Florida Foreclosure Defense Lawyers Blog

Recently, Florida foreclosure defense attorneys have been scrutinized for not using "sophisticated" defenses against Plaintiff banks in foreclosure actions. One of the lynchpins of this foreclosure mess is that banks have been sloppy in the documentation they rely upon in order to show they have the right to foreclose. The Notes and Mortgages submitted to Courts may not be properly endorsed, if endorsed at all. Meaning Banks cannot prove they have standing to foreclose on the home in question. The Florida 4th District Court of Appeal heard the case of Robert McLean v. J.P. Morgan and Chase Bank the week of February 8th, which addressed this very issue.

The case was brought to challenge an award of Summary Judgment for Chase Bank at the trial level (Circuit Court). The 4th DCA reversed the trial court's ruling and, concluded the Court erred in entering Summary Judgment where the record lacked sufficient evidence to show Chase had standing to foreclose at the time the lawsuit was filed. The Court noted that a crucial element in any mortgage foreclosure action is that the party seeking foreclosure MUST demonstrate it has standing to foreclose. Standing may be established by either a properly endorsed Note, an Assignment of Mortgage, or an equitable (non-physical) transfer of the mortgage prior to filing of the Complaint. The Court noted that even in the absence of a valid written Assignment of Mortgage, the "mere delivery of a note and mortgage with intent to pass title will vest the equitable interest in the person whom it was delivered" so that dismissing a Bank's complaint would be error. Thus, a party must establish standing to foreclose on the mortgage prior to the complaint being filed.

In McClean, the Assignment of Mortgage was executed three days after the case was originally filed. Thus, Chase did not acquire standing to foreclose until 3 days after the suit was initiated. There are no sophisticated defenses necessary in cases such as this one where the bank fails to prove they acquired the right to enforce the Note before filing the suit. Click here to read the full opinion: McLean v. JP Morgan.pdf

This may be the exact theory your bank is using in your foreclosure case, and one a Jacksonville Foreclosure Defense Attorney's may be easily able to identify. In order to evaluate your case, it is important to seek out the help of an attorney early on; many times, these consultations are free. Contact a Jacksonville Foreclosure Defense Attorney's today.

New data from Lender Processing Services (LPS) shows that at the beginning of 2012 there were approximately 6,082,000 mortgages that were not being paid in the U.S. LPS's statistics are derived from it's database of approximately 40 million mortgage loans, including loans that are greater than 30 days late and loans in foreclosure. This puts the national mortgage delinquency rate at around 8 percent. The formula for determining the delinquency is measured by all loans behind by one payment. LPS reports that of these past due, Florida has the highest percentage of non-current mortgages.

This news is even more interesting on the back end of the fact that the Senate Judiciary Committee passed the Foreclosure Fast Track Bill. Senate Bill 1890 would reduce the time Banks are allowed to seek a deficiency judgment from 5 years to 1 year. A deficiency judgment is a court order that allows a foreclosing bank to seek the difference between the price of the home sold at judicial sale and the amount remaining on the mortgage. Making that window smaller would mean that, with the foreclosure back log still at an all time high, Banks would have to significantly clean up their process in order to timely file these judgments.

One of the best ways to avoid a deficiency altogether is by remaining in constant contact with banks and lenders. A Jacksonville Foreclosure Defense Attorney's may help to ensure your are consistently in contact not only with the lender. Under certain circumstances, a free consultation may be appropriate. To inquire, contact a Jacksonville Foreclosure Defense Attorney's at your earliest convenience.

One question that comes across a Jacksonville Foreclosure Defense Attorney's desk on a weekly basis is: "What do I do when faced with foreclosure? Succumb to it or try to obtain a short sale?" The answer to this question can often be reached through a thorough analysis of the your particular financial circumstances and objectives. Recent statistical data does lend support to the notion that a short sale is a better option over a foreclosure. This data comes from a Massachusetts-based realty group that has been advocating for short sales since many homes fell "under-water" during the housing bubble burst. The term underwater means a homeowner owes more to the bank than the home is worth. For those who no longer want to remain in their homes, finding a viable solution could be closer than anticipated.

The group, McGeough Lamacchia Realty, is based in the New England area. Their findings show that, on average, a home sold through a short sale brings a 26 percent greater return to the bank than a foreclosure. Banks lose an average of $43,000 per home when they go through the foreclosure process when compared to a short sale. The prices noted were based off of short sales and foreclosed properties in Arizona, California, Massachusetts and Florida. Banks may offer additional incentives for those who want to pursue a short sale, including debt forgiveness and improved credit scores. Keep in mind that when a homeowner enters foreclosure, he or she may be unable to qualify for another home loan for the next 7 years. A short sale may help to combat the negative credit consequence allowing a consumer to become eligible to obtain a new home sooner; generally in about half the life (3.5 years).

All Short sales are not equal. Many lenders do not forgive the remaining mortgage balance, regardless of what real estate agents may claim. Be careful that you understand what you are signing before agreeing to a short sale.

Some benefits to a short sale can exist, but the circumstances have to be right. In order to determine if a short sale is right for you, start by meeting with an experienced Jacksonville Foreclosure Defense Attorney's as soon as possible. By meeting with a Jacksonville Foreclosure Defense Attorney's you can better understand the short sale process as well as all the other options that may be available to you.

If you are upside down on your mortgage and facing foreclosure, you maybe feeling desperate and have no idea what to do. You are at risk of loosing your prized possession, your home. No matter what you, there are some things you should NOT do when facing foreclosure.

-DO NOT do nothing and hide from your lender.
-DO NOT believe your lender when they say they will stop the foreclosure or nothing will happen as long as you are talking to them.
-DO NOT attend a court hearing Pro Se (aka without legal representation).
-DO NOT spend excess money. You should start saving whatever money you can immediately.
-DO NOT sign anything you do not understand or without thorough investigation.
-DO NOT become victim to a scam.
-DO NOT accidently sign away your home: For example you may be visited at your home by someone claiming to be able to help you and you sign stacks of papers which require lots of signatures. One stack contains a quit-claim deed they can use for refinancing or obtaining a second mortgage to take all equity out of your home and then disappear.
-DO NOT become influenced to refinance and be swindled: For example you refinance your mortgage in order to catch up on payments and keep your home. You make the required monthly payments but the first mortgage is never redeemed and eventually you are evicted.
-DO NOT deed your home to someone else: Your lender seeking to foreclose can and probably will simply ask the court to declare the transfer void or fraudulent. Regardless, the mortgage will still be in your name and you will still by liable for the mortgage.
-DO NOT damage the property.
-DO NOT move before you have to: By moving out before you have to you can loose eligibility to apply for many programs. By no longer living in the property, you may not be considered for a modification, Deed-in-Lieu, Cash for Keys, etc.

These are only a few simple guidelines to follow while facing foreclosure. A Jacksonville Foreclosure Defense Attorney may be able to provide you with further DO's and DON'TS of foreclosure depending on your individual situation.

One final DO NOT of foreclosure is to think allowing a Foreclosure Judgment being entered against you and loosing your home is your only option. There are many different ways to deal with being unable to make your monthly mortgage payment and foreclosure. Contact a Jacksonville Foreclosure Attorney today to discuss your situation.

DocX was one of the largest loan servicing companies for the foreclosure market. It is now the target of the Missouri Attorney General, who, along with a grand jury, has charged the company with 136 counts of forgery. Similar charges were filed against Lorraine O. Brown, founder and former president of the mortgage servicing company.

Like many loan servicing companies, DocX ran into trouble when the housing market crashed. Faced with mounting documents that needed authentication, many of the companies simply began authorizing documents with fraudulent names. In DocX's case, employees apparently notarized millions of mortgage documents before closing in 2010. Many of these notarizations are alleged to be forgeries.

The investigation is still ongoing, though the attorney general maintains the forgeries are criminal when submitted to a court. "Today's indictment reflects our firm conviction that when you sign your name to a legal document, it matters." The allegations stem from "Linda Green," whose signature appears on 68 documents. Ms. Greene was not, however, the person holding the pen when these signatures were made. Further, the documents were filed with the court as if they were legitimate. This is potentially illegal behavior.

Other evidence against the company includes former employees who describe themselves as "surrogate signers." One worker claims she was paid $11 an hour to "sign somebody else's signature on documents." She claimed to have signed nearly 2,000 documents every single day for several months. Many of these documents were assignments of mortgage, which are very important documents in any foreclosure case.

If you are facing foreclosure, contact a Jacksonville Foreclosure Defense Attorney who can help you determine the options you have available in your case. Even if the documents in your case aren't fraudulent, the bank or foreclosure company needs to prove its case before taking your home. Contact a Jacksonville Foreclosure Attorney to discuss any questions you have.

If you are a Jacksonville Foreclosure Defense Attorney, you know all to well the pleas from homeowners facing foreclosure. One plea heard over and over again from just about every homeowner facing foreclosure who walks through your door is that they could not get anywhere with their lender. Uncountable phone calls were made and financial packets sent with nothing to show for it. Lenders have been simply unwilling to work with homeowners to either obtain a modification or a Short Sale. Rather, it has seemed that lenders have preferred to obtain title to the property through foreclosure in the Florida courts. A recent report states that lenders may be beginning to see the cost benefit of allowing homeowners to Short Sale their home rather than go through the long and costly process of foreclosure in Florida. Click here to read the full article on Bloomberg.

But what has changed all of a sudden? For starters, it's cheaper to allow a homeowner to Short Sale! The foreclosure process can take a few years to complete. Meaning the lender must keep all taxes and insurance current, maintain the property, pay legal fees, and all other costs required to maintain and protect the property. A Short Sale is generally completed in a lot less time making it a lot less expensive. Lenders loose 15% less through Short Sale than through a foreclosure.

While not typical, one homeowner was offered $30,000 on top of being able to Short Sale her property for about $200,000 less that what she owed on the mortgage. This is not the only case of a lender offering money to a homeowner to find a willing buyer to Short Sale. Lenders now seem to be increasing their efforts to clear defaulted mortgages from their inventory. Some are offering as much as $35,000 or more to persuade homeowners to obtain Short Sales. Other incentives include pre-approving Short Sales, streamlining the Short Sale process, and relinquishing rights of deficiencies.

Obtaining a Short Sale is one way of dealing with foreclosure and being unable to afford your monthly mortgage payment. With the new incentives and new views of Short Sales by lenders, you may want to try to speak with your lender again about a Short Sale even if attempts have been unsuccessful in the past. Depending on your goals and financial situation, their may be another option that better suits you. Contact a Jacksonville Foreclosure Defense Attorney to discuss your situation.

Homeowners across the country who want their foreclosures reviewed by a third party secured a victory this week. As part of federal regulator's independent foreclosure review directive, homeowners can have their cases checked but had to adhere to a deadline that was fast approaching April 30. This week, that deadline was extended until July 31, 2012.

The Federal Reserve and the Office of the Comptroller of the Currency announced Wednesday that the deadline was pushed back by three months. This was done in order to give consumers more time to file for a case review for those who believe they were subject of errors in the foreclosure process between 2009 and 2012. The reviews will be mandated and enforced by the above federal regulatory agencies. The review will further only apply to the mortgage servicers and their subsidiaries that were subject to the enforcement actions handed down by the Comptroller of the Currency and Federal Reserve on April 13 last year.

Those companies include: America's Servicing Company, Aurora Loan Servicing, BAC Home Loans Servicing, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage; Countrywide, EMC, Everbank/Everhome Mortgage Company, Financial Freedom, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City Mortgage, PNC Mortgage, Sovereign Bank, U.S. Bank, Wachovia Mortgage, Washington Mutual, Wells Fargo, Wilshire Credit Corporation.

Borrowers are eligible if their loan was serviced by one of the participating companies above, the mortgage loan was subject to foreclosure between January 1, 2009 and December 31, 2010, and the mortgaged property was the borrower's primary residence. Although there are no costs associated with these reviews, it is not recommended that a buyer go into them alone. There are also no costs for scheduling a consultation with href="www.floridaforeclosuredefenselawyersblog.com" target="_blank"> an experienced Florida Foreclosure Defense attorney Contact href="www.floridaforeclosuredefenselawyersblog.com" target="_blank"> a Jacksonville Foreclosure Defense lawyer to schedule a free consultation today.

Officials recently audited foreclosure filings in San Francisco, California. It is being called the "most detailed and comprehensive" audit that has been done, and the results are shocking: out of nearly 400 foreclosures, over 80% of them appear to be illegal. Though the audit was limited to San Francisco, an attorney with the National Consumer Law Center believes they are comparable nationally.

The study found that robosigning appears to be at the heart of much of the illegality. Most of the signatures on the fraudulent documents showed vast irregularities -- a sign that the names on the documents do not match the person actually signing them.

Why is robosigning such a problem? When banks sold the rights to collect on mortgage debt, they had to transfer notes. This transfer is legally supposed to include documents that evidence a valid transfer. In other words, the bank should not just give a bunch of documents to the loan servicer and call it a deal. The banks have not admitted to any wrongdoing, but many of these transfer documents are apparently non-existent. When the foreclosure companies realized this, they scrambled to create the transfer documents. Unfortunately, many of these documents were created fraudulently -- at least 80% of them in San Francisco's case.

The foreclosure companies should not be allowed to simply create documents out of thin air that they are authorized to foreclose on a home. They need to have actual legal evidence of their right to foreclose. If you are facing foreclosure, you should not try to battle the banks and foreclosure companies alone. Contact a Jacksonville Foreclosure Attorney to discuss your options. We are here to help

Facing and going through a Foreclosure lawsuit in Florida does affect the rest of your life. Try to think of a Florida Foreclosure lawsuit as a starting point for preparing for your future. Going through a Florida foreclosure can be stressful, worrisome, and, worst of all, emotionally tiresome. As soon as the foreclosure suit is filed in Florida, it is important to immediately create a plan for your future. It is never too late to begin but your options can be limited by waiting to long. The key issues to begin focusing on are:

- Resolving the Foreclosure - Does it make sense to modify the loan or resolve the complaint or is the home so far upside down that it does not make sense.

-Finding a new place to live: Once the foreclosure process ends, if you are unsuccessful, you will have to vacate the property, but where do go? Most likely you will have to find a place to rent. Begin putting money aside to pay for moving expenses and deposits.

-Repairing your credit score: Know what your credit score is. Once a year you can check your credit score with all 3 credit bureaus at annualcreditreport.com. Make sure all information reported is accurate. If there is erroneous information, request it be removed. Filing bankruptcy is another option that may increase your credit score. At the very least, it will allow you to begin repairing your credit sooner rather than later. A foreclosure will stay on your record for 7 years!

-Tax consequences: You may have to pay taxes on the deficiency between your loan balance and the foreclosure sale. However, the home mortgage exception (legislation passed by President Bush that will expire at the end of 2012) may help you, or you may be able to cancel the tax debt from your mortgage.

-Background checks: Foreclosure, as well as bankruptcy, can get in your way of obtaining a financial position or a job that requires a security clearance. Have an explanation ready and be prepared.

If you would like to speak with an attorney regarding your particular situation, since there is not just one way to deal with foreclosure, contact a a Jacksonville Foreclosure Defense Attorney. We are here to help you prepare for your future after foreclosure!

An interesting by-product of "waiting in the wing" is the tendency for other areas of life to be affected. The Florida foreclosure backlogs have people doing just that - waiting - and it is beginning to take a negative toll on many homeowners. Recently, attorneys in Florida have noted how the foreclosure process has affected clients in other ways, such as those looking to discharge their debts in bankruptcy.

Some clients in Florida can have their debts discharged in bankruptcy fairly quickly. But many are finding their financial lives still on hold when a home is pending in foreclosure... a process that can take up to 3 years in Florida. By that time, the clients may have paid off past debts and repaired their credit. Even so, with the foreclosure still pending, it remains difficult to secure financing from a lender. For example, if the client wants to purchase a new home, many banks will not lend to borrowers who have a foreclosure judgment on record within the past 36-months.

Until Florida's foreclosure procedure is cleaned up, banks are reluctant to file more foreclosures to add to the 368,000 still pending. As a homeowner, you can avoid the effects of "waiting" for a foreclosure judgment by taking action. Call a Jacksonville Foreclosure Defense Attorney and schedule a consultation to see what options are available to you. Many times these consultations are free. Navigating the harsh waters of a Florida foreclosure can be made easier by enlisting the help of Jacksonville Foreclosure Defense Attorney early on in the process.

Often, a personal representative of a Florida Probate estate must deal with the decedent's real property that is burdened by a mortgage. Therefore, it is important to know how the mortgage affects the administration of the estate. All too frequently, the decedent's mortgage goes into default upon their death for one of four simple but avoidable reasons:

- There are no other assets or funds in the estate to make the monthly mortgage payments;
- The personal representative does not know about the mortgage so they don't make the payments;
- The personal representative incorrectly assumes the mortgage does not need to be repaid while the estate is being administered or that the loan is forgiven upon the decedent's death;
- The property is worth less than the mortgage.

However the mortgage must continue to be paid according to the terms of the mortgage or the property will be foreclosed on. If foreclosure occurs and the mortgage is a "purchase money mortgage," the lender is unable to seek a deficiency judgment from the estate. In other words, if the proceeds from the foreclosure sale are not enough to cover the balance of the mortgage, the lender cannot go after the descent's estate for the deficiency.

If you are the personal representative of a decedent's estate that includes real property accompanied with a mortgage, it maybe difficult to navigate the probate administration along with trying to avoid foreclosure. Seek a Jacksonville foreclosure Attorney who is experienced with the foreclosure process as well as with Florida Probate administration. Having an attorney experienced in both areas may help you through this difficult time.

Facing foreclosure can be stressful and scary. Knowing what to expect may provide you with some relief. The foreclosure process in Florida may differ slightly depending on where you are located, but, in Jacksonville, the foreclosure process generally follows this route:

1. Missed Payments: Once a payment is missed on your mortgage, it generally takes about three months for the Lender to begin the foreclosure process. However, it could take less or much more time.
2. Foreclosure Filed: The Lender's law firm will file papers to foreclose on your property and a Foreclosure Action is filed with the Court.
3. The Borrower is then served with a Foreclosure Summons and Complaint.
Many Borrower will then hire an experienced Jacksonville Foreclosure Defense Attorney.
4. Borrower Answers: The Borrower must file a written response with the Court within twenty (20) days of being served with the Foreclosure Summons and Complaint. It is extremely important to file a response within 20 days in order to protect your rights to the property. If a Borrower fails to respond within the 20 days, it is assumed that the Borrower admits all allegations in the Foreclosure Complaint and a default will be entered against you.
5. Options and Consequences. Borrowers should understand their options and what the consequences of each will be on their home ownership, length of time they can stay in the home, amount of money they will have to pay, and other personal issues. Understanding these options will help you to understand which solutions make sense for you and your family.
6. Seek Solutions: By choosing to respond to the Foreclosure Complaint and defend the Foreclosure, you have preserved your rights to the property, which allows you to seek other solutions to Foreclosure that is best for your specific situation. There is no one size fits all solution to Foreclosure, but a Short Sale, Deed-In-Lieu of Foreclosure, Cash for Keys, a modification, or Bankruptcy may allow you to avoid foreclosure.
7. Follow-Up: No matter which route you choose, ALWAYS continue to follow-up!

If you still have questions or would like to speak about your specific situation, contact an experienced Jacksonville Foreclosure Attorney. Having an experienced Jacksonville Foreclosure Attorney on your side may further help relieve the stress that accompanies foreclosure. The initial consultation is free.

A recent report put out by Hope Now, a alliance of mortgage servicers, investors, loan counselors, and mortgage insurers, states that more than 1 million mortgages were permanently modified in 2011. That does seem like a lot but is in fact a 40% decline from 2010. However, more modifications took place in 2011 than foreclosed homes sold. Roughly only 843,000 foreclosure sales took place in 2011. For 2012, it is estimated that an outstanding 1 in 3 mortgages will be underwater by the end of the year

In December 2011 alone, 80,000 loan modifications were finalized. This includes 56,000 proprietary modifications and 23,000 trial modifications that became permanent through the Home Affordable Modification Program (HAMP). The HAMP program was recently revamped by President Obama to make the program more accessible to more borrowers.

Hopefully with the new changes to HAMP, 2012 will see even more mortgage modifications. If you are having difficulty paying your mortgage or are facing foreclosure, contact a a Jacksonville Foreclosure Defense Attorney who can hopefully make the process less stressful for you and your family, and help you make the right decision regarding your home for your future. Complimentary initial consultations.

Unfortunately, not at all! Robo-signing has now been identified in lawsuits against delinquent credit card holders. Just like in foreclosure actions where banks and lenders are required to produce original Notes and Mortgages in order to prove they have the right to foreclose, original credit agreements and accurate payment histories must be produced in order for banks to obtain judgments against delinquent credit card holders. The falsely attested-to statements by bank document custodians submitted in courts are being referred to as "robo-testimony."

As a result, judgments already entered in favor of banks may be abated. Banks could face suits from state attorney generals or investigated by the Consumer Financial Protection Bureau. As well as being charged under the Racketeer Influences and Corrupt Organizations Statutes.

This may bring some relief to debtors, but keep in mind this discovery is still very new and there remain many unanswered questions. However, this may explain why JPMorgan Chase & Co. suddenly walked away from 1,000 debt collection lawsuits in April 2011. If your pending case was suddenly dismissed by Chase, it was likely only dismissed "without prejudice," which means the case could be refilled in the future.

It was announced last week that three more states are considering signing on to the nationwide settlement for allegations of wrongdoing by some of the U.S.'s top Banks. Arizona, Michigan, and FLORIDA are now expected to sign onto the settlement. This report is supported by Attorney General Pam Bondi's office, which released a statement claiming Bondi continues to be engaged in settlement discussions in order to ensure Floridians receive their fair share in any agreement reached and that bank mortgage servicers are held accountable.

This could make for the largest single industry settlement in more than a decade, which would cause the five largest mortgage lenders to reduce 1 million loans by a total of $17 billion. Another $3 billion would go to homeowners who have already been foreclosed on, while $5 billion would go to state and federal foreclosure programs. The settlement is a product of discussions regarding the widely publicized abuse that occurred after the housing industry bubble burst. Allegations ranged from the failure of foreclosure processing companies to verify documents, to employees signing documents they had either no authorization to attest to or had never seen before.

While $25 billion is the anticipated settlement that has been most cited, that amount could change depending on how many states, and which states, agree to settle. Five key states have yet to make a commitment to the agreement - California, Delaware, Massachusetts, New York and Nevada. The joining of those states would mean a full 50-state-claim, and likely more money banks would have to pay consumers.

This settlement would lower mortgages for those still in their homes, provide cash payments to those already foreclosed on, and give Banks tangled in the foreclosure mess a clean slate. One of the most important steps a consumer can take is ensuring an experienced Jacksonville Foreclosure Defense Attorney is on his or her side. Whether in foreclosure now or already lost a home, contact a Jacksonville Foreclosure Defense Attorney to discuss the available options.

One aspect of the foreclosure crisis that is all too often forgotten, are the tenants of homes being foreclosed on. Tenants of foreclosed properties may be evicted even though they have always paid their rent on time and followed all terms of their lease. Is there any protection for this group? Yes, the Protecting Tenants at Foreclosure Act of 2009.

The Protecting Tenants at Foreclosure Act of 2009, or PTFA, was enacted by the federal government to provide tenants of foreclosed properties protection until the end of 2014. Under the Act, a tenant must be given at least 90 day's advance notice of eviction from the new property owner. However, the tenant must be a bona fide tenant, which means:

1. the tenant is not the borrower of the mortgage or the child, spouse, or parent of the borrower;
2. the lease is the result of a arms-length transaction; and
3. the lease requires the payment of rent that is not substantially less than the fair market rent for the property.

So if you are currently renting property that is being foreclosed on or are renting your property that is facing foreclosure, the tenants will not have to vacate the property without any notice. At a minimum, the tenants will have 90 days advance notice of when they must be out of the property. Regardless, it is always a good idea to seek the advice of a Jacksonville Foreclosure Defense Attorney.

One idea for handling the enormous number of foreclosure filings in Florida is to change Florida's judicial foreclosure procedure to a nonjudicial procedure (one that does not involve the court system). However, the House Civil Justice Subcommittee, which held a workshop regarding Florida's foreclosure filings, is disinterested in the idea. One key reason for the lack of interest is that it would do little for the 368,000 foreclosures already pending in the court system.

Instead, the House Civil Justice Subcommittee is hoping to reinstate the program that was in place in 2011 and funded by the Legislator. The program will allow senior judges to manage the backlog of cases and future filings with online case managers. The subcommittee further plans to reinstate the program each year and only ask for the resources they expect to need, $5.7 million for 2012-2013. State Courts Administrator Lisa Goodner anticipates foreclosure filings to return to their normal level of 70,000 per year in 2016.

Also discussed at the subcommittee workshop are the problems with the current expedited judicial foreclosure process. What are the key issues? And what needs to done? Regardless, lenders are somewhat unstoppable and the actual issue remains with the documents.

New York Attorney General Eric Schneiderman brought suit against at least three of the nations biggest banks and Mortgage Electronic Registration Systems; Inc. (MERS) on Friday, February 3, 2012. AG Scneiderman alleges these banks unlawfully and deceptively relied on MERS to quickly buy and sell pieces of mortgages. Further, MERS allowed banks to circumvent NY property recording system and helped to create "deceptive and fraudulent court submissions" in order to foreclose.

AG Schneiderman stressed that "MERS' conduct, as well as the servicers' use of the MERS System, has resulted in the filing of improper New York foreclosure proceedings, undermined the integrity of the judicial process, created confusion and uncertainty concerning property ownership interests, and potentially clouding titles on properties throughout the State of New York."

Some states are actually ahead of NY. A suit was filed against the same banks in December by the Massachusetts attorney general. The Mass. case is still ongoing. For more information, visit CNN Money.

Florida Attorney General Pamela Bondi and her investigation into Florida "Foreclosure Mills" has taken a bad turn. On February 1, the Fourth District Court of Appeal denied the Office of the Attorney General's request to certify that its recent decision in Law Offices of David Stern, P.A. v. State of Florida passes upon a question of great public importance. The refusal by the 4th DCA to certify the question means that the AG's office is now precluded from seeking further review of the Stern decision.

Three of the biggest firms at the center of the "fraud-closure" scandal are now calling for the cases against them to be dismissed. Bondi's office has struggled from the start to find legal grounds to hold the firms accountable. It is unlikely that Bondi's office is going to develop a solid legal theory under their current strategy, which is being investigating the offices under the Florida Deceptive and Unfair Trade Practices Act. But that Act governs trade and commerce, so it is unclear how it applies to law firms, if at all. Attorneys for the fraud-closure firms claim that what the law firms are accused of did not qualify as trade or commerce and that the statute in question exists to protect consumers. The consumers in question, those attorneys said, were the banks.

This deals a significant blow to the homeowners of Florida, and is a disappointment for the AG's office. This may not be the end of the story as it has yet to be seen if Bondi's office will attempt to bring criminal charges against the firms.

On January 27, 2012, President Obama announced during his State of the Union address that he would be revamping the 2009 Home Affordable Modification Program (HAMP). The program was meant to help millions of homeowners obtain a loan modification after defaulting on their mortgage. But the program has been said to be a failure after it helped less than 1 million homeowners. In Florida, only 90,000 homeowners received permanent modification under HAMP.

The key changes of the new plan were released after the State of the Union and include:
Allowing rental property mortgages to be modified (before only mortgages on homes lived in by owners were eligible).

Increased the incentive to write down principal amounts to between 18¢ and 63¢ on the dollar (previously the incentive was only from 6¢ and 21¢ on the dollar).

If a homeowner's monthly mortgage payment is below 31% of their income, but their other debt (credit cards, medical bill, other liens, etc.) makes payment of the mortgage difficult, the homeowner may be eligible for more flexible programs.

Extends HAMP until December 31, 2013.

Gives Fannie Mae and Freddie Mac incentives to reduce principal balances on underwater mortgages.

These changes should significantly increase homeowners' eligibility, and Florida is said to really profit. Funding will be paid from the previously allocated $29 billion to the program since only about $9 billion has been spent.

There are still many questions to be answered regarding the new changes, which are part of President Obama's "We can't wait" campaign. The changes should be implemented by this May. If you think you may be eligible or may profit from this program, contact a Jacksonville Foreclosure Defense Attorney who may be able to assist you in reviewing your overall financial situation and aid you in deciding if the program could help you. It is important to keep in mind that the decisions you make today can significantly impact your financial stability for decades. A Jacksonville Foreclosure Defense Lawyer may help you determine the programs impact on you.

It has now been about 3 months since the new Home Affordable Refinance Program, or HARP 2.0, was announced by the Obama Administration. The program is aimed at helping homeowners refinance with today's low interest rates who owe more on their mortgage than their homes are worth. Unfortunately, many homeowners still cannot apply.

The reason for the continued delay is technology and unanswered questions. The necessary updates to the automated loan approval systems at Fannie Mae and Freddie Mac have not been done and are not scheduled until mid-March. Under the previous federal Home Affordable Refinance Program, refinance applications where the homeowner owed 25% more on the loan than the home was worth were to be denied and the programs were programmed to do just that. Until the systems are updated, new refinance applications cannot be processed under the new guidelines in which there is no cap.

It is important to banks that the refinance applications are evaluated under the new HARP 2.0 guidelines to ensure the home loans will be bought by either Fannie Mae or Freddie Mac. If a loan is not eligible, then the banks are refinancing at their own risk, which they are not willing to do. Freddie or Fannie purchased loans are guaranteed against default. Freddie and Fannie currently own, or at least guarantee, about half of all US mortgages.

Currently, only Fannie Mae and Freddie Mac loans are eligible to be refinanced under HARP 2.0. However, most eligible loans will not be able to be reviewed until March. Bank of America began its program for its mortgage customers on January 17, and CitiMortgage and GMAC mortgage are also already accepting applications. While JP Morgan and Chase will be begin processing applications until February 6. If you are having difficulty making your mortgage payments, or are already behind on your payments, you are already too familiar with the stress of trying to figure out what to do next.

Repossessions in Palm Beach County during 2011 declined for the second consecutive year, totaling a 61% decrease from when foreclosures peaked in 2009, a Palm Beach County report confirmed this month. As a matter of fact, foreclosure filings totals were the lowest since 2006. Despite the drop, it is likely that foreclosure filings will continue to steadily rise, which began in July 2011.

The report sparked debate about whether foreclosures will remain down through 2012 or if the filings will ramp back up. Some housing and banking experts believe filings will continue to go south, while some believe banks were just taking a break during 2011 on the back end of the robo-signing scandal and will continue the rise that began in July. Indications point to the latter theory, as most major banks halted foreclosures temporarily in 2010 to sort issues with current foreclosures before beginning new ones. The closing of major foreclosure firms such as David Sterns' also created delays when their cases had to be transferred to new law firms.

There is evidence that supports the theory that foreclosures will increase in 2012: since September 2011, nearly 56% of Florida homeowners in foreclosure had not made a mortgage payment in two years or more. Some experts say in the alternative that this statistic will instead force banks to modify loans and provide incentives to homeowners who short sale, rather than engage in a lengthy and costly foreclosure process.

Ultimately, only time can tell us where the housing market will go from here. But there are factors a homeowner can control, such as the selection of an experienced Jacksonville Foreclosure attorney who maybe able to assist in your case. Whether currently facing foreclosure, or just concerned because of failure to maintain mortgage payments, contact a Jacksonville Foreclosure Defense lawyer to schedule a consultation soon.

A forbearance program is often a short-term solution to what is usually a greater problem. In such a program, a lender - such as your bank - agrees not to foreclose on your property so long as you keep making reduced monthly payments. These are ideal for people experiencing temporary setbacks, such as job loss or health issues.

However, this solution often causes other problems. The biggest thing to think of is the fact that, because the bank is lowering your monthly payment, your principle is not being reduced at the rate it once was. This means your interest is accruing on a higher principle balance and it will take longer to pay off your loan. Additionally, some lenders will still list your account as delinquent, even if they approve the forbearance plan. Make sure to ask your lender if this is their policy prior to agreeing to a forbearance plan. A delinquency could hurt your credit score.

The forbearance plan made news recently as Fannie Mae and Freddie Mac agreed to extend their forbearance programs to out-of-work homeowners; previously only up to 90 days. In order to qualify for these plans, homeowners cannot be working at all; however, a co-borrower may still be employed.

Beyond the initial requirement of being unemployed, there are further steps to take. While it may be possible to negotiate with your lender by yourself, this can be a daunting task and you are always welcome to contact a Jacksonville Foreclosure Defense Attorney who may be able to help you deal with your lender and may provide more peace of mind throughout the process. Contact a Foreclosure Defense Attorney to discuss your options.

There is no doubt that foreclosure is stressful. As soon as you receive a foreclosure notice, you should contact a Jacksonville Foreclosure Defense Attorney to help you through the process and defend your rights. Remember, the bank cannot take your house until the court gives them the right to do so. This means the bank must prove to a judge they have the right to foreclose.

Once you meet with a Foreclosure Defense attorney, it is important to cooperate with the attorney in whatever ways you can. Respond to phone calls. Send requested documents. If you decide to abandon your home, you should discuss this with your attorney to understand the potential consequences of your actions.

Nevertheless, even with an attorney, foreclosure can be stressful. There is no guarantee that the bank will not foreclose on your home. This fact sometimes leaves people worrying if they will soon have to find a new home. Indeed, with the average foreclosure taking 806 days in Florida, this is an understandable feeling. Many homeowners have a hard time dealing with the stress. They may want to move out of their home and start over.

But where do you go and what will be the consequences of abandoning your home? A Jacksonville Foreclosure Defense Attorney can aid you in devising a strategy that can allow you to begin saving money and planning for your future.

Florida is one of the few states that essentially allows a person to keep a home when declaring bankruptcy. This may have been one of the reasons OJ Simpson decided to move to Florida with all of his legal troubles and why there were caps placed on the amount of equity that can be protected in a bankruptcy. Having a home in Florida could provide more security than in other states. As a result of a lawsuit with the Goldman family, Mr. Simpson still owes over $30 million to the estate of Ron Goldman.

OJ Simpson is facing foreclosure on his 4,000-square-foot home in Kendall, Florida. Mr. Simpson is currently serving a prison sentence for up to 33 years for an armed robbery and kidnapping conviction in Nevada in 2007. His mortgage servicer, JP Morgan Chase, is claiming he has not made a mortgage payment since 2010. Though the home is worth just a shade under $500K, Mr. Simpson owes over $700K including penalties and fees. He paid nearly $600K for the home in 2000.

It is likely Mr. Simpson has an attorney to help him with his foreclosure. It would be difficult for anyone to challenge the banks in a foreclosure case, but even more difficult for Mr. Simpson considering he is currently behind bars. Hiring an attorney is a wise decision whenever someone is facing legal trouble. If you are currently facing foreclosure, contact a Jacksonville Foreclosure Defense Attorney today.

If you are currently facing a foreclosure, you may notice that a different company than you obtained your mortgage from is bringing the foreclosure action against you. This is not unheard of, and, in fact, is common. If you do not recognize the company that has filed your foreclosure, it may be because the company from whom you obtained your mortgage sold its rights, merged with, or was acquired by another bank.

For example, if you originally secured a mortgage through Countrywide, you may now know that Countrywide is no longer inexistence and are wondering what affect this has on your Countrywide mortgage. Bank of America acquired Countrywide and now has all the rights of Countrywide to your mortgage. An interesting chart of the bank mergers that have occurred over the past few decades can be found herein the New York Times.

It is important to pay attention to the transfer of your mortgage because it may have been transferred incorrectly. We are still waiting to see the effects of robo-signing and other methods of potential fraud used in the foreclosures. Nevertheless, the burden lies with your current foreclosure company to prove they have the right to foreclose. If they cannot prove they have the right, you may have a good argument against foreclosure.

Of course, with the average length of foreclosures hovering over 800 days in Jacksonville, Florida, battling the banks and foreclosure firms is a tricky process. Don't face them alone. Contact a Jacksonville Foreclosure Defense Attorney to discuss your options and which make sense given your personal circumstances and goals.

2011 saw a bittersweet decline in foreclosures filings throughout the U.S. and especially in Jacksonville and the surrounding area. Although it may look like good news for the economy at first glance, in reality, it may just have had litte or no effect on home prices . We believe that one of the primary reasons for the decline in foreclosure filings was the effect of the discovery of the robo-signing that was used by many banks . New filings proceeded at a slower pace once courts and parties became aware of the increased level of scrutiny by the courts in order to obtain a foreclosure judgment.

While the level of foreclosures in Jacksonville fell, the length of time it takes to secure a foreclosure judgment rose. The national average in 2010 was 305 days, which increased to 348 days in 2011. The average wait time in Florida is much higher with an average of 806 days, which is over 2 years!

The wait time can be incredibly unnerving to homeowners as they worry each day if today will be their last day in their home. For some, the stress is simply too much to handle and they simply choose to abandon their home. You do not have to take on a foreclosure alone, contact a Jacksonville Foreclosure Defense Attorney who can help you understand the process and your options. Abandoning your home can be even more problematic as abandoned homes are often a target for thieves.

Because of the fraud that has plagued the foreclosure process throughout the U.S., the federal government stepped in to work out a deal with many banks that may help homeowners. The terms are still unclear, but it should not be too much longer before a solution is reached. If you are facing foreclosure or simply have questions about the options available to you on an underwater home, contact a Jacksonville Foreclosure Defense Attorney to discuss your situation.