Miami Foreclosure Lawyer Blog

Ayuda disponible en Miami, para evitar foreclosures, a aquellos con hipotecas comerciales o ajustables.

Fri, 03 Sep 2010 03:59:26 -0500

Los propietarios del sur de la Florida con hipotecas ajustables, se encuentran entre la nueva ola de duenos de casas tratando de evitar un foreclosure o ejecucion hipotecaria. Un numero creciente de duenos de propiedades comerciales, tambien buscan la forma de detener los foreclosures.

Contratar a un abogado de foreclosures en Miami, es el primer paso que deben dar los propietarios de casas y duenos de negocios que buscan ayuda para evitar foreclosures. Como hemos reportado anteriormente en nuestro Miami Foreclosure Lawyer Blog, la mediacion obligatoria, juicios por incumplimiento y credito arruinado son solo algunos de los obstaculos a considerar al determinar el mejor curso de accion a tomar en su situacion.

El Miami Herald reporta que el numero de foreclosures en Miami-Dade se ha reducido en un 38 por ciento hasta ahora en el 2010, 18,327 comparados con 29,674 el pasado ano. Pero una nueva ola de propietarios luchando por mantener sus propiedades esta surgiendo entre aquellos con propiedades comerciales, donde cada vez aparecen mas locales vacantes, y aquellos con hipotecas ajustables, que alcanzan cifras altisimas en propiedades que solo valen ahora una fraccion de su precio de compra original.

Los tres circuitos judiciales del sur de la Florida, esperan que los nuevos requisitos para las mediaciones ayuden a acelerar los procesos en las congestionadas cortes. En el condado de Miami-Dade estos requisitos comenzaron a ponerse en practica en las mediaciones, en el verano pasado. Los condados de Broward y Monroe comenzaron el programa el primero de Julio, bajo la orden estatal de la Corte Suprema de la Florida. A pesar de eso, el personal de las cortes reporta que los retos persisten porque los representantes de los bancos se presentan con frecuencia sin la preparacion necesaria. Contratar a un abogado experimentado en foreclosures de hipotecas en el sur de la Florida, puede ayudar a asegurarle al propietario, que esta bien preparado para actuar en la mediacion con sus mejores intereses en mente.

El alto valor de muchas propiedades comerciales les da a los bancos la motivacion de tratar de recuperar el valor de la deuda finalmente, trabajando con los propietarios para ese fin. Desafortunadamente, en muchos casos los bancos actuan en forma tan desorganizada al tratar con prestamos comerciales como en prestamos residenciales. Los duenos de propiedades comerciales necesitan contratar representacion legal agresiva y experimentada para proteger sus derechos.

Para los duenos de casas con hipotecas ajustables, los riesgos son igualmente altos. Despues de sobrevivir la crisis, enfrentan ahora intereses y pagos altisimos que no reflejan el valor actual de esas propiedades, que es tipicamente menor de lo que se debe. Nosotros hemos escrito extensamente sobre los riesgos y problemas engorrosos que se presentan al tratar de obtener modificaciones en las hipotecas, y el tener a su lado a un abogado que pelee con efectividad por sus derechos como propietario bien vale la pena el costo.

Si usted esta enfrentando un foreclosure en el area de Miami, o esta tratando de conseguir una modificacion de su prestamo en el sur de la Florida, comuniquese con Barakat, Jacobs & Associates para una cita confidencial para discutir sus derechos. Llamenos al (305) 350 - 5055.

La inundacion de Foreclosures en el sur de la Florida comenzo a retroceder- 06-27-2010- MiamiHerald.com.pdf

Categorias:

* Ayuda a propietarios.
* Mediacion en hipotecas.
* Foreclosures en el sur de la Florida.

Nuevas regulaciones, ejecuciones hipotecarias mas rapidas, hacen que en Miami sea critico el contratar un abogado de foreclosures para proteger sus derechos.

Thu, 02 Sep 2010 03:50:18 -0500

Menos propiedades en el sur de la Florida enfrentan foreclosures y nuevas regulaciones enfocadas a acelerar estos procesos, hacen que el contratar a un abogado defensor de foreclosures en Miami ,sea mas importante que nunca para proteger los derechos de los propietarios.

El contratar a un abogado defensor especializado en foreclosures es critico para los propietarios que tratan de evitar un foreclosure en Miami. Las cortes estan cambiando los procesos de mediacion y los bancos estan tomando medidas que les permitan proteger mejor sus intereses, segun reporta The Miami Herald. Los propietarios pueden enfrentar un mayor escrutinio de sus finanzas y un proceso de foreclosure mas corto. Hasta ahora, esos largos procesos, permitian a los duenos de casa permanecer en sus hogares por meses, y aun anos sin efectuar pagos.

Las subastas en internet, la mediacion obligatoria y el contratar a jueces retirados para enfocarse en casos de foreclosures o ejecuciones hipotecarias, son medidas adoptadas para acortar el tiempo requerido en un proceso de foreclosure, incluyendo un nuevo programa de Fannie Mae.

Nuevas regulaciones de la Corte Suprema requieren que los solicitantes de prestamos reciban asesoramiento financiero y que provean la documentacion necesaria 30 dias antes de la mediacion. Al momento de la mediacion, los prestamistas deberan tener un representante presente con autoridad para resolver el caso. Los expertos creen que este procedimiento pudiera reducir el numero de casos a la mitad.

La mediacion forzosa, y la revelacion de los estados financieros, podrian tambien aumentar los riesgos de los propietarios que hayan tomado la decision de abandonar sus hipotecas, tambien llamado incumplimiento estrategico. En Miami, un abogado de foreclosures, se encuentra en la mejor posicion para proteger sus derechos y el bienestar financiero suyo y de su familia.

Los condados de Miami-Dade y de Broward tienen ahora un sistema de subastas por internet de propiedades en foreclosure. Estos sistemas han acelerado el proceso de ventas de propiedades en manos de los bancos, esto requeria anteriormente subastas tres veces por semana en el vestibulo de la corte. El condado de Miami-Dade subasta actualmente unas 1,000 propiedades a la semana, con casi 20,000 ventas esperando por su turno.

La inundacion de foreclosures comienza a retroceder-06-27-2010-MiamiHerald.com.pdf

Si usted esta tratando de detener un foreclosure en Miami, o necesita asesoramiento sobre como proceder en un foreclosure que tenga pendiente, comuniquese con la firma Barakat, Jacobs & Associates para una cita confidencial donde discutiremos sus derechos. Llamenos al (305) 350 - 5055.

Categoria:

* South Florida Foreclosures.

Government mortgage modification may not be best option to stop foreclosure in Miami

Tue, 31 Aug 2010 15:30:21 -0500

President Obama's foreclosure rescue plan is losing its punch, just one more sign that struggling South Florida homeowners should not wait for the government to help deal with their bad mortgage debt.

Our Miami foreclosure defense attorneys continue to report on the mixed signals coming out of Washington. Most recently, we reported on our Miami Foreclosure Lawyer Blog that a new bailout effort court be on the horizon. Fighting for your rights as a homeowner and consulting an experienced lawyer to help stop foreclosure in Miami are your best options for striking the best deal for you and your family.

In July, fewer than 37,000 homeowners received long-term mortgage modifications from the Home Affordable Modification (HAMP) program -- Down from 51,205 in the previous month. Thus far, about 434,000 homeowners have made it out of the trial phase.

Meanwhile, more and more homeowners continue to drop out of the program: About 13,000 fell out in July.

"We know that we must continue to provide support to underwater borrowers, unemployed homeowners, and to the nation's hardest hit neighborhoods," said Assistant Housing Secretary Raphael Bostic. Nowhere have homeowners been harder hit than in South Florida. It's another sign that additional help may be on the way for those who fight for it.

Meanwhile, the government is set to roll out yet another new program -- the FHA Short Refinance Option. It allows underwater homeowners to refinance into an FHA backed mortgage provided they are current on their payments and the bank agrees to write off at least 10 percent of the principal. In theory, this will give the homeowner a more affordable loan, do something to address the lost property value, and provide the bank an incentive to make the deal because the new loan would be backed by the federal government.

Like the programs that have come before it, this may be a viable option for some homeowners. But the best course of action is to discuss your options with an experienced Miami real estate attorney.

Stopping foreclosure in Miami often the first step to repairing credit score

Tue, 24 Aug 2010 05:03:19 -0500

Failure to stop foreclosure in Miami is one of the many ways in which consumers are seeing their credit scores take a big hit. MSNBC reports a reputable credit repair firm may charge $600 or more to assist you in getting your credit back on track.

But there are few secrets to a good credit score. Low credit card balances and on-time payments will do more for your score than all the counseling in the world. Unfortunately, if you are dealing with an underwater mortgage in South Florida or a short sale or other bad mortgage debt, little can be done to help your credit without addressing the real problem.

A Miami foreclosure defense attorney can assist you in determining the best course of action. Without proper assistance, a short sale or strategic default could result in a delinquency judgment and additional blows to your long-term financial well-being and credit worthiness.

Once you have dealt with your mortgage debt, you can begin to comb your credit report for errors or other problems that are needlessly dragging down your score. Too often, consumers continue to go on struggling with unmanageable debt out of misplaced fear of harming their credit score. In reality, your score has likely already taken a major hit from over utilization of available credit, missed payments, late payments and other issues. Getting back on strong financial footing may well allow you to repair your score faster than continuing to struggle with bad debt.

A free credit report is available at www.annualcreditreport.com. In general, scores in the 700 are good, high 600s are decent, low 600s are marginal and those with scores lower than 600 will find it difficult or impossible to get credit in the current environment. Rebuilding your credit requires paying your bills on time and using one-third or less of available credit.

Bailout for South Florida homeowner's could be on the horizon; stopping foreclosure in Miami a priority

Fri, 20 Aug 2010 15:51:40 -0500

As election season heats up, so do the rumors that politicians will fashion a South Florida homeowner's Hail Mary that will involve billions of dollars in debt forgiveness for underwater property owners, according to MSNBC.

Having been bailed out themselves with the help of billions in tax dollars, banks will undoubtedly fight any move to help stop foreclosure in Miami by forgiving principal mortgage balances. Many homeowners will likely be left out and not everyone will be treated the same. Hiring an experienced foreclosure defense lawyer in Miami is the best way to fight for your rights.

Many expect a massive overhaul to be announced sooner rather than later. "I think it will happen in some fashion," said Nova Southeastern University Professor Albert Williams. Without such a drastic step, the economy may continue to suffer as struggling homeowners who are saddled with bad debt are unable to contribute positively to an economic recovery.

How such a bailout would work remains murky, particularly in the Broward County and Miami-Dade areas, two of the nation's hardest-hit counties. One of the challenges is helping underwater homeowners without penalizing those who have managed to stay current on their mortgage. Polls have found that 58 percent of respondents oppose a mortgage bailout and many expect the political rhetoric to be toxic. Many believe including something for everyone is the only path to success.

"Even if someone is upside down on a house and has never missed a payment, something needs to be done for them as well," James Katz, of the Katz Reality Group, told the Herald.

Bancos pagan bonos en cantidades record, pero rehusan ayudar a detener los foreclosures.

Fri, 20 Aug 2010 08:07:29 -0500

El New York Times reporta que los ejecutivos financieros recibieron dos billones en bonos cuando los mercados se encontraron al borde del colapso en el 2008. El colapso iba a producirse debido en parte a riesgos tomados irresponsablemente y a anos de incurrir en excesos financieros por parte de ejecutivos corporativos.

Alrededor del 80% de los bonos pagados no eran merecidos, es decir $1.6 billones.

Es dificil sentir pena por los banqueros.Ellos no son los que viven de cheque en cheque,o los que se encuentran haciendo pagos de hipoteca en una propiedad que vale menos de lo que se debe por ella,con el credito arruinado o tratando de efectuar una venta corta.Un abogado de Miami especializado en la defensa de ejecuciones hipotecarias,puede ayudar a los propietarios del sur de la Florida a decidir el mejor curso de accion a tomar. Ya sea que usted desee detener un proceso de ejecucion, u obtener una modificacion de prestamo hipotecario, el consultar a un abogado experimentado en esta area lo puede ayudar a defender sus derechos.

Segun hemos reportado en nuestro Miami Foreclosure Lawyer Blog, los acaudalados se deshacen de sus hipotecas desfavorables y se disponen a desafiar un nuevo dia. Los banqueros recuperaron su dinero. No permita que un banco o una asociacion de propietarios lo confunda y le haga creer que lo mejor sea que permanezca en una situacion sin salida. Defender sus derechos podria impactar su estilo de vida para siempre.

El reporte del gobierno sobre los bonos a bancos informa que 17 instituciones financieras realizaron pagos cuestionables por un monto total de $1.58 billones inmediatamente despues de aceptar billones de dolares en ayuda de los contribuyentes.

El grupo incluye Goldman Sachs, J.P.Morgan Chase, AIG and Citigroup.

El observador del gobierno tiene poca o ninguna autoridad para requerir que los bancos devuelvan el dinero. Pero se transaran por la proposicion hecha por los bancos de adoptar voluntariamente una provision de "aplicar los frenos" y suspender futuros pagos de bonos a ejecutivos si se presentara una nueva crisis.

La practica de ofrecer bonos substanciales en Wall Street esta en su plenitud nuevamente: Goldman Sachs esta en el proceso de otorgar a su empleado promedio $544,000 en salario y bonos; JP Morgan Chase ofrece como promedio a sus empleados $425,000 y Morgan Stanley ofrece a cada empleado $260,000.

Y si usted enfrenta una ejecucion hipotecaria en el area de Miami o esta considerando la posibilidad de obtener una modificacion de su prestamo, una venta corta o cualquier otra opcion en el sur de la Florida, comuniquese con nosotros: Barakat, Jacobs & Asociados para una cita de caracter confidencial y asi discutir sus derechos. Llamenos al (305) 350 - 5055.

El Hombre de Acero puede que no impida una ejecucion hipotecaria en el sur de la Florida - Un abogado defensor experimentado es la mejor opcion para los duenos de casas.

Thu, 19 Aug 2010 20:25:00 -0500

Superman salvo a una familia afortunada de una ejecucion hipotecaria al encontrar un libro de tiras comicas original.

Nuestros abogados de Miami no han contado con la ayuda de tiras comicas valiosas para evitar ejecuciones hipotecarias en el sur de la Florida; pero hemos podido asistir a numerosos propietarios y ayudarlos a ganar el tiempo suficiente para alcanzar la solucion apropiada en cada caso. La ayuda esta generalmente disponible para aquellos que saben buscarla. Con frecuencia el poder mantenerse en su hogar el mayor tiempo posible es generalmente la mejor forma de recuperar la solvencia economica.

El libro de tiras comicas encontrado en el sotano resulto ser un tesoro para los coleccionistas y pudo alcanzar la suma de un cuarto de millon de dolares en una subasta. La copia de Action Comics No.1--el primer libro de Superman publicado-- fue encontrado por la familia mientras empacaban para mudarse de la casa que habian ocupado por mas de medio siglo.

"El banco estaba listo para reposeer la casa", dijo Vincent Zurzolo, copropietario de ComicConnect.com y de Metropolis Comics and Collectibles en New York. "La familia estaba devastada, literalmente deshecha en llanto al ver su casa irremediablemente perdida. No podian ver una solucion posible.Comenzaron a empacar sus pertenencias y en el sotano sorteando cajas encontraron ocho o nueve libros de tiras comicas."

La mayoria de los libros fueron valorados en menos de $30. Pero el libro de 1938, sobre El Hombre de Acero levantando un automovil sobre su cabeza es uno de los libros mas codiciados en toda la historia. El libro fue adquirido por 10 centavos y lanzo la era de los super heroes al mundo.

En toda la nacion se registraron mas de 1.6 millones de propiedades en alguna forma de ejecucion hipotecaria durante la primera mitad del ano. Los afortunados propietarios de este caso prefirieron mantenerse en el anonimato.

"La mayoria de las personas prefiere que nadie sepa cuanto dinero tienen", dijo Zurzolo. "Algunas personas son realmente paranoicas".

Si usted esta enfrentando la posibilidad de una ejecucion hipotecaria en el area de Miami, o esta considerando una modificacion de su prestamo, una venta corta o cualquier otra opcion disponible en el sur de la Florida, comuniquese con los abogados defensores expertos en ejecuciones en Barakat, Jacobs y Asociados para una cita confidencial y discutir sus derechos. Llamenos al (305) 350 - 5055.

La Modificacion de Prestamos Hipotecarios para Evitar Ejecuciones Hipotecarias es una Opción Presentada por el Gobierno en Forma Confusa

Wed, 18 Aug 2010 16:00:55 -0500

El esfuerzo del Presidente Obama para ayudar a los propietarios de casa a evitar las ejecuciones hipotecarias, no ha funcionado y el Departamento del Tesoro no ha podido enmendarlo, segun reporte de la Prensa Asociada.La noticia proviene de los observadores del gobierno en su reporte ante el Congreso sobre la efectividad del programa.

Nuestros abogados del area de Miami continuan reportando dificultades. Aquellos propietarios que deseen salirse de un proceso de ejecucion hipotecaria deben consultar abogados experimentados sobre las opciones disponibles. Ventas cortas, ejecuciones, modificaciones, asistencias gubernamentales,etc. son todas opciones con su propio potencial y con sus ventajas y desventajas.

El inspector general para el plan financiero del gobierno, ha dicho que este plan no ha logrado hacer mella en el numero de ejecuciones registradas. Tambien ha dicho que el Departamento del Tesoro ha ignorado las demandas de que establezca metas claras para el programa. Oficiales se declaran preocupados porque el programa pueda aumentar el numero de ejecuciones hipotecarias. A su vez esto podria contribuir a precios cada vez mas bajos en las propiedades y por consecuencia retrasar la recuperacion del mercado de bienes raices y la economia en general.

El objetivo de este programa es reducir los pagos de hipotecas de las personas con dificultades economicas en el presente.Las estadisticas sin embargo, demuestran que muchos mas propietarios han abandonado el programa que aquellos que han sido beneficiados por el. Alrededor de $248 millones se han gastado en dicho programa,, una fraccion de los cincuenta billones que fueron destinados a ese proposito.Alrededor de 400,000 propietarios han recibido ayuda mientras 530,000 han abandonado el programa.

Los criticos opinan que el gobierno le esta otorgando demasiado control a las companias de hipotecas para decidir sobre quienes pueden calificar para una reduccion del principal en sus prestamos. El programa tambien permite la participacion voluntaria de las companias hipotecarias.Ademas, muchos colectores de deudas obtienen mas ganancia en un procedimiento de ejecucion que ayudando a los propietarios necesitados.

Si usted enfrenta un proceso de ejecucion hipotecaria en el area de Miami o esta considerando la modificacion de una hipoteca, venta corta u otras opciones de las disponibles en el sur de la Florida, comuniquese con Barakat, Jacobs y Asociados para una cita confidencial en la cual seran discutidos sus derechos. Llamar al (305) 350 - 5055.

Half of Miami homes sold as short sales - half of Miami homeowners underwater - homes worth half of market highs

Fri, 13 Aug 2010 10:58:44 -0500

CBS 4 is reporting that home values continue to plummet in South Florida, with struggling Miami homeowners being among the hardest hit.

Nearly half of all home sales in Miami were short sales. The banks are evolving and getting smarter as the real estate slump grinds on. The best way to stop foreclosure in Miami is to move aggressively to protect your rights with the help of a Miami real estate attorney. Mortgage relief and principal reduction programs are not the same for everyone. By negotiating from a position of strength, you can best protect the financial well-being of you and your family.

Zillow.com reports South Florida is one of the 20 worst areas in the country for falling property values and struggling underwater homeowners. Zillow reports that the average home price in Miami-Dade is $144,700 -- down more than 20 percent from last year. In Broward County, the average value is $134,800, a decline of nearly 14 percent from a year ago.

In Miami Dade, prices have dropped 55 percent from the peak of the housing bubble in 2006 -- meaning your house is likely worth less than half of what it was four years ago. In Broward County, prices have dropped 54 percent.

When it comes to negative equity, 44 percent of South Florida homeowners owe more on their home than it is worth in the current market. And nearly half of all homes sold in June in South Florida were sold for a loss.

Zillow found that Tampa and Orlando is in even worse shape than South Florida.

Man of Steel may not prevent foreclosure in South Florida - experienced defense lawyer best bet for homeowners

Fri, 06 Aug 2010 12:23:16 -0500

Superman saved one lucky family after an original comic book helped stop foreclosure, ABC News reported.

Our Miami foreclosure defense lawyers have not had a rare comic book stop foreclosure in South Florida. But we have assisted numerous homeowners in buying enough time to reach the solution that is right for them. Help is often available to those who seek it. And staying in your home for as long as possible can frequently offer the best chance of regaining solid financial ground.

The comic book found in their basement is the Holy Grail for collectors and could fetch up to a quarter million dollars at auction. The copy of Action Comics No. 1 -- the very first Superman comic to ever appear -- was found as they went about the task of packing up the home where they had lived for half a century.

"The bank was about ready to foreclose," said Vincent Zurzolo, co-owner of ComicConnect.com and Metropolis Comics and Collectibles in New York. "Literally, this family was in tears. The family home was going to be lost and they're devastated. They can't figure out a way out of this. They start packing things up. They go into the basement and start sifting through boxes - trying to find packing boxes - and they stumble on eight or nine comic books."

Most of the comic books were valued at less than $30. But the 1938 book depicting the Man of Steel lifting a car above his head is among the most sought after comic books in history. The issue sold for 10 cents and ushered in the age of the superhero.

Nationwide, more than 1.6 million properties were in some form of foreclosure during the first half of the year. The homeowners in this case wished to remain anonymous.

"People don't want people knowing how much money they have," Zurzolo said. "Some people are very paranoid."

Banks pay record bonuses but refuse to help stop foreclosures

Mon, 02 Aug 2010 14:17:44 -0500

Financial executives were paid $2 billion in bonuses as the financial markets stood on the brink of collapse in 2008, the New York Times reported. The collapse was due in large part to risky bets, excessive leverage, and years of financial excess by corporate executives.

And about 80 percent of the bonus pay was not merited -- or about $1.6 billion.

It's hard to feel bad for the bankers. They are not the ones living paycheck to paycheck, or left dealing with an upside down mortgage, ruined credit, or an attempted short sale. A Miami foreclosure defense lawyer can help South Florida homeowners decided upon the best course of action. Whether you are looking to stop foreclosure, or are considering strategic default or a home-loan modification, speaking to an experienced attorney can help protect your rights.

As we have reported on our Miami Foreclosure Lawyer Blog, the wealthy are simply walking away from underwater mortgages and living to fight another day. The bankers got their money. Don't let a bank or homeowner's association guilt-trip you into remaining in a hopeless situation. Fighting for your rights could impact your standard-of-living for the rest of your life.

The government's report on bank bonuses found that 17 financial companies made questionable payouts totaling $1.58 billion immediately after accepting billions of dollars in taxpayer aid.

The group includes Goldman Sachs, JPMorgan Chase, AIG and Citigroup.

The watchdog has little or no authority to require the banks to repay the money. But will settle for proposing that banks voluntarily adopt a "brake provision" which will allow boards to suspend bonus payments in the event of a future financial crisis.

The practice of paying bonuses is alive and well again on Wall Street: Goldman Sachs is on pace to hand the average worker $544,000 in salary and bonuses; JP Morgan Chase's average is about $425,000 and Morgan Stanley employees could each collect $260,000.

Government's mortgage loan modification a floundering option for Miami homeowners seeking to stop foreclosure

Fri, 30 Jul 2010 05:56:25 -0500

President Obama's effort to help homeowners avoid foreclosure is not working and the Treasury Department has failed to fix the program, the Associated Press reported. The news comes as government watchdogs report to Congress on the effectiveness of the program.

Our Miami foreclosure defense attorneys continue to report problems with the program. Those seeking to get out of foreclosure or stop foreclosure sales in South Florida need to consult with an experienced attorney about their options. Short-sale, foreclosure, strategic default, loan modifications or government assistance are all options with their own potential drawbacks and benefits.

The inspector general for the government's financial bailout plan said the plan has not "put an appreciable dent in foreclosure filings." He also said the Treasury Department has ignored demands that it set clear goals for the program. Officials are worried the program's failure could contribute to additional foreclosures. That, in turn, will further drive down prices and stall the recovery of the real estate market and the overall economy.

The program's aim is to reduce mortgage payments for struggling homeowners. But statistics show more homeowners have dropped out of the program than have been helped by it. About $248 million has been spent on the program, a small fraction of the $50 billion allotted. About 400,000 homeowners have been assisted while about 530,000 have dropped out of the program.

Critics say the government is allowing mortgage companies too much control over which homeowners will qualify for reductions in the principal balance of their mortgage loans. The program also relies on voluntary participation from mortgage companies. Meanwhile, many mortgage debt collectors make more money by forcing a property into foreclosure than they do by providing help to homeowners.

South Florida foreclosures lead the nation; struggling homeowners should consult attorney to stop foreclosure in Miami

Thu, 22 Jul 2010 12:31:33 -0500

South Florida foreclosures are surging once again, as one out of every 30 homes was in some form of distress during the first six months of the year, the Miami Herald reported.

Hiring a Miami foreclosure attorney is the best course of action for homeowners seeking to stop home foreclosure in South Florida or for those seeking to avoid or prevent a foreclosure sale. As we continue to report on our Miami Foreclosure Lawyer Blog, homeowners have a variety of options, including short-sale, mortgage loan modification, refinancing, strategic default, bankruptcy or simply walking away. Each case is unique and each option has advantages and disadvantages. Speaking with an attorney can provide struggling homeowners with a clear view of their best course of action.

RealtyTrac anticipates little change in the statistics for the last half of 2010.

Through the first six months of 2010, a total of 95,357 foreclosures were reported in South Florida, an increase of 9.5 percent over the same six-month period last year. Those figures combine initial foreclosure filings, auction notices and bank repossessions. In Miami-Dade County, 38,395 properties were in foreclosure -- up 11.5 percent from a year ago. Broward County had 37,988 in the first half of the year -- or 1 in every 21 homes. That represents a 3.6 percent increase over a year ago.

While the number of distressed properties has increased, the first half of the year did show a decrease in new foreclosure filings. Experts say the real estate market will not begin recovering in earnest in South Florida until the distressed properties quit hitting the market at discounted rates. Many don't expect that to happen until sometimes in 2012.

Florida's rate of 1 in 30 homes in the highest in the nation. Nationwide, 1 in every 78 homes is in some form of foreclosure. Florida ranks second only to California for total number of foreclosures. Nationwide, there were more than 1.9 million foreclosures in the first half of the year.

Miami foreclosure defense lawyers can help prevent foreclosure, limit damage to credit scores

Fri, 16 Jul 2010 11:25:54 -0500

South Florida short sales, loan modification and foreclosures are having a devastating impact on consumer credit scores. A Miami foreclosure defense lawyer can not only help stop foreclosure but can advise you on the best options for protecting your credit and the long-term financial future of you and your family. We can help you avoid foreclosure, stop foreclosure sales or assist you with determining whether a short sale or loan modification is right for you.

MSNBC reports that one-fourth of consumer credit scores are 599 or below. Twenty-five percent of consumers -- or more than 43 million people -- now fall below 600. Before the Great Recession, just 15 percent of consumers, or about 25.5 million people, fell below the 600 threshold.

Your FICO credit score ranges from 300 to 850. A 700 score was once enough to qualify for the best rates on most loans. That threshold has inched toward 750 during the recession. Consumers below 600 will be unlikely to qualify for auto loans, mortgages or even credit cards under the new tighter standards put in place by lenders.

Officials cite foreclosures and unemployment as the two main drivers of plummeting credit scores. A foreclosure can chop 150 points off a credit score. That means, a consumer with a 750 credit score -- the score needed to get the best rates even under new tighter standards -- could drop below the 600-point threshold as the result of a mortgage foreclosure.

Struggling Miami homeowners who opt for loan-modification or short sales can still face significant damage to their credit scores. A South Florida foreclosure defense attorney can help determine the best course of action for protecting your finances, your credit score and your future.

Wealthy homeowners in Miami choose foreclosure; consulting an attorney the best option

Wed, 14 Jul 2010 11:01:58 -0500

From Miami to Beverly Hills, the rich are surrendering homes to foreclosure and simply walking away from what they view as a bad investment, the New York Times reported.

As our Miami foreclosure defense lawyers continue to report, South Florida homeowners looking for foreclosure help have a number of options. But weighing the risks and rewards of a home-loan modification, short sale or strategic default is best done with help of an experienced real estate attorney. Banks, and even the government, are attempting to guilt-trip hardworking homeowners into keeping homes worth far less than what is owed. Meanwhile the wealthy, and their lawyers, are simply walking away and living to fight another day.

Whether it's a primary residence, second home or an investment property, the rich have stopped paying mortgages at a far greater pace than the rest of the population. The Times reports that more than 1 in 7 homeowners with loans of a million dollars or more are seriously delinquent. The report suggests that the wealthy are purposefully dumping properties just as they would a bad investment.

As we reported on our Miami Foreclosure Lawyer Blog, strategic defaults (choosing to walk away) and short sales (selling for less than what is owed) present their own risks. If the bank chooses to pursue a deficiency judgment, a homeowner could be left owing the difference between the mortgage balance and what a home sold for at auction. Seeking the advice of an experienced Miami foreclosure attorney is the best option to protect your rights and the long-term financial well-being of you and your family.