with no relief in sight and NO PLAN.

Independent Foreclosure Review Deadline Is Extended

Fri, 17 Feb 2012 13:51:00 -0500

Individuals who were involved in a foreclosure action in 2009 and/or 2010, and who believe they may have been the victims of a fraudulent foreclosure by their mortgage servicer have the right to have an Independent Mortgage Review. The deadline has been extended so more people may participate.

Notice of Acceleration: Did You Receive Yours?

Mon, 30 Jan 2012 09:05:52 -0500

Many mortgages require what is known as a Notice of Acceleration or Default letter. It is usually paragraph 22 of the Mortgage but can be found in other paragraphs depending on the Lender. It states that upon Borrower’s breach of any agreement, the Lender shall give notice to the Borrower before accelerating the amounts due on the Note. There are several requirements that the notice shall specify, including how the borrower defaulted; the action required to cure the default; a date by which the default must be cured; and that failure to cure the default on or before the specified date may result in acceleration of the sums. The specifics of the notice requirement are set out in each mortgage.

Freddie Mac Offers Help to the Unemployed

Thu, 26 Jan 2012 13:24:08 -0500

Earlier this month, Freddie Mac, mortgage giant, introduced a forbearance relief option for borrowers experiencing a hardship caused by unemployment. The plan will allow for a forbearance period of six months, which could be extended up to twelve months if borrowers meet certain requirements. Additionally, as part of the unemployment forbearance plan, the Home Affordable Modification Program (HAMP) has been revised to further assist distressed borrowers.

Discovery In Foreclosure Cases: Is The Bank Hiding The Ball? Part II

Fri, 20 Jan 2012 16:27:38 -0500

Part I of this article discussed the issue of Standing in Foreclosure Cases and how a defendant must proceed. This part of the article continues exploring the Discovery Issues.

And that’s where things get even more maddening – trying to get the bank to give you such documentation through discovery.

Discovery is a pre-trial phase of any lawsuit in which each party requests certain things from the opposition, such as documents or answers to specific questions that will help prove their case. In a perfect world, each side would produce what was requested them barring some legitimate privilege.

Discovery In Foreclosure Cases: Is The Bank Hiding The Ball? Part I

Fri, 20 Jan 2012 16:20:18 -0500

Foreclosure filings remain steady in Southwest Florida. Many foreclosure defendants who try to fight these foreclosure actions are no doubt becoming frustrated with the process – and who can blame them?

Nobody wants to be dragged into a lawsuit, especially when one’s home is on the line. But aside from the stakes, what makes recent mortgage foreclosure lawsuits particularly daunting is the fact that almost every mortgage currently being foreclosed on has been transferred so many times that it becomes difficult – if not downright impossible – to figure out who owns the mortgage!

No Light At The End Of The Southwest Florida Housing Market

Fri, 23 Dec 2011 09:50:21 -0500

I keep a very close eye on the Southwest Florida Real Estate Market. Why?, because my clients have roots here, and they plan on staying here in Southwest Florida. Many people want to purchase real estate, but I have been hesitant to recommend that they get back into the real estate market right away.

I recently read a story on Bloomberg about the nationwide real estate market, and things are looking bleak. I'm sorry, I never want to be a downer, but, this is actually good news for buyers.

How Do I Know If My Lender Is Going To Permit Participation In A Loss Mitigation Option; and Are There Any Lenders That Are Worse, Better, Easier or More Difficult Than Others?

Fri, 09 Dec 2011 12:41:13 -0500

Loss Mitigation options: Modification, Short Sale, Deed In Lieu of Foreclosure and Foreclosure Settlement. How do I know if my lender is going to permit participation in a loss mitigation option; and are there any lenders that are worse, better, easier or more difficult than others?