Florida Foreclosure Defense Lawyers Blog

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.

Following the housing crisis of 2008, congress and President Bush created the Federal Housing Finance Agency, which is an independent agency that oversees Fannie Mae, Freddie Mac, and Federal Home Loan Banks. At a recent meeting with congress, the FHFA's Director, Edward DeMarco, promised to review a new plan that will help homeowners who file Chapter 13 bankruptcy.

The plan would allow homeowners who file Chapter 13 to pay down loan principal, instead of interest, for a five-year period. This allows homeowners to reduce -- or even eliminate -- negative equity in their homes. In other words, the plan helps people get out of the situation of being "upside down" or "underwater" on their loans. To qualify, homeowners would have to settle claims against loan servicers. This would reduce litigation and will hopefully reduce the number of homeowners facing foreclosure or filing bankruptcy.

If you are facing a Florida Foreclosure Lawsuit and are at risk of losing your home or are considering filing bankruptcy, contact a Florida Foreclosure Defense Attorney today for a complimentary consultation to discuss your options.

The aptly names "Helping Responsible Homeowner Act of 2011" has been recommended by members Congress to help more borrowers refinance their current mortgage loans. This new act would remove the risk-based fees on mortgage loans that Fannie Mae and Freddie Mac already endure the risk on, and could potentially allow about 5 million more home loan borrowers refinance. This could potentially be a far-reaching and speedy way to get money into the overall U.S. economy. It is hopeful that the act could also decrease the number of strategic defaults by underwater borrowers, those who are defaulting because they owe more than their home are currently worth.

An adjustment to the current Home Affordable Refinance Program (HARP) is also being supported by many members of Congress. The adjustment would restructure and streamline the appraisal and closing processes for homeowners who are refinancing, which could reduce the overall cost and effort associated with mortgage refinancing. Suggestions have also been made to increase the present required loan-to-value ratio.

The current Home Affordable Refinance Program has allowed homeowners with Fannie Mae and Freddie Mac backed mortgages to refinance their existing mortgages at decreased interest rates, but the program has not provided the widespread help across the country as was initially hoped. Currently, Fannie Mae and Freddie Mac charge high, risk-based up front fees when refinancing risky mortgage, which the Helping Responsible Homeowner Act of 2011 seeks to eliminate.

Nevertheless, a long-term solution, widespread refinancing is not enough without an improved economy and value appreciation. If you are currently facing a Florida Foreclosure Lawsuit and your house is underwater, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to determine what foreclosure alternatives may be available to you.

According to a report entitled "The Post Foreclosure Experience of U.S. Households," by a Federal Reserve Board discussion group appose the impression that post-foreclosure homeowners are forced to move in with family or crowded, poor neighborhoods in order to cover their bills. Instead, the report states more foreclosed homeowners are beginning to plan ahead for what they will do after foreclosure--a strategic exit after foreclosure--allowing them to remain in the same, better, or at least comparable living standards.

After foreclosure, 60% of foreclosed homeowners are living in single-family homes, such as a rental, in a neighborhood with educational levels and home values similar to what they had pre-foreclosure. One Palm Beach mother told the study her plans include staying in the same school district for her children. She further stated, "I know tons of people going through this, and they are making plans for when they get kicked out of their homes...They are planning to rent, centering it around their kids' schools. They are not moving into one-bedroom apartments."

The report further found that household size post-foreclosure only increased from 2.24 adults from 2.27 adults. Only roughly 12% are forced to move in with an older family member (such as a parent). Compare the 12% to the 5% of adults who move in with older family members while not in foreclosure.

Another part of the study looked at how long once a foreclosure is initiated, before a homeowner is forced to leave the home. The report found only half of borrowers are forced to leave their homes after two years. The postponement reflects the aspect that many foreclosures are never finished as loans are worked out or the home is sold. However, it also shows how long it takes for a foreclosure to work its way through the court system. In Florida, the average home spends 676 days in foreclosure. That is almost 2 years!

Foreclosure does not have to mean a smaller living space in a bad part of town, or a quick move. If you are facing a Florida Foreclosure Lawsuit, contact a FFlorida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer today for a free review of your situation to find out what foreclosure options may be available to you.

ThinkProgress.org is reporting that a former VP with Goldman Sachs changed his name and later went to work with California Congressman Darrell Issa. Last month, Issa apparently sent a letter to government regulators asking that they provide justification for the government's new regulations. Such letters are usually not written by congressmen themselves; instead, members of their staff usually write letters many of these letters for them. It's common for the letters to conclude with the name of the actual author, and some of Issa's letters were apparently written by a Peter Haller.

The letter Mr. Haller wrote on Mr. Issa's behalf resembles many in the banking industry's desire to avoid governmental regulations on derivatives -- derivatives similar to the ones that helped bring down the economy in 2008. The problem is that Mr. Haller is actually Peter Simonyi, a former Goldman Sachs VP who left the bank in 2008. Further, Mr. Issa sits on the Oversight Committee, which traditionally investigates major corporate scandals but has recently shifted away from that.

This allegation is another cog in the wheel of the banking industry's recent scandals, including robo-signing and illegal repossessions. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Attorney today for a complimentary consultation.

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.

Much of the recent foreclosure crisis news has centered on homeowners and investors and their fight to get compensation compensation from banks due to foreclosures. But in the coming months, mortgage servicers will be undergoing drastic changes that every interested homeowner should know about. Primarily, the changes will surround the addition of thousands of sub-servicers to what has become a busy foreclosure docket.

Wells Fargo, for example, has brought its loss mitigation team up from 6,000 to 16,000 members. The bank has also dedicated a mortgage specialist to manage each modification from beginning to end, a practice heralded in the mortgage service industry as award winning and the first of its kind. Wells Fargo's endeavors include the addition of 27 home preservation centers in the hardest-hit communities around the country.

Some companies have hired even more representatives. JP Morgan Chase hired 10,100 new employees to help mitigate its increased workload. The company also plans to have 82 "Chase Homeownership Centers" since the end of Summer 2011. Bank of America has expanded its homeowner assistance team from 3,900 in 2008 to a whopping 35,000 employees by the end of this year. Bank of America also opened 23 new customer assistance centers and promises to bring that number to 40 by the end of the summer.

Working with your servicer and attending any workshops they might offer is always a good idea when behind on mortgage payments. The fact that there are more servicers available to work with you might be a great help, but it may also accelerate the foreclosure process. If you are facing a Florida Foreclosure Lawsuit and are interest in exploring your foreclosure options, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today.

Two counties in Michigan have filed unprecedented lawsuits against two of the nation's largest subprime mortgage lenders, Fanny Mae and Freddie Mac. Oakland (which is north of Detroit and includes the cities of Troy and Southfield) and Ingham (located in central Michigan and includes Lansing) are accusing Fanny and Freddie of fraud, alleging the two mortgage companies made false statements in order to get out of millions of dollars in local and state taxes.

In Michigan, counties have a tax rate of $1.10 for every $1,000 of value being transferred. If a home sells for $100,000, there would be a $1,100 tax that would go to the county. The State has a similar tax, but much higher -- $7.50 for every $1,000 being transferred. Oakland and Ingham allege the two companies fraudulently avoided paying these taxes over the past six years, costing millions of dollars to counties and the State.

Officials in Ingham say they are simply trying to get to the bottom of things. Oakland officials, however, are taking a more direct stance. Oakland's Treasurer, Andy Meisner, is alleging the companies engaged in fraudulent conspiracy. According to the suit, the two companies did not pay the Transfer Tax because they have claimed in transfer documents that the transaction is exempt from the tax pursuant to Michigan or Federal statute. However, Meisner alleges that Fanny and Freddie did not qualify for those statutory exemptions, which, if true, means they owe the state and these counties several million dollars.

The suits were just recently filed and there has not yet been a response from either Fanny Mae or Freddie Mac. While these companies are only two among many companies involved in the subprime mortgage meltdown, it is encouraging to see that action is being taken against them. If you are facing a foreclosure where you are being sued by either Fannie or Freddie, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

As a requirement before lenders with allow you to short sale your home, most lenders will require homeowners to sign contracts agreeing to the bank's stipulations in selling the home. Many times these documents will include boilerplate language that can be harmful to a borrower's position. In some cases, as a condition of short sale, borrowers are asked to sign a promissory note agreeing to pay the balance of the deficiency amount after the sale before the house can even be sold. As a result lenders will be contractually able to obtain a deficiency judgment when short sales did not cover the entire cost of the mortgage.

Never sign a promissory note for a lender without knowing the legal consequences that document will have on your short sale. If you are considering the foreclosure alternatives such as short selling your property contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Lawyer today to determine what foreclosure alternatives may be available to you and what alternative may be the best in your situation.

When faced with a foreclosure in Florida, you should be aware of the different alternatives that are available before you lose your home. Due to the complex nature of foreclosure proceedings, it is advisable to first contact a Jacksonville Foreclosure Lawyer to discuss which option is right for you. Below are several alternatives to foreclosure that can be discussed with your attorney:

• Forbearance-If you have recently experienced an involuntary interruption of income or been burdened with extraordinary expenses, a lender may be able to adjust your repayment plan based on the status of your current financial situation.

• Modification of the Mortgage-A lender may allow you to refinance your debt and extend your mortgage loan, which could reduce monthly payments to an affordable level.

• Short Sale-Once in default, you can sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit.

• Deed-in-lieu of Foreclosure-As a last resort, you may be able to "give back" your property to the lender. Although this will likely not save your home, it may help your chances of receiving another mortgage loan in the future.

Of course, this is not an exhaustive list of foreclosure alternatives and the availability of the above alternatives will vary on a case by case basis. To discuss these options and other available foreclosure alternative options, contact a or a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today.

The percentage of Homes in the Jacksonville, Florida metro area that received foreclosure-related notices in March was lower that those who received such notices in February. A 11 percent drop was recorded between March and February and a 57 percent drop was recorded from March 2010, according to RealtyTrac.

This is the lowest it has been in the Jacksonville area for the month of March since March 2008. In the first quarter of 2011, foreclosure activity dropped by 25 percent from the fourth quarter of 2010 and by 50 percent from the first quarter 2010 to 3,900 in the Jacksonville metropolitan area. Nationwide, foreclosure-related notice mailings were down 15 percent from the fourth quarter of 2010 and by 27 percent from the first quarter of 2010.

While these latest foreclosure numbers are seem to show a significant improvement in the overall housing market, many industry experts believe that this is only temporary slowdown and that filings will pick up as 2011 continues. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today for a complimentary case review.

The Senate Judiciary Committee has approved a legislative proposal that would authorize bankruptcy courts to order mediation between homeowners and lenders before proceeding with the foreclosure process. The potential legislation, titled the Limiting Investor and Homeowner Loss in Foreclosure Act, passed by a slim 10-8 margin and would give the federal bankruptcy judges the ability to order the homeowners and their creditors to mediation in an effort to open the lines of communication between the two sides in hopes that the sides will survey options other than foreclosure.

The legislation would not give bankruptcy judges the authority to modify mortgages of write-down or "cram-down" mortgage principle like other foreclosure prevention measures that have failed gain approval over the last few years. The bill is modeled after a similar law being used in Rhode Island. The Rhode Island bill does not require settlement, just "good faith negotiation". To date, the law has been credited with saving at least 120 homes from foreclosure.

It seems as though the members of the House and Senate are now hearing the cries of struggling homeowners and are beginning to do something about it. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure alternative options may be available to you.

According to the latest statistics from the Mortgage Bankers Association (MBA), the mortgage delinquency rate on single-family homes fell to its lowest rate since the fourth quarter of 2008, falling to 8.22% for the fourth quarter 2010. The MBA's chief economist, Jay Brinkmann, said the fourth quarter stats represent "significant across-the-board" decreases in delinquent mortgages in the U.S. Mortgages one payment behind have fallen to late 2007 levels and loans three payments behind have dropped to the lowest levels of 2010.

The MBA delinquency statistics do not include the mortgages that have already received a foreclosure filing but Brinkman noted that "every state but two (North Dakota and Arkansas) saw a drop in the 90-lus day delinquency rate and the two increases were negligible." The number of loans in foreclosure or are at least one payment past due was 13.56%, a significant decline from the third quarter 2010 numbers.

Brinkman stated that the improvement in the delinquency rate should be attributed to the improvement in individual earnings due to the increase in private sector job growth and that "absent a significant economic reversal, the delinquency picture should continue to improve during 2011. If you are already facing a Florida Foreclosure Lawsuit or are delinquent on you mortgage loan, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to see what foreclosure alternative options may be available to you.

The Tampa Florida Tribune has posted an interesting article about the actual effects of the early stages of the statewide, mandatory foreclosure mediation program. According to statistics compiled by the Tribune, between March and June 2010 there were 13,417 cases referred to mediation statewide. Of those cases only 1%, 768 total, resulted in an agreement between the borrower and the lender!

The primary question many are asking is why is the program not working as intended. While there are several factors that may be contributing to the low success rate of the program, most mediation administrators are point to the sloppiness of the lenders attorneys' and their process servers as the most obvious reasons for the breakdown of the program. The sloppy paperwork has made it difficult to locate borrowers in order to determine their desire to participate in the mediation program, which is problematic because the mediation program must contact the borrowers within 60 days of the lawsuit being filed or the case goes back to regular court proceedings.

While only 7 of the 20 Florida Circuit Courts submitted data for the Tribune report, there is enough data to determine that there are major flaws in the program. A Jacksonville Foreclosure Defense Lawyer thinks that mediation is a good alternative for many struggling homeowners and hopes the trend reverses. If you are facing a Florida Foreclosure Lawsuit contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.

With news from RealtyTrac that lenders repossessed more the 1million homes in 2010 many homeowners may believe that the worst of the housing crisis is over, but industry experts say it will get even worse. Statistics from the fourth quarter of 2010 showed a significant drop in the number of foreclosure filings, most of which has been attributed to the foreclosure freeze due to the robo-signing scandal.

Many industry analysts believe that the delay from the foreclosure freeze will be over by the end of the first quarter of 2011 and clearing up those delayed foreclosures will cause 2011 to be another record year. Some figures show that 250,000 foreclosures were delay by the foreclosure freeze and this may cause a significant spike in the number of foreclosures in early 2011. This will only add to the overall number of bank-owned properties, which some industry insiders already estimate to be worth to close to $31 billion.

If you are currently facing or fear that you will be facing a Florida Foreclosure Lawsuit in the immediate future, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to see what defenses may be available to you.