Florida Foreclosure Defense Lawyers Blog

Defending your foreclosure can give you more days to find a resolution that is the right fit for you and your family. Despite how much time has already gone by, if you have been served with a foreclosure action, time is running and it does not stop for weekends or holidays. Once you receive that summons, you have 20 days to respond.

You probably do not buy the first pair of shoes you try on, nor are you perfectly satisfied with a new receipt the first time you make it. The same is true with finding the perfect resolution to a foreclosure. There is no one-size-fits-all remedy!

However, time is only secondary to defending your foreclosure. The main purpose of defending a foreclosure is to allow you to seek and accomplish a different way to resolve your foreclosure, such as obtaining a Short Sale, Loan Modification, or deed-in-lieu. The purpose is not to simply postpone the inevitable, you and your family having to leave your home.

Facing a foreclosure can be extremely stressful and difficult to navigate alone. Seek a competent Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer today to help guide you through the foreclosure process and help you find the right resolution for you and your family. The initial case review is with out charge.

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.

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.

The panel appointed to study the viability and effectiveness of the Residential Mortgage Foreclosure Mediation program has recommended that the Florida Supreme Court end the program, rather than tweak or make wholesale changes to the program. The panel, consisting of five judges and a court administrator, cited homeowner mistrust and lender resistance as two of the major reasons the program has been ineffective. Only 3/6% of of cases referred to mediation from March 2010 and ending March 2011 settled during mediation.

Proponents of the program say that statistic is skewed in that it doesn't take into account settlements reached after mediation. In addition, program advocates state lenders have intentionally sabotaged the program and did not follow the spirit of mediation. Many wanted the program to continue but with some changes. Instead of cases being automatically referred to the RMFM program, the panel recommended each of the state's 20 circuit courts make mediation decisions on a case-by-case basis or allow them to join a new program yet to be created. The recommendations of the panel have been forwarded to the Florida Supreme Court but there is no timetable for the end of the program or the creation of another.

To date, there are roughly 350,000 foreclosures backlogged in Florida's court system. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure alternatives may be available to you.

40% of foreclosure cases backlogged in the Florida Court System has been cut over the last year. A combination of increased efforts by the courts and cases being dropped or dismissed by banks are responsible for much of the relief. The Office of the State Courts Administrator shows that 201,524 foreclosures were disposed of last year (96,630 disposed of by summary and final judgments, 104,126 were dismissed). However, if a foreclosure case was disposed of through a dismissal, it can most likely be refilled. The question is will they be re-filed and when?

Foreclosure cases can be voluntarily dismissed by banks for a number of reasons but most are dismissed due to paperwork irregularities. Numerous news stories have emerged revealing that bank employees signed foreclosure paperwork without first personally verifying information contained in the documents (commonly referred to as "robosigning"). Other paperwork irregularities have included issues regarding proper notarization, erroneous or forged assignments, and missing or erroneously prepared mortgage documents.

The majority of foreclosure actions that were voluntarily dismissed by banks throughout the last year for one or more paperwork issue, will most likely be filed again. But, foreclosure filings have remained at a decreased rate as banks have increasingly been using other means rather than foreclosure to deal with struggling homeowner, including permitting more homeowners to short sale their property, approving more loan modifications, and allowing homeowners to stay in properties until after the final foreclosure sale.

At the end of the 2010-2011 fiscal court year, 260,815 of foreclosure cases that were pending at the beginning of the year (460,000) remained. 117,000 new cases were filed within the year (which is lower than what was expected). As of June 30, 2011, the number of foreclosure cases pending in the court system is 378,000.

If you are facing a Florida Foreclosure Lawsuit or have had your Florida Foreclosure Lawsuit voluntarily dismissed by your bank, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Lawyer today to review your case in order to determine what foreclosure defense options may be available to you.

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.

If you are facing Florida Foreclosure Lawsuit, you may be unsure of what options you may have. Talking to an attorney can help wade through all the potential options and help you make an informed decision. Here are 5 foreclosure options and potential ways a talking to a Foreclosure Defense Attorney can help you.

1. Extensions and Forgiveness: A Foreclosure Defense Attorney may be able to help you gain additional time in your home and/or obtain forgiveness on some of your past due payments, late fees, and charges.
2. Lower your Monthly Payments and Interest Rate: A Foreclosure Defense Attorney may be able to help you negotiate a new, lower interest rate, which will lower your monthly payment.
3. Forbearance: A Foreclosure Defense Attorney may be able to help you negotiate a period of lower monthly payments; after which you would resume your normal monthly mortgage payment.
4. Short Sale: A Foreclosure Defense Attorney may be able to help you negotiate a Short Sale. A Short Sale is where you and the bank agree to sell the property for an amount less than what you owe on the property. The lender then agrees to release you from the loan and accept a lower amount than what they are owed. The amount not repaid is called a deficiency. In some, but not all cases, the lender will agree to not hold the borrower responsible for the deficiency.
5. Deed-in-Lieu of Foreclosure: A Foreclosure Defense Attorney may be able to help you negotiate a Deed-in-Lieu. A Deed-in-Lieu is where the borrower conveys the property to the lender in order to satisfy the loan that is in default and avoid foreclosure. There are several advantages to both the borrower and lender. One advantage to the borrower is they are immediately released from most or all personal indebtedness associated with the loan in default. A Deed-in-Lieu also hurts your credit less than a foreclosure. The benefits to the lender include less time and cost spent repossessing the property, and a lower risk of vandalism to the property by the borrower.

If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer or a JFlorida Foreclosure Defense Lawyer today for a complimentary case review to see if any of these options could be available to you.

Even though homeowners facing foreclosure in Florida have had to fight the expedited procedures of rocket docket and giant foreclosure mills trying to push thousands of foreclosures through the courts at a rapid pace, along with foreclosure processing companies creating and "robo-signing" fraudulent foreclosure documents, there are still over 125,000 properties in some stage of the foreclosure process in Florida.

In the first quarter of 2011, 1 in every 152 housing units in Florida were in foreclosure, which constitutes the lowest level the state has seen in the last four years. The drop in foreclosure numbers has done little to alleviate the foreclosure backlog in the courts. Some foreclosure observers point to the demise of the Law Offices of David J. Stern and its subsequent dumping of 100,000 active foreclosure cases into the Florida foreclosure system.

While Florida Foreclosure lawsuits appear to be on the decline, many experts are saying this may be the calm before another storm. If you are facing a Florida Foreclosure Lawsuit now in the near future, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure defense options may be available to you.

Wells Fargo, which purchased Wachovia in 2008, has reached a settlement with investors which claimed Wachovia misled investors on the sale of securities between 2006 and 2008. Investors have accused Wachovia of intentionally misrepresenting the "quality of assets linked to the mortgage portfolio of Golden West Financial." The marketing material in question emanates from the marketing of 30 bond and security sales which totaled more than $35 billion, much of which came from "pick-a-pay" loans or option adjustable rate mortgages.

Mary Eshet, a spokesman for the bank, agreed to the $590 million settlement "in order to avoid the distraction, risk and expense of on-going litigation" and "does not constitute an admission of Wells Fargo of liability or any violation of law by Wachovia." Attorney's representing the investors stated "these settlements reflect an outstanding result for bond and preferred security purchases who were damaged as a result of false and misleading offering materials."

As many investors take to the courts to try to undo the damage done to them by the unscrupulous lending activities by many banks, where is the justice for the homeowners. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer to determine what foreclosure defenses 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.

Bank of America has reportedly sold its servicing rights to 400,000 of its home loans to Fannie Mae for a $500 million, according to a recent Wall Street Journal report. The principal balance remaining on the loans is reported at $73 billion. The move comes shortly after Bank of America CEO Brian Moynihan indicated during a CNBC interview that the sale was pending. The deal begins with the first batch of 100,000 loans to be transferred starting in September.

While Fannie Mae does not usually provide loan servicing functions, they do facilitate transfers of mortgage pools between servicers. A Bank of America spokesperson indicated that the bank would be selling additional mortgage servicing rights over the next year, so look for future additional news in this regard.

Hopefully by handing their reins off to different servicers, the mortgages involved in this sale will get the attention necessary to move along more smoothly. If you are facing a Florida Foreclosure Lawsuit from Bank of America, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Lawyer today for a complimentary consultation to determine what foreclosure alternatives may be available in your case.

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

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

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

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

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

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

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

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

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.