Florida Foreclosure Defense Lawyers Blog

In today's mortgage industry, the long-standing simple concept of the transfer of mortgages still exists. However, times have changed and the concept of transferring mortgages has become extremely complex.

Originally, when a Note and Mortgage were transferred to a new owner, the new owner would take possession of the original Note and Mortgage, and the original Note would be endorsed specifically to the new owner, much like a check. This process is reflected in Florida Statute § 673.2031(1) (2010) which states: "[a]n instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument." The Supreme Court of Florida held that a mortgage can be transferred without a written assignment simply by delivering the note with intent to assign it. Hence the well-known expression, the Mortgage follows the Note.

With the extreme demand of finance today, the simple concept of just endorsing and physically delivering the note and mortgage from one lender to another no longer exists. Today, the path most likely seen is:
➢ The Mortgage originator (Lender) originates hundreds of loans; THEN
➢ The Mortgage originator uses the borrowed money in order to create more mortgages; THEN
➢ When the Mortgage originator has a sizeable number of mortgages, the originator partners with one of the major investment banks to pool the mortgages and create securities of out them. This process is called "securitization."

Securitization occurs when the Mortgage originator assigns a pool of mortgages to a newly formed trust. The trust in turn issues securities for the mortgages, which are sold to investors. The trust becomes the owner of all the mortgages in the pool and the investors receive payments on the securities based upon collection of mortgage payments from the pool. Packaging mortgages as securities makes trading mortgages much easier, rather than trading each mortgage separately.

This brings me back to the transfer of individual mortgages. As described, mortgages and notes are assigned by the hundreds and even thousands; making it extremely alluring to skip entirely the preparation and recording of a proper chain of title for each mortgage in a pool. Since mortgages are transferred multiple times within the life of a loan, each transfer is generally only temporary. To streamline the process, transfer generally only takes the form of a pledge of the mortgages in bulk together with delivery of the original Note to the bank. The mortgages may be transferred in bulk, unrecorded, many times without ever physically moving the notes.

If you are facing foreclosure and believe your Note and Mortgage were securitized, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Lawyer today.

If you are represented by a lawyer in a foreclosure action, and that lawyer failed to appear at a hearing that resulted in a foreclosure judgment being entered against you and a sale date set, you may be able to file an Emergency Motion to Set Aside the judgement based on your lawyer failing to appear in court. It is best to have an attorney assist you with this Motion and hearing.

The basis for such an emergency motion comes from Florida Rule of Civil Procedure 1.540, Relief From Judgment, Decrees, or Orders, and states: '

(b) Mistakes; Inadvertence; Excusable Neglect; Newly Discovered Evidence; Fraud; etc. On motion and upon such terms as are just, the court may relieve a party or a party's legal representative from a final judgment, decree, order, or proceeding for the following reasons: (1) mistake, inadvertence, surprise, or excusable neglect;

However, please note that simply filing this type of motion does not affect the judgment or suspend the holder from moving forward. A hearing must be set, held and the motion must be granted before it can have any affect. While these types of things hopefully have extremely rarely, they do sometimes happen.

If you are facing a Florida Foreclosure Lawsuit and you have had a foreclosure judgment entered against you, you may have options. Contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer today for a free case review to determine what options may be available to you.

After about a year of decreased foreclosure filings due to the "robo-signing" scandal, where banks allegedly took property without properly reviewing the loan documents, the number of foreclosure filings are reportedly set to increase after lenders have supposedly taken the time to ensure that all their paperwork is in order. During that time off the number of foreclosures to be filed have mounted.

Over the last year, housing prices have maintained a slight yet steady increase. House prices in 20 U.S. cities rose 0.9% in July, making 4 consecutive months of increases, according to the S&P Case-Shiller index of home values. Nonetheless, that is still 4.1% below where values were a year ago. If foreclosed properties flood the market again, housing prices will most likely decrease again because banks price foreclosed homes towards selling quickly.

An increase in foreclosure filings has already been reported in this year's third quarter. A 0.3% increase was seen which reverses the decrease experienced in the last 3 consecutive quarters. Foreclosure filings reported include default notices, scheduled auctions and bank repossessions.

Unfortunately, "increased foreclosure filings will continue to erode house prices....the questions is, at what point do you reach the bottom of the market?" said Ed Delgado, a former Wells Fargo senior vice president and CEO of the Five Star Institute, a mortgage-education provider. Delgado does not see any recovery in the foreseeable future and is concerned bottom may not be until the third quarter of 2012.

If you are facing a Florida Foreclosure Lawsuit, you may need help navigating the foreclosure process and today's housing market. Contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today for a free review of your situation.

After about a year of decreased foreclosure filings due to the "robo-signing" scandal, where banks allegedly took property without properly reviewing the loan documents, the number of foreclosure filings are reportedly set to increase after lenders have supposedly taken the time to ensure that all their paperwork is in order. During that time off the number of foreclosures to be filed have mounted.

Over the last year, housing prices have maintained a slight yet steady increase. House prices in 20 U.S. cities rose 0.9% in July, making 4 consecutive months of increases, according to the S&P Case-Shiller index of home values. Nonetheless, that is still 4.1% below where values were a year ago. If foreclosed properties flood the market again, housing prices will most likely decrease again because banks price foreclosed homes towards selling quickly.

An increase in foreclosure filings has already been reported in this year's third quarter. A 0.3% increase was seen which reverses the decrease experienced in the last 3 consecutive quarters. Foreclosure filings reported include default notices, scheduled auctions and bank repossessions.

Unfortunately, "increased foreclosure filings will continue to erode house prices....the questions is, at what point do you reach the bottom of the market?" said Ed Delgado, a former Wells Fargo senior vice president and CEO of the Five Star Institute, a mortgage-education provider. Delgado does not see any recovery in the foreseeable future and is concerned bottom may not be until the third quarter of 2012.

If you are facing a Florida Foreclosure Lawsuit, you may need help navigating the foreclosure process and today's housing market. Contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today for a free review of your situation.

Florida Attorney General Pam Bondi is part of the seven attorney general primary team consulting with banks concerning a nationwide settlement agreement to redress banks' foreclosure wrongdoings. While Pam Bonding initially rejected allowing principal reductions of mortgage debt, she now appear to be willing to consider it "so long as it remedies harm to consumers and stays consistent with the law enforcement role of the state attorneys general," she announced October 18, 2011. Nonetheless, Bondi's office reported she has not changed her position on reducing overall mortgage balances, which has become a central issue in the overall settlement discussions.

There has been speculation that Bondi is beginning to soften her stance as the crumbling coalition of state attorneys general continue their bargaining with our largest banks. California Attorney General Kamala Harris left the group this month because she believes proposals were not going far enough to help homeowners or punish leaders, and New York Attorney General Eric Schneiderman was dismissed because he was reportedly undermining settlement efforts.

While the negotiations are largely kept secret, a few details have gotten out. Discussions now include allowing principle reductions and permitting current underwater homeowners to refinance if a bank owns their mortgage. However, allowing underwater homeowners to refinance may be an attempt to entice California Attorney General back into the negotiations. California currently has 2 million mortgages with negative equity. Bondi is reported as saying it is extremely important to get the states that have left back into the negotiations.

If you are one of the thousands of Floridians facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure defense options may be available to you.

A potentially key witness in a Nevada case against two title officers who have been accused of "robo-signing" thousands of documents was found dead in her home earlier in the month. Authorities were altered when the witness missed her scheduled court date on a related misdemeanor charge and the subsequent hearing where she was to testify against the two title officers.

Law Vegas police have stated that they do not suspect foul play and are not treating the death as a homicide. A preliminary investigation has yielded evidence that she took her own life. The witness was facing up to a year in jail and a $2,000 fine for her role in the robo-signing scheme where she estimated she had notarized more than 30,000 documents of people not in her presence during the course of her employment with Lender Processing Services Inc. between 2005 and 2008. In November, the witness plead guilty to a single count of notarizing the signature of a person not in her presence.

The developments in Nevada are unfortunate for several reasons, most obviously the loss of life. Hopefully the case against the two title officers and the role Lender Processing Services, Inc. played in subject robo-signing scandal can go forward without this key witness. if you are facing a Florida Foreclosure Lawsuit and believe you have been a victim of robo-signing, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.

Plaintiff's seem to have sunk to a new low when trying to avoid responsibility for the contents of their mortgage foreclosure complaint...some plaintiff's believe that "verifying" complaint causes them to purger themselves! Now this particular issue is now before Florida Second District Court of Appeals.

The controversy arises from an order from a Pinellas County Florida court which dismissed Plaintiff's, U.S. Bank as trustee for a securitized mortgage trust, foreclosure complaint and order Plaintiff to file an amended complaint and instructed U.S. Bank to verify the complaint itself. Instead of merely reviewing the statements contained in the documents and verifying its complaint pursuant to Florida law, on December 12, U.S. Bank filed an appeal of the lower court's ruling asking to be exempted from the verification rule.

In its petition for writ of certiorari U.S. Bank states "in order for U.S. Bank to comply with the trial court order, it would be forced to commit perjury or altogether forego its right to pursue" its foreclosure case. We will have to see if the courts believe the argument that even though a foreclosure complaint can be brought in the name of an interested party, another party is the party with the actual knowledge of the issues and should verify a complaint.

If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Lawyer today for a complimentary case review in order to determine what foreclosure defense options may be available to you.

On Monday, December 19th, Charles Canady, the Chief Justice of the Florida Supreme Court signed administrative order AOSC11-44 which put an end to the Residential Mortgage Foreclosure Mediation (RMFM) program. The RMFM program was established in late 2009 and referred all mortgage foreclosure actions on residential homestead properties to a court supervised mediation process with the goal of resolving mortgage foreclosures before judicial disposition of foreclosure cases

The Court does not give specific reasons for ending the RMFM program but states in administrative order AOSC11-44 "the Court has reviewed the reports on on the program and determined it cannot justify continuation of the program." As of the date of the Order, December 19, 2011, "no new cases may be referred to mediation pursuant to the statewide managed mediation program."

Those cases that are already referred to the RMFM program or are pending in a mediation program as of the date of the order will remain in the program and will continue until the mediation process is completed. Immediately ending the RMFM program seems to be the easy way out for the courts. Instead of tweaking the program to make it more effective and meet its goal of helping to dispose of cases that benefits both banks and struggling homeowners the Court has just decided to end the program entirely.

If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure defense options may be available to you.

To read the full text of Florida Supreme Court Administrative Order AOSC11-44 click here.

The Occupy Wall Street movement that has rapidly spread across the nation has seemingly found a few new streets to occupy, all streets that have foreclosed residences or residences facing imminent foreclosure. All across the US, Occupy protestors have been "reclaiming" foreclosed homes and boarded up properties in what some are calling a "tactical shift" in the movement which has targeted the inequality in the distribution of wealth in the US.

Occupy protestors have held rallies on behalf of homeowners facing foreclosure evictions in more than 25 cities within the last month. Some observers are saying the shift of the Occupy movement has resulted out of necessity, as many Occupy groups are finding it increasingly difficult to camp in public spaces.

Jeff Ordower, one of the organizers of the "Occupy Homes" movement has stated "it is clear the fight is against the banks...so occupying space that should belong to homeowners but belongs to the banks seems like the next logical step for the Occupy movement." The events have been boisterous and echo the frustrations of the national housing crisis. Signs have popped up stating things such as "foreclose on banks, not people" and in Atlanta protestors used whistles and sirens to disrupt the auctions of foreclosed homes at the count courthouse.

If you are one of the thousands of Floridians 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 determine what foreclosure defense options may be available to you.

Now that the Law Offices of David J. Stern and Ben-Ezra & Katz are no longer Florida's foreclosure kings, law firms from other states are opening offices in Florida to seize some of Florida's foreclosure business that is now up for grabs. New foreclosure filings slowed significantly last year while foreclosure processing procedures were reconstructed by Fannie Mae and Feddie Mac.

The largest of the new firms, McCalla Raymer, based in Atlanta, GA, has opened four offices in Florida housing 21 attorneys in the last year. Other out-of-state firms include Brock & Scott from North Carolina, Ablitt Scofield from Massachusetts, Mark J. Udren & Associates from New Jersey,; and from Atlanta Aldridge Connors, Pendergast & Associates, and Phelan Hallinan & Schmieg. Most have chosen Fort Lauderdale as their base in South Florida.

Now that Fannie and Freddie have taken necessary steps to ensure all of its foreclosure paperwork is in order, they are now ready to begin filing foreclosures again. In addition to restricting their foreclosure processes, the mortgage giants have also changed the matter in which their hire law firms in Florida to file their foreclosures. This time around, in an attempt to not create another David Stern or Ben -Ezra, they plan to spread out the work among many firms and are even sitting in on attorney interviews. They are taking a more active role to make sure these firms follow proper procedures. Now included in Fannie Mae's contracts with loan servicers, the servicers will be responsible for monitoring and managing the conduct of foreclosure proceedings.

Facing a Florida Foreclosure Lawsuit, can be a very stressful and confusing period. Contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today. A Jacksonville Foreclosure Lawyer may be able to help you navigate through this difficult time and put you in the best financial position possible for your future. The initial consultation is free.

Chief Justice Charles Canady requested, and Governor Rick Scott has approved a $45.6 million loan to help the Florida Court system continue to operate through March 2012. This is in addition to the already granted $54 million loan to the courts to begin the 2011-2012 fiscal year. The initial loan was granted after realizing the decline in foreclosure filings would be continuing, but with the understanding the decrease would soon come to an end and the loan would be repaid. The courts have not exceeded their budgets. Instead, there has been a shortfall in revenue due to the increase in foreclosure filings.

Currently, the Revenue Stabilization Workgroup is working towards returning the majority of the court system's funding to the general revenue source. The additional loan is just supposed to sustain the court system until this can be accomplished. Governor Rick Scott commented, "[t]he transfers should only be made as needed to cover cash deficiencies, and the loan must be repaid as soon as practical, but no later than June 30, 2012."

Contact a Florida Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer today if you are facing foreclosure for a complimentary case review and to begin planning your recovery.

I have a 1st and 2nd Mortgage on my home. The 1st Mortgage is currently being foreclosed on by the 1st Mortgage Lender. However, my 2nd Mortgage Lender has now filed a completely separate action against me for the amount I owe them, but they are not foreclosing. Instead they are suing solely on the Promissory Note and did not respond in the foreclosure action on my 1st Mortgage. Can the 2nd Mortgage seek a Judgment against me before the 1st Mortgage finishes their foreclosure action?

Generally speaking, the 1st Mortgage (the mortgage used to purchase the property) has priority over all other mortgages on the same property executed around the same time or later. In Florida, the mortgage that is recorded first takes priority. In other words, for a 2nd mortgage, one not used to buy the property, to take priority over a 1st Mortgage, the mortgage must have been executed and recorded without notice of the 1st Mortgage.

When a 1st Mortgage successfully forecloses, all junior interests in the property, including the 2nd Mortgage, are eliminated. However, this is not the case where a 2nd Mortgage or other junior interest forecloses. When a 2nd Mortgage forecloses, all senior interests remain in place and the buyer takes the property subject to the 1st Mortgage. However, in order for junior interests to be eliminated with the foreclosure of a 1st Mortgage, the 2nd Mortgage must be made a party to the foreclosure action.

After a foreclosure and the property is sold, the proceeds from the sale are dispersed in this order:
1. Foreclosure costs are paid; then
2. The Mortgage foreclosed on is paid; if any money is left over, then
3. Junior Mortgage interests are paid in their order of priority.

Today, the proceeds from a foreclosure sale generally never are enough to pay off the mortgage foreclosed upon (usually the 1st Mortgage). Therefore, 2nd Mortgage holders do not receive any proceeds from the foreclosure sale of a 1st Mortgage and loose there interest in the property entirely.

Therefore, in an attempt to collect what is owed on a 2nd Mortgage and if the 2nd Mortgage holder thinks there is enough money available from the borrower, the 2nd Mortgage can file their own independent action against you directly based on the balance due on the Note instead of waiting for the 1st Mortgage to complete a foreclosure action and hoping there will be excess proceeds. This can be done irrespective of what the 1st Mortgage does.

When filing their own action, a 2nd Mortgage holder has two options. They can choose to file a foreclosure action, or sue based on the Note to collect the balance owed, which the 2nd Mortgage holder chose to do in this scenario.

If you are facing foreclosure, contact a Florida Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer today for a complimentary review!

"The foreclosure crisis is having a significant impact on mental health as well as on a wide range of preventable conditions that are susceptible to stress," said Princeton University economist Janet Currie. "Our findings prove yet again that economic well-being and physical well-being are connected."

The National Bureau of Economic Research recently published a study, co-authorized by Janet Currie, that analyzed the affect foreclosures are having on peoples health in the states who have the greatest number of foreclosures--Florida, California, Arizona, and New York. Foreclosure rates were linked to reports of emergency-room and hospital visits for stress-related issues. The study also included those who are stressed by making payments on a home that is worth significantly less than what they owe.

The report found that for every 100 foreclosed properties in an area, emergency-room and hospital admittances increased 7.2% for hypertension and 8.1% for diabetes for adults 20 to 49. Anxiety admissions saw a 12% increase, and malaise (stomach upset and nausea) increased by 7.5%. In addition, an increase in attempts of suicide was reported.

Being under financial anxiety causes changes in mood, hypertension, and diabetes that take a toll on your overall health. Families forced to move in together experience more friction.

If you are facing a Florida Foreclosure Lawsuit, contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer today. The initial consultation is complimentary.

Townhome and condo prices in Jacksonville, Florida have fallen far quicker than prices for single family homes. According to the Northeast Florida Association of Realtors, townhomes and condos are currently selling for a median price of $67,000. That is 63% below the peak in July 2006 of $182,500. Compared to a current median price of $135,000 for single family homes which has only dropped 35% from the August 2006 peak of $210,000.

The dramatic difference in the drops of townhomes and condos compared to the drop of single family homes can be explained by the large amount of townhomes and condos built during the past decade and how quickly those prices increased, followed by a huge amount of foreclosures filed on them that put too many on the market at the same time. The problem gets worst with how difficult townhomes and condos are to sell. Many cannot be bought with a FHA mortgage or even a conventional loan. Since banks will not approve a loan in complexes with 50% percent renters, or associations fees not being paid on 15% of the units, most must be bought with cash. Buying with cash means even more renters because cash buyers are usually investors whom have excessive cash who buy the units with the intention of renting them out.

Prime examples are:
• A condo on Old Kings Road recently sold for $30,000. Four years ago it sold for $141,000.
• Off Southside on Belle Rive Blvd., a condo that sold for $165,000 five years ago went for less than $30,000.
• Two condos sold for 1/3 of what they were bought for a few years ago in the downtown Berkman Plaza.

This is just more bad news for some Jacksonville Homeowners, but there are alternatives to being "upside down." If you are currently "upside down" in your home, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to see what options may be available to you.

Since the 1960s, the U.S. Defense Department has had in place a housing program to help military service members. In and through the fiscal stimulus of 2009, this housing program was expanded by Congress to include military members who are reassigned to a new base and own their home on which they owe more than the home is worth. Wounded soldiers and spouses of fallen soldiers were also included in the 2009 expansion.

Since the expansion of the housing program, the federal government has been able to provide relief to 7,000 service members who were reassigned. The relief given largely went above and beyond the approved $855 million by Congress by paying out more that $1.1 billion. Those who received relief were partially reimbursed for their losses for as much as 90%. The government bought 2,500 homes.

However, the program maybe coming to an end even though the housing-market remains in chaos in many military communities including the communities near military bases in Jacksonville, Florida; Southern California; and Dayton, Ohio. The program is not suppose to end until September 30, 2012, but is already in a profound deficit. Additionally, there is not a lot of support coming from Washington to continue the expanded program with Washington's current focus on trying to cut down the federal government's spending. The Obama administration has not requested any new money for the remaining 2012 fiscal-year.

If you are a military service member in Jacksonville, Florida, contact a Florida Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for a free case review to evaluate your foreclosure defense options.

RealtyTrac and the Palm Beach County Clerk of Court simultaneously reported the month of October saw an increase in new foreclosures filed. The Palm Beach County Clerk also reported that October is the 3rd month in a row where foreclosure filings have increased, with September seeing a 7% increase.

Since the beginning of 2011, new foreclosure filings have slowed down greatly, in part due to accusations of robo-signing among law firms through out Florida who were hired to pursue foreclosures on defaulted mortgages.

Florida currently stands 3rd among the 50 states for the amount of time it takes for a home to be repossessed. Above Florida, in a close race for 1st and 2nd place, are New York with an average of 986 days and New Jersey which averages 974 days.

According to the newest report from RealtyTrac, it takes an average of 749 days, slightly over 2 years, for a home to be foreclosed on and repossessed in the state of Florida. This is a 10% increase from the 3rd quarter of 2011 in the amount of time is takes for a residential property to wind its way through the foreclosure system.

Facing a foreclosure can be an extremely stressful and confusing time. Do not face it alone. Contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer today for a complimentary case review and to begin planning for you future.

The simple, straight to the point answer is YES! You should be worried about a deficiency judgment if you are currently in foreclosure or in default on your mortgage. Being in foreclosure or default has a high risk of you losing your home, but it also has a high risk of a judgment being entered against you.

This is a Deficiency Judgment--when a real estate property is foreclosed upon in Florida, the property is sold at a foreclosure sale. If the property owner owed $200,000 on her mortgage when she was foreclosed upon, and the property is only sold for $100,000 at the foreclosure sale, then the lender/bank can obtain a deficiency judgment for $100,000. A court order is entered stating the property owner owes the lender/bank $100,000. However, getting the deficiency judgment and actually collecting on it are two different beasts.

The lender/bank must obtain the deficiency judgment within 5 years of the mortgage going into default or of demanding payment. Also, a trial court has discretion whether or not to grant a deficiency judgment, and its decision must be based on established equitable principles, taking into account the specific facts of the case, and the decision is always subject to review by an appeal. Carlson v. Becker, 45 So.2d 116 (Fla.1950). The court must take into account the reasonable and fair market value of the property, and the reasonableness of the amount of the foreclosure sale. Savers Federal Savings & Loan Association v. Sandcastle Beach Joint Venture, 498 So.2d 519 (Fla. 1st SCA 1986). "The granting of a deficiency judgment is the rule rather than the exception." Flagship State Bank of Jacksonville v. Drew Equipment Co., 392 So.2d 609 (Fla. 5th DCA 1981).

If you are facing foreclosure, there may be steps you can take to ensure you do not get stuck with a deficiency judgment. Contact a Jacksonville Foreclosure Defense Lawyer or a Jacksonville Bankruptcy Lawyer today for a free case review to evaluate your defense options.

On December 1,the Attorney General for the State of Massachusetts, Martha Coakley, filed a lawsuit against the five largest U.S. lending banks, Bank of America, Wells Fargo JPMorgan Chase & Co., Citigroup Inc., and GMAC, for their roles in the foreclosure crisis which has plagued the country for the last several years. This suit marks the first major legal action that has been taken against major mortgage lenders since settlement negotiations began between the nation's biggest banks and the 50 state attorneys generals in Spring 2011.

The lawsuit disappointed most of the lenders named, who have pledged to continue working towards reaching a settlement agreement with the 50 states attorneys general.. Spokesman Lawrence Grayson of Bank of America stated, "We continue to believe that the collaborative resolution rather than continued litigation will most quickly heal the housing market and help drive economic recovery." GMAC on the other hand has vowed to fight the suit in court stating, "GMAC Mortgage believes it has strong legal and factual defenses against these claims and will vigorously defend its position in court."

Nevertheless, Ms. Coakley states she had no choice but to file the lawsuit as negotiations have reached a standstill. She, and many others contend the banks have not offered any meaningful compensation while continuously insisting on extensive protection from liability for the foreclosure crises.

If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today for a complimentary case review to determine what potential foreclosure defenses may be available to you.

A client came into our office today with an interesting issue. The client purchased a foreclosed property earlier this year and shortly thereafter leased out the property to a tenant to live in. Yesterday, the tenant came home to find the locks drilled and changed and a note on the door stating that the home had been secured by a property preservation company pursuant to an order by the lender. That is the interesting part, our client purchased the home outright with no mortgage!!!!

After doing some digging we were able to find that there was a small second mortgage on the home that had been recently been sold to a new company by the second mortgage holder. The new second mortgage holder was the party which hired the property preservation company to secure the home. The problem was when the bought the second mortgage they didn't realize that the mortgage had been foreclosed and they purchased a worthless mortgage. By hiring the property preservation company to secure the home they trespassed on our clients property.

While we were able to get this issue resolved with relative ease, many homeowners have not been so lucky. There have been numerous news reports over the past several years where banks have hired property preservation companies to secure homes and the companies go into homes, change the locks, remove all of the homeowners belongings and in some cases do damage to the home itself.

If you are a homeowner and have experienced a circumstance where your home or property has been damaged by a "property preservation" company by your lender, contact a Jacksonville Foreclosure Defense Lawyer or a Jacksonville Personal Injury Lawyer today for a complimentary review of your circumstances.

Distressed homeowners are seemingly getting a Christmas gift from their banks this year...many of the nations largest banks are reportedly halting foreclosures from December 16, 2011 to January 2, 2012.

Fannie Mae, Freddie Mac, Wells Fargo, Bank of America, and other banks have announced they will not foreclose on delinquent homeowners during the holidays. They are hoping this will give homeowners the much-needed time they need to get back on their feet. However, it is very important to know that the foreclosure process will continue to move forward, but homeowners WILL NOT be evicted from their homes during the holiday season. While banks are lauding themselves for their selfless act, in reality, very few homeowners may be affected by the foreclosure holiday.

According to a certified financial planner, Carolyn McClanahan, this is the "humane thing to do...People should't be kicked out of their homes during the holidays." If you are a struggling homeowner facing foreclosure, it is important for you to use this standstill to your advantage. Use it to create a plan to save your home, or look for different avenues that are more affordable.

It is important to remember that banks will still be prosecuting foreclosures during the foreclosure holiday to be vigilant for any foreclosure related pleadings you may receive during that time. If you are currently facing a Florida Foreclosure Lawsuit, contact a Florida Foreclosure Lawyer or a J Jacksonville Foreclosure Defense Lawyer for complimentary consultation to determine what foreclosure options may be available to you.

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There is a single fundamental action that must be done when faced with a foreclosure. Once served with a Summons and Complaint, you must file a response or an Answer to the Summons and Complaint within 20 days. The Complaint will and must state with specificity the nature of the action and what the Plaintiff (bank) is requesting.

Determining what to file and when to File an Answer in a foreclosure lawsuit is probably the most crucial step in a foreclosure lawsuit. There are several major benefits you cannot afford to miss out on. Once a response to your lawsuit is filed you will receive future notices of all future actions in the case. A properly written response can help to even the playing ground between the bank and yourself.

A lender bringing the foreclosure action certainly has multiple attorneys fighting for their interest and you should have an attorney reviewing your case and helping you fight to defend your rights and educate you on your options.

Contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer to review your case and see that your foreclosure Summons and Complaint is properly answered and well drafted. A Florida Foreclosure Lawyer will also make sure that all other aspects of your foreclosure case is properly handled, giving you the best chance of coming out of the foreclosure with your head high above water. Complimentary initial consultation.

Recently a Jacksonville Foreclosure Defense Lawyer read a story about a California doctor who has gotten to see the Bank of America modification and foreclosure processes up close and personal. In a story not unlike ones that many struggling homeowners have faced, the homeowner applied for and was granted a three month trial modification. After making his three scheduled modification payments, Bank of America then denied the homeowner a permanent modification and the homeowner resigned himself to losing his house to foreclosure.

However, just a few weeks later, the homeowner received a notice from Bank of American encouraging him to apply for a second mortgage modification. The homeowner again applied and was approved for a modification. This time he hired a foreclosure attorney to aid him in convincing Bank of America to make his modification permanent. After completing his second trial modification, he was finally sent a permanent modification packet from Bank of America with one arbitrary caveat, the packet must be signed and notarized by a California notary within 10 days.

This presented a problem for the homeowner as he was temporarily teaching at a university in Louisiana and therefore could not get a California notary to notarize his signature. When he called Bank of America to inquire into whether or not a Louisiana notary could notarize his signature he was told "no" and was instructed to send the paperwork in un-notarized. After Bank of America received and reviewed the paperwork, the homeowner was informed his permanent modification was denied because his paperwork was incomplete because his signature was not notarized, which is precisely what Bank of America told him to do!!

The lawyer for the homeowner contacted Bank of America and urged them to change their decision and the bank relented...but he still had to have his signature notarized by a California notary. So, the homeowner had to jump on a plane, fly back to California, have his signature notarized and submit the paperwork to Bank of America. After all that what does Bank of America do...deny his permanent modification again, this time for submitted the complete paperwork six days late...after the 10 day time limit for submitting the original paperwork.

While this is an extreme example of some of the issues with mortgage modifications, many people who have attempted to get their mortgage modified have experienced at least some of the issue this homeowner faced. If you are facing a Florida Foreclosure Lawsuit, contact Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary consultation to determine what foreclosure options may be available to you.