Florida Foreclosure Defense Lawyers Blog

After the lawsuit between investors and Bank of America ended in a media-frenzied settlement, some have stood up to protest the agreement that was reached. Today when American International Group (AIG) filed a lawsuit, the company also filed to intervene in the settlement claiming that Bank of New York Mellon did not negotiate fairly on behalf of the investors represented in the suit.

It now appears that there will be additional interveners in the suit. Attorney Generals in New York, Eric Schneiderman, and Delaware, Beau Biden, declared their intent to intervene to protect public pensions that may have invested in the trusts. These may help to stop foreclosures in some states. The two AG'S are calling into question the entire mortgage backed securities market, claiming robo-signing and document fabrication evidence a bigger issue: a fraud on the market of epic proportions.

As sparks re-ignite regarding the Bank of America settlement, more investors are likely to seek inclusion on their own behalf in order to protect their interest. This is just the latest shoe to drop in the tangled web in the creation of mortgage backed securities. If you are facing a Jacksonville Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today.

6,000 Floridians signed a petition last week demanding a prompt investigation of the forced resignation of foreclosure fraud attorney's June Clarkson and Theresa Edwards from the Florida Attorney Generals' office. The petition garnered coverage from many interested entities across the state including, Florida Today, the Miami Herald, St. Petersburg Times, the Tampa Tribune, and Florida Foreclosure Defense attorney's, among other outlets. The petition is considered significant in Attorney General Pam Bondi's office announcing the investigation by an outside agency.

Bondi has faced heavy scrutiny because of these firings. Coupled with a high-ranking member at the AG's office leaving for an executive position at Lender Processing Services and Bondi having received campaign contributions from many high-profile players in involved in the foreclosure, some are now questioning her ability to impartially negotiate on behalf of the citizens of Florida because of the conflict.

If you are facing a Florida Foreclosure Lawsuit now or will be facing foreclosure in the near future are having trouble making mortgage payments, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer as soon as possible.

To join the thousands who have already signed the petition click here.

Bank of America has endured months of lambasting regarding the creation and subsequent failure of it's troubled mortgage-backed securities business. It doesn't appear the Charlotte, NC, bank will get a break from the scolding in the foreseeable future as the number of investors seeking reimbursement from the bank grows. On Monday, American International Group (AIG), the insurance giant that received billions in government bailouts, confirmed plans to sue Bank of America for its losses.

The complaint seeks to recover $10 billion in losses from a $28 billion deal for a bundle of securities from Bank of America. Accompanying the nearly 200-page document are 1,900 pages of exhibits, compiled by AIG's attorneys. Allegations include one security, where 82 percent of loans didn't comply with underwriting standards as marketed to the investors. There is also allegedly a loan application within that security wherein the borrower's income is inflated by about $90,000, although the borrower's tax return clearly showed the true amount the man earned. Practices such as this spread like wildfire during the housing-boom, a period peppered with sloppy work practices and gross excess.

While private companies look to hold banks accountable where the government has failed to do so, there is still a real borrower with real rights. To ensure that buyer rights are upheld, one needs to take advantage of the options available to them. f you are facing a Florida Foreclosure Lawsuit from Bank of America, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure avoidance options may be available to you.

Florida's Supreme Court suspended a lawyer in Boca Raton after the Florida Bar released findings that his mortgage modification and foreclosure defense firm caused the public great harm. The firm has been instructed not to accept any more cases and also cannot access any of the funds in company bank accounts. The reprimand was in response to complaints by nearly 20 of his former clients.

The issue appears to be the firm employed individuals who were not attorney's to work with customers on loan modifications. In Florida it is against the law to charge up front fees for an attempted loan modification if one is a non-attorney, which is exactly what the firm was doing. It would have been okay to collect the near $3,000 per modification fee if a licensed attorney had been involved.

Furthering the egregiousness of this conduct was the firms admission that its non-attorney employees controlled the cases from beginning to end. The Florida Bar has since warned attorneys that other attorney's in the state may be replicating the shady practice as a way to circumvent the rule against non-attorney's charging up front fees.

If you are working through a foreclosure it's important to hire competent representation. Be sure to know whom you are working with when you decide to hire a Florida Foreclosure Attorney to defend your home. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary consultation.

Take a drive through an average American neighborhood and you're likely to see something unpleasant... a dilapidated houses. Homes age through a combination of non-occupancy and neglect and with foreclosed home being so prevalent, this disintegration is happening more quickly now. More families who are paying their mortgages normally are suffering as their home values, in what used to be a nice neighborhood, decline as a result of the blight of unoccupied homes. Lawmakers are now calling for a change to foreclosure practices that could have a huge effect.

The Neighborhood Preservation Act, H.R. 2636, a bill being considered by the House Financial Services Committee, would permit Fannie Mae and Freddie Mac to rent foreclosed properties they own to the current homeowner or to any potential renter for a period of up to 5 years. In a letter to Edward DeMarco, director of the Federal Housing Finance Agency, Senator Jack Reed also been pressed the Agency to adopt such a rule.

This rule change could have a profound effect on home values and the housing market in general. If more families are able to stay in their homes, the houses don't have the opportunity to deteriorate from neglect, homes won't be sold for well under their actual value, and neighborhoods will maintain familiar faces. With the number of foreclosed homes that Fannie and Freddie own at about 201,000, allowing Fannie and Freddie to rent their foreclosed homes could restore the average American community to what it once used to be.

The exact details of how a plan would work have yet to be determine and it's uncertain who will and how they will qualify for the program. But keep in mind that such an agreement may not even be the best solution for a homeowner in foreclosure. In order to determine what foreclosure avoidance options may best fit your circumstances, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

Last week, FHA took administrative actions against 26 different lenders for multiple violations. The actions taken by FHA included reprimands, probations, suspensions, and civil money penalties. In addition, some lenders will have their FHA-approval revoked. In the past year, the FHA has taken more than 1,600 administrative actions against lenders.

"It's never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite," said Acting FHA Commissioner Carol Galante. "FHA requirements ensure homeowners are put on a path of sustainable homeownership and that ultimately helps stabilize entire neighborhoods and communities."

While FHA's actions may protect some homeowners from default, the efforts might be too late for others. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to discuss what foreclosure remedies may be available to you.

Predatory lending is a term used to describe lending practices that are considered unfair or fraudulent. Predatory lenders often target consumers who can least afford to lose money. They incorporate high-pressure sale tactics, set inflated interest rates, and often demand unaffordable repayment terms. Many times, homeowners are tricked into taking out a loan that they cannot afford to repay and risk losing their home to foreclosure.

To combat predatory lending in Florida, lawmakers enacted the Florida Fair Lending Act to prohibit predatory tactics on high cost home loans, including:
• Charging prepayment penalties for longer than 3 years;
• Increased interest on loans going into default;
• Balloon payments on loans that mature in less than 10 years;
• Extending credit regardless of a borrower's ability to pay;
• Calling a loan due even though the borrower has complied with the terms of the
loan;
• Refinancing a loan during the first 18 months, unless there is a benefit to the
borrower;
• Charging late fees that exceed 5% of the payment;
• Making changes to the loan's terms without disclosing the changes

In recent years, the foreclosure rate in the United States has increased significantly. While many foreclosures arise from poor debt management, some can be attributed to predatory lending. Unfortunately, most borrowers will not become aware that they were victims until they are facing foreclosure.

If you are concerned you may have been the victim of predatory lending and are struggling with foreclosure, call a Jacksonville Foreclosure Defense Attorney today! Together, we will fight for you to keep your home!

Florida foreclosure activity is definitely at a low as courts and banks try to get on the same page (quite literally) with faulty documentation. As foreclosures begin to ramp up again, Florida real estate prices are projected to go down according to Roy Oppenheim.

Mr. Oppenheim cites many reasons for his belief that prices will begin to go down. Issues such as Government benefits ending, new foreclosures begin filed, past foreclosures that were dismissed being re-filed, and the continuation of fraud-closures that have plagued the court system for the last several years. Mr. Oppenheim has likened the lull in foreclosure activity with the "eye of a storm."

As foreclosure activity is expected to resume in the very near future it is a good idea to be prepared. If you are facing the prospect of a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer for a complimentary case review in order to determine what foreclosure defense options may be available to you.

What is going on in with all of the Foreclosure craziness? This has been the question for millions of homeowners dealing with the potential loss of a home right now. People have heard the horror stories of predatory lending, and the other stories of unqualified homeowners working with brokers to deceive lenders to get financed. But many mortgages fall somewhere in between, leaving big question marks in place of answers the housing market desperately needs.

As a greater number of questions are pouring in, however, searching for answers has become a daunting task. MIllions of homeowners are in a struggle to hold onto their loans while batting off multiple lenders. The problem is many of the original brokers and lending companies have since gone out of business or been the subject of criminal charges stemming from their faulty practices. Often times, the loans in question have been securitized into a mortgage-backed trust. The issue underlying this confusion is that no one knows whom the owner of the note and mortgage actually is. This is largely because of one four-letter acronym, MERS.

MERS (Mortgage Electronic Registration System), a service created to track mortgage transfers, was created in 1994. MERS replaced the old system of "walking" every important mortgage document to the County Clerk's office. With this shortcut in place, lenders were able to save millions of dollars in local recording fees and started transferring mortgages at a pace that, we would later learn, was far too much to handle. So grueling, in fact, MERS failed to properly follow state and local laws in documenting these transfers. Now when it comes time to foreclose instead of documenting each transfer, MERS allegedly signs the mortgage from the original lender to the most recent owner.Many courts are now deciding whether MERS has actual standing to foreclose.

There are things you can do to be prepared for or stave off a potential foreclosure. One of the most important is to communicate with your lender. If you are facing the prospect of foreclosure, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer today to determine what foreclosure defenses may be available in your specific case.

In response to the increasing national foreclosure problem, the Obama administration has announced a program that will allow eligible homeowners to skip part or all of their monthly payments for 12 months (or more) while they search for a new job. In the past, eligible homeowners have only been able to skip payments for three or four months.

The implementation of the plan comes after increasing criticism for the rise in foreclosures. Past efforts to help prevent foreclosures were geared toward homeowners who were unable to make their payments and had adjustable rate mortgages. However, the new program will buy more time for unemployed homeowners to cure a default on their payments.

Only eligible borrowers will be able to benefit from the new program. For many, this is the bad news because only mortgage servicers whose loans are backed by Federal Housing Administration insurance will be required to offer payment deferments to eligible homeowners. This is only about 14% of all active mortgages in the market. The changes will not apply to loans owned or guaranteed by the big mortgage companies Freddie Mac and Fannie Mae, which account for roughly half of all mortgages.

If you are struggling with a foreclosure and would like to learn more about the available foreclosure defenses options, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today for a complimentary case review.

As Florida residents wait on a backlogged and slow court system to start processing foreclosures more issues are rising to the surface. People who rent or lease properties from struggling property owners are being asked to pack up their belongings and leave as those homes are being foreclosed on and sold to third parties. Some have even been told to vacate in as little as three days! The most important thing to keep in mind is that renters and leaseholders have rights in this process that could be overlooked without proper legal guidance.

Pursuant to Florida law, renters who are occupying a property get 90 days to vacate a home, if they don't have a current lease on the property. If they do have a lease, the new owner must allow the leaseholder to see out the term of the lease. The only exception to the lease provision is if the new owner plans to live in the house as their homestead property. Even in that case, the leaseholder gets 90 days to pack up and find a new place to live.

If you are the unsuspecting renter or leaser of a now foreclosed on property, do not leave your property upon a demand for you to do so, you do have rights. If your landlord has been foreclosed upon and you are being pressured to leave before you legally have to, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to discuss the exact facts and circumstances of the case and what rights you may have.

Recent news coverage has focused around the continuing saga in the foreclosure market and how banks have continued to use questionable foreclosure practices, such as robo-signing documents, when pursuing home foreclosures. Attention turns this week to a settlement from these Banks, and just how much and who that settlement will cover.

Undoubtedly, Banks will pressure for a settlement that releases them from nearly all-future liability. State's Attorney's General will be seeking the maximum in penalties, but are reluctant to settle claims that have not even become viable. One of the biggest determinants of banks liability, however, will be the extent to which the Mortgage Electronic Registration System, or MERS, takes responsibility.

MERS originally injected itself into the mortgage market in the mid-90's, when it was created to lessen the financial burden on mortgagee's to record property transactions - a process that can be costly. More recently, however, lawyers are challenging MERS's ability to bring foreclosure proceedings because they technically don't own an interest in the property and therefore do not have standing to initiate a foreclosure. Courts have also looked at the questionable documents filed by MERS attesting to this ownership will prove problematic during settlement talks.

Another separate issue is that in some situations, chains of ownership can't be followed backwards because some of the companies transferring titles either aren't around anymore or are restricted from backdating assignments.

So, if the release is a broad one, it might include many of the homeowners affected by Banks use of the system but would also make it hard to argue that MERS does not have standing to foreclose on those homeowner's. If the release is narrow, MERS has cause to celebrate, as it will not have to answer for later lawsuits prior to such suits even being investigated. This could mean the most onerous of claims could quite possibly go un-investigated altogether.

If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

Mortgage Electronic Registration Systems, or MERS, the company created in an attempt to streamline property transfers across the Country has flourished since its inception in the early 90's, now finds itself under investigation by multiple States' Attorneys General. Among the most recent to look into MERS business practices are AG's in Delaware and Massachusetts. MERS has promised to cooperate in these investigations.

Many questions surround MERS and its business practices, including whether their foreclosures violated various foreclosure laws and whether they skirted on millions in fees due the government. Those practices and fees are now at the center of what could be a massive settlement, talks of which are being spearheaded by a 50-state coalition of Attorneys General. But many have expressed reservations about structuring a settlement that would release MERS from widespread liability.

Courts across the country are now looking into whether MERS has standing to foreclose. Laws from states across the country often require a foreclosing party to have some form of ownership of the loan. But MERS is essentially a mortgage tracking system, so proving this ownership seems unlikely. Still, MERS has gained support in some state courts and the Minnesota legislature even passed a law giving MERS the express right to foreclose on properties.

With Courts in limbo over MERS and other issues, foreclosure activity is slow for the time being. If you are facing a Florida foreclosure lawsuit and your loan included MERS as the mortgagee, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to determine what potential foreclosure defense options may be available to you.

A recent article in Bloomberg News reported that America's biggest mortgage servicer has a new trick up its sleeve. With the number of foreclosures continuing to flood the housing market, Bank of America has started programs around the country where it will "donate" hundreds of the repossessed homes, and then turn around and demolish them.

Generally, lenders dislike disposing of repossessed homes because it is time consuming and can be expensive for them. With the new "donate-detonate" program, Bank of America will be able to quickly bypass the disposal stage. By partnering with agencies that manage blighted properties, the bank sells a house at a nominal value ($1) in order to structure the deal as a transaction rather than a gift.

It may appear as though Bank of America is doing a good deed to the community, as many of the homes that will be demolished are uninhabitable or severely damaged. But behind the scenes, Bank of America may come out on top, as it will likely receive a generous income tax deduction for the fair market value of the home. The bank has plans to demolish 100 properties in Detroit and 150 in Chicago, and may add nine more cities to the list by the end of the year. The lender will pay as much as $7500 for demolition or $3500 in areas eligible to receive funds through the federal Neighborhood Stabilization Program.

Bank of America's has indicated its intention in demolishing homes is to clear a backlog caused by a soft real estate market so that the foreclosure process can speed up. However, the knockdowns are not likely to outpace foreclosures. These programs are being closely watched by other major bank, such as Wells Fargo, Citigroup, JP Morgan Chase, and Fannie Mae, who have indicated a desire to implement their own programs soon.

This is just another example of banks not doing what is in the interest of homeowners and the country at large. If you are facing a Florida Foreclosure Lawsuit from Bank of America, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary case review to determine what foreclosure alternatives may be available in your case.

MERS appears to finally be succumbing to many of the arguments that foreclosure defenses attorney's and other MERS detractors have been stating for years. Effective July 22, 2011, MERS officially changed Rule 8 of the Rules of Membership which now states:
"No foreclosure proceeding may be initiated, and not Proof of Claim or Motion for Relief from Stay (Legal Proceedings) in a bankruptcy may be filed, in the name of Mortgage Electronic Registration Systems, Inc. (MERS)" and "the Certifying Officer must execute the assignment of the Security Instrument from MERS before initiating foreclosure proceedings or filing Legal Proceedings and promptly send the assignment of the Security Instrument for recording in the applicable public land records".

This new policy runs counter to an argument that MERS and many Plaintiff's attorney's have been making for years, that an "equitable transfer" occurred prior to the date the foreclosure actions were filed and the assignment filed after the foreclosure date doesn't matter, the date of equitable transfer is what truly matters. It remains to be seen how this new policy change will be treated by judges where cases have been filed and the assignments have already been executed...and what about cases that have already been adjudicated?

If you are facing a Florida Foreclosure Lawsuit and have a MERS mortgage, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure defense options are available to you.

The Federal Trade Commission (FTC) confirmed it is sending out refund checks to 450,177 homeowners who were excessively charged by defunct lender Countrywide. The Commission locked in the settlement in June 2010 and just announced the sending of the checks, which total more than $108 million. 
The settlement represents the largest mortgage servicer-borrower arrangement. The checks will be sent to people whose loans were services between January 2005 and July 2008.

The FTC said homeowners who were behind on their loans were charged excessive servicing fees for things that were beneficial to Countrywide. The charges included things like lawn mowing and other services meant to protect the lenders investments. Countrywide subsidiaries contracted with third parties to perform the services, and in turn charged these fees to homeowners but not before marking up the price of the service, sometimes up to twice the contract cost. The FTC also said Countrywide made false claims about amounts owed and added fees and escrow charges without telling homeowners.

This settlement may not reach everyone, but it certainly sends a message to other lenders who are using shady foreclosure practices: eventually, your schemes will be uncovered and you will take responsibility for your actions. Behavior like Countrywide's is capable of dragging down an entire economy and that is why settlement such as this one should be seen as an example for other lenders in the future.

Always keep in mind that if you are facing a Florida foreclosure or having trouble making your mortgage payments, the best thing to do is communicate with your lender. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

At least one state Supreme Court decision shows what many home becomes a trend, requiring strict compliance with foreclosure laws. The Supreme Court in Nevada handed down three decisions the week of July 11th denying foreclosure and passing along sanctions to lenders who didn't provide accurate documentation or an individual with settlement authority at State mandated foreclosure mediations.

One Nevada District court allowed a foreclosure to go forward even after the mediator found the loans beneficiary representative negotiated in bad faith and failed to bring required documents or presented incomplete paperwork. The name of the assignee was missing from the mortgage assignment, as well!

In another instance, the court said Wells Fargo could not proceed with a foreclosure because it brought inadequate documentation at foreclosure mediation. The record of the case shows Wells Fargo tried to prove ownership through a certified copy of the original deed of trust and note, each listing MortgageIT Inc. as the lender, and a notarized statement from a Wells Fargo employee claiming Wells was the rightful possessor of the deed of trust and mortgage and any later assignments. Each of these cases has been remanded to the District Court to determine appropriate sanctions against the lenders.

Although similar decisions have not yet been handed down in Florida, another state's determinations against lenders could potentially be persuasive. Since reports broke last week that banks continue to employ shoddy foreclosure practices, it seems that more states are choosing punishment over praise for lenders. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

After a Reuters report and county officials in more than three states on Monday reported thousands of documents showed evidence that banks have continued the illegal practice of robo-signing, lawmakers and law enforcement agencies are demanding investigations of mortgage lenders. Senator Sherrod Brown, D-Ohio, chair of the Financial Institutions and Consumer Protection Subcommittee, plans to hold a hearing regarding the issue.

The Essex County Massachusetts property deed office reported 1,300 document filings since October with the signature of Linda Green appearing in 22 different handwriting styles and multiple titles. The Massachusetts Attorney General's office is now scheduling meetings with many of the state's deed registers' to investigate. In Guilford County, North Carolina, the county recording office reported nearly 500 documents with suspected robo-signatures. More examples are surfacing as reports of the robo-signed documents spread.

Brown's supporters are mostly of a similar mindset: if regulations are too relaxed, the housing market will face the same issues that left it crippled in the past. After the robo-signing issue arose last fall, Lenders were left to police themselves after they promised to cease the practice. But the continuing robo-signing issue is a testament that self-regulation cannot solve this problem.

This news is another potentially significant blow to mortgage lenders. Let's hope that this time, something material comes from these news allegations. Often times, finding the discrepancies in loan documentation takes extensive discovery. If you are facing a Florida Foreclosure Lawsuit and want to explore your potential foreclosure defense options, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.

Foreclosure and short sales made up a smaller percentage of all home sales during the month of June according to the most recent report from the National Association of Realtors. Market share of these property sales has also decreased, posting numbers of 40 percent in March, 37 percent in April, 31 percent in May and finally hitting a low at 30 percent in June.

However overall sales volume dipped and existing home sales have dropped, too. Home sales are on pace to reach 4.77 million in 2011, an event that would mark the 4th year out of 5 where overall sales volume have declined.

If you are facing a Florida Foreclosure lawsuit and want to explore your foreclosure alternative options such as a short sale, contact a Jacksonville Foreclosure Defense lawyer today for a complimentary case review.

The second quarter of 2011 has been marked as the lowest quarter for foreclosure filings since the fourth quarter of 2007, according to RealtyTrac's Midyear 2011 Foreclosure Market Report. During the 2011 second quarter, 608,235 foreclosure filings were made which is a decrease of about 11% from the previous quarter. There was also a 25% decrease in the number of foreclosure filings in the first six months of 2011 as compared with the last six months of 2010.

This is all well and good on a quarterly basis, however the statistics of foreclosures on a month-to-month basis are not as appealing. The month of June 2011 marked a 4% increase in the number of filings over the same statistic for May 2011. RealtyTrac's Report also showed a continuing increase in the number of default notices, scheduled auctions and REO's. While these events take place at multiple points along a foreclosure action timeline, when coupled with a rise in unemployment some market analyst worry the number of foreclosure will continue to be constant into the foreseeable future.

This report may not be good news for Florida homeowners. If you are in default on your mortgage or are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to see what foreclosure alternatives or foreclosure defense options may be available to you.

Many who read this blog or follow financial news are familiar with the promises from top Banks in the US to stop the filing of fraudulent and faulty foreclosure documentation. A recent Reuter's investigation proved that many of the same companies are still utilizing the same lackadaisical practices that stifled America's housing market and plunged thousands of homeowners into foreclosure.

The article mentions 87-year-old resident of Immokalee Florida, a town at the epicenter of the foreclosure crisis in Collier County. OneWest Bank filed foreclosure paperwork in that was peppered with problems, namely in the assignment of mortgage. But this key document was not signed and recorded with Collier County until some months after OneWest filed the foreclosure!

The Reuters investigation also identified at least six robo-signers which appear on thousands of mortgage assignments filed by banks in recent months. Some of the individuals have even appeared at depositions only to claim that they never read or checked the assignments, and one, when asked what an assignment of mortgage is, replied: "I'm really not sure."

It's fairly easy to see that the recent settlements between Banks and investors have done little to stop these questionable practices. The banks seem to be saying that providing proper documentation doesn't matter, because many of these homeowners are in fact delinquent on their mortgages. Although that might be the case, it doesn't give the bank carte blanche authority to just take people's homes while not following the legal requirements to do so.

For now, Courts tend to disagree with this analysis, for whatever reason. Until Banks are held more accountable and made an example of, the fight for homeowners is still an uphill battle. Florida Foreclosure Defense attorney's are working to help turn the tides. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary consultation to determine what potential foreclosure defenses are available to you.

A startling trend has developed taking advantage of a loophole in the Florida foreclosure laws that investors are salivating over. Florida law allows neighborhood Homeowner's Associations (HOA) to foreclose on properties when their monthly fees are past due. The kicker? The HOA doesn't even have to notify the mortgagee of the foreclosure if it's based on past due HOA fees.

The ability for an HOA to foreclose is understandable; residents in those neighborhoods expect certain services that are difficult to provide without proper funding. If the association doesn't foreclose, they're likely to forfeit their ability to collect on the debt once the bank steps in. Considering the fact that most homeowners owe less than $15,000 in HOA fees, these cases are ripe for trial in county court rather than in the circuit courts where damages have to exceed that amount. With circuit courts backed up due to bank foreclosures (those exceeding $15,000), bringing HOA foreclosures to county court speeds up the process drastically. Since the HOA doesn't have to notify the bank of the foreclosure, the bank doesn't even have the opportunity to protect their stake in the home by paying the arrearages.

Enter the investors who "buy" the property at auction, which effectively pays the HOA past due fees. One associate in the Tampa Bay area was able to secure $8.2 million worth of properties for a little over $200,000 in foreclosure auction bids. What do they do with the homes? Live in them, vacation in them or even rent the property during what is, at the current time, an extremely lengthy bank foreclosure process. Sadly the banks will eventually evict those renters after they are able to foreclose, with no legal basis to go after the HOA hawks.

The question is, how can one prevent an HOA foreclosure? In Florida, where the practice is most prominent, the best thing to do is to stay in touch with the homeowners association in your neighborhood. If you are behind on your HOA dues or even facing a foreclosure lawsuit from your HOA, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to determine what actions can be taken to prevent the HOA foreclosure .

Back in June, two Assistant Attorneys General in Florida made headlines after getting inexplicably fired despite having near perfect evaluations. One of the evaluations noted their investigation had been "instrumental in triggering a nationwide review" of fraudulent foreclosure practices. Their untimely dismissal made it appear their work would be cut short.

Now, however, New York has put their research to good use. In a case against HSBC Bank, the New York court repeatedly mentioned the lack of validity regarding signatures of Ocwen employees. Ocwen is a Florida home loan servicing company with about 245 employees that serviced loans for HSBC.

For example, a certain "Scott Anderson" allegedly signed numerous documents; however, Mr. Anderson had several styles of signatures and held numerous titles within Ocwen. The New York court dismissed the case and required HSBC to explain why they should not be sanctioned.

It is interesting to see that other states are using Florida's investigations as evidence of fraud, but it is evidence of the still remaining fraud that is occurring in foreclosures. If your home is being foreclosed on, contact a Florida Foreclosure Defense Attorney to discuss your options.

The term "too big to fail" has been used to describe the strength of banks entrenched in the mortgage foreclosure battle with homeowners. Florida has become a sort of poster child in foreclosure cases where more residents enter foreclosure each day. For now, the momentum seems to be shifting in favor of the consumer especially in light of a new development from the Florida Bar charging Florida attorneys with the duty to disclose shoddy foreclosure paperwork to the Court.

This development was reported in a Florida Bar News article which details a meeting of the Bar's Professional Ethics Committee at the Bar's Annual Convention in June. The committee voted 20-6 to uphold a Bar staff opinion advising a lawyer representing a bank that the duty existed.

The lawyer posed this scenario to Bar staff: a bank uses two employees to review and prepare affidavits necessary in a foreclosure. Employee one personally verifies the figures in the affidavit and signs off in the presence of a notary. Employee two uses an assistant to verify figures but signs off as if she personally reviewed them, sometimes not even in the presence of a notary. The lawyer wanted to know if he was required to report this client's activities. He also asked whether that duty remained when the disclosure would not change the outcome of the case, or if the case was closed or pending.

The Ethics Committee responded by saying that it doesn't matter what stage the case is in, but that Florida Rule of Professional Conduct 4-3.3 Candor Toward the Tribunal makes shoddy documents "false evidence", and proper for disclosure without condition. The opinion also cites Rule 4-1.2(d) prohibiting assistance of criminal or fraudulent client conduct, Rule 4-3.4(b) that prohibits fabrication of evidence or assisting a witness in false testimony, Rule 4-8.4(a) prohibiting violation of the Rules of Professional Conduct or assisting another in doing so, Rule 4-8.4(c) barring an attorney from conduct that constitutes dishonesty, fraud, deceit, or misrepresentation and Rule 4-8.4(d) which prohibits a lawyer from conduct prejudicial to the administration of justice as violations for a failure to disclose faulty foreclosure docs.

The Bar's opinion concluded that the attorney should advise the client to correct the affidavits or that he would have to withdraw and disclose the issue to the Court. The attorney also should withdraw from further representing the client in cases where they refuse to disclose the truth, being careful to make minimal disclosures when doing so.

This is just the latest development in the fight against some of the unscrupulous tactics that many banks and their attorney's have been perpetrating for a number of years. A Jacksonville Foreclosure Lawyer hopes this latest measure by the Florida Bar stops many of those actions.

Among the many entities that invested in mortgage backed securities is a group of investors that have reportedly requested to be excluded from the $8.5 billion Bank of America settlement announced last week. In fact, a total of eleven of the investment groups involved in the settlement have called the number inadequate.

The group cites substantial issues with the way the negotiation was conducted. Largely at issue was the non-adversarial and secretive nature of negotiations, which lead to unfair settlement terms according to the group. In response, the group (who remained unnamed), plans to ask the New York Supreme Court to exclude them from the settlement or to put Bank of America's feet to the fire on the way the negotiations take place.

While investors are clamoring to recover their lost investment dollars, it remains to be seen what those settlement dollars will do for struggling homeowners. If you are facing a foreclosure or are just having trouble making your mortgage payments, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.

Bank of America may have to face the music when they confront thousands of homeowners who were looking for Home Affordable Modification Program (HAMP) assistance. Some homeowners filed a claim alleging Bank of America wrongfully denied them modifications of their home loans under HAMP and seeking the modifications they never received. The Complaint also asks for damages for wrongfully denied home loan modification.

The motion to dismiss filed by Bank of America was denied by the Judge on the case. The modification-seekers told an eerily similar story of their attempts to work with Bank of America: the bank was untruthful about the status of the loans in question and in some cases even lost paperwork or were just totally unresponsive.

The attorney for the homeowners is basing the claim on the theory that Bank of America, by not modifying these loans, is taking Federal (TARP) bailout funds without helping struggling homeowners in return. In reality, TARP funds should have accounted for modified payments from homeowners while also keeping Bank of America afloat.

While a loan modification is possible, it is just one step of the potential foreclosure alternatives available to struggling homeowners. There are many other options available before modification, and certainly a great number of options after a denial of modification. If you are having trouble making mortgage payments or you are already in the process of foreclosure, be sure to contact a Florida Foreclosure Defense attorney to determine what foreclosure alternatives may be available in your case.

A US House Representative from Ohio, Marcy Kaptur, recently introduced HR 344, which calls on President Obama to declare a "national residential mortgage foreclosure emergency". The bill would not require the federal government itself to step in, but instead encourages President Obama to encourage states to enact their own moratorium laws.

The Bill has some precedent dating back to the Great Depression. During that time, 25 states enacted laws that postponed foreclosures in their states. The laws were challenged but the Supreme Court upheld it, ruling that the States have the power to make such laws based on their constitutional police power. Representative Kaptur's bill encourages states to create similar laws.

Supporters of the bill argue that a moratorium would help people remain in their houses and avoid foreclosure. Opponents agree that such a moratorium would allow homeowners to remain in their homes, but argue that moratoriums would simply delay the inevitable -- homeowners would still be foreclosed upon eventually; meanwhile, banks would take a hit as home values would continue to decline.

While Kaptur's bill is not likely to pass its committee review, it is interesting to see the federal government taking initiative in the foreclosure crises. Since the bill would not actually require states to do anything, states can still choose to pass such moratoriums if they choose to do so. If you have an opinion on the matter, contact your state representative. As always, if you are one of the many people facing foreclosure, please contact a Florida Foreclosure Defense Attorney today to determine what foreclosure alternative options may be available to you.

While homeowners continue to search for a fair shake in the foreclosure battle, banking regulators are doing their best to protect the interests of consumers and the integrity of the banking industry. A probe into foreclosure practices of the 14 largest companies revealed that those companies sometimes violated foreclosure rules and regulations even when the mortgagors in question were seriously in default on their payments. As a result, the Office of the Comptroller of the Currency said more than 2 million foreclosure victims between 2009 and 2010 can demand reviews regarding their case.

Homeowners who had experienced a foreclosure in 2009 or 2010 or had one pending during that time are eligible to receive the case review. In response, the servicers will send letters explaining to consumers their rights. Those servicers examined must also submit revamped foreclosure plans to the OCC. After the plans are approved, the company will begin a 4-month process of completing the reviews, which could result in financial compensation for unlawful or unjust foreclosures and foreclosure fees.

Independent auditors, hired by mortgage servicers, will conduct the reviews. If you are enduring a foreclosure battle in Florida, a case review may be a beneficial option for you. Not everyone will qualify for one, and this alone may not answer all of your questions. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary case review in order to examine your options and determine the best course of action for you.

PMI Group, a subsidiary Homeowner Reward Co., announced a program that it hopes will promote responsible mortgage payment practices. The group will give cash rewards to homeowners when they make timely monthly mortgage payments. The program specifically targets those whose homes are valued less than the amount of their mortgage.

The incentive will begin with a group of homeowners with mortgages insured by the PMI group. This program is one of many experiments that both mortgage and insurance companies are employing to motivate homeowners to stay current when there is a high risk of default. However many homeowners don't just forget to pay their mortgages on time; often, they do not have the money to make the mortgage payment in the first place. In that regard, a program like this might fail to help the average homeowner.

If you are having trouble making your mortgage payments and a program like PMI's is out of financial reach, you do not have to face the prospect of foreclosure alone. Remember that it is always a good idea to keep in contact with your lender, but after contacting them, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to answer any questions that you may have.

On May 20, 2011,two of the lead foreclosure fraud investigators in the Florida state Attorney General's Office were brought into a meeting and told to resign or that they would be let go immediately. The force-out occurred during a meeting between Theresa Edwards, June Clarkson and former South Florida bureau chief for the Economic Crimes Section of the attorney general's office Robert Julian, who relayed the information to the investigators. The move was an abrupt surprise to Edwards and Clarkson as they have been subjects of only stellar performance reviews in the past.

A Palm Beach Post article provides the details of just how astute these employees were. An April 22 performance review of Ms. Edwards by Mr. Julian is evidence to this. It reads:

"During this interim period, Ms. Edwards has, along with another attorney, achieved what is believed to be the first settlement in the United States relating to law firm foreclosure mills." It goes on to say, "her work has been instrumental in triggering a nationwide review of such practices." Ms. Clarkson received "above expectation" or "exceptional" rankings during a performance evaluation, given by Mr. Julian, on 14 out of 15 categories.

The duo was critical in securing a $2 million settlement from the Law Offices of Marshall C. Watson back in March.

This force out has put the motivations of Florida Governor Rick Scott and Attorney General Pam Bondi under much scrutiny.No matter what Florida leaders decide to do there are still many people are fighting for homeowners' interests. If you are facing the realities of a Florida Foreclosure Lawsuit, contact Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer as soon as possible to determine what options may be available.