Posts

Avoid Foreclosure: Know Your Options

/in /by

The Making Home Affordable® Program (MHA), a federal government initiative, may help South Florida homeowners get mortgage relief and avoid foreclosure. Watch this video to learn more:

Homeowners who are behind on their mortgage payments may be able to qualify for the following MHA programs:

  • Lower your monthly mortgage payment.
  • If homeownership is no longer affordable or desirable, there is a program that can provide a way out, avoiding foreclosure.
  • There are also options for unemployed homeowners and homeowners who owe more than their homes are worth.

Start by calling your lender for details. You can also learn more at the government website www.makinghomeaffordable.gov.

Fort Lauderdale Foreclosure Defense Attorney

Every situation is different. If MHA is not right for you and you are at risk of losing your home to foreclosure, there is action you can take. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

Fort Lauderdale Reverse Mortgage Scam Draws HUD Debarment

/in /by

Three South Florida mortgage loan officers and a Pittsburgh title agent are subject to an indefinite debarment by the U.S. Department of Housing and Urban Development (HUD) following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration (FHA).

Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey pled guilty to charges of conspiracy to commit wire fraud for their part in a $2.5 million nation-wide reverse mortgage scam. All four individuals are currently serving prison terms.

HUD’s debarment action effectively bans these individuals from conducting business with the federal government in the future. The Court has also ordered them to make restitution.

“HUD will not tolerate those who abuse the mortgage system and target elderly borrowers for their personal gain,” said HUD Secretary Shaun Donovan. “Reverse mortgages can help senior citizens on fixed incomes plan for the future, but it is shameful to bilk the elderly out of their life savings.”

Echevarria, Gendason and Incandela worked for 1st Continental Mortgage, which maintains offices in Fort Lauderdale and Boca Raton, Florida. According to the government’s complaint, the three used their positions to identify financially vulnerable elderly borrowers and pressured them to refinance their existing mortgages into an FHA-insured reverse mortgage or Home Equity Conversion Mortgage (HECM). A reverse mortgage allows borrowers, who are at least 62 years of age, to convert the equity in their homes into a monthly stream of income, or a line of credit.

The complaint also notes that Kimberly Mackey, a licensed title agent and proprietor of Real Estate One Land Services, Inc., located in Pittsburgh, Pennsylvania, fraudulently closed the loans by failing to pay off the borrowers’ existing mortgages. It further notes that Mackey attempted to conceal the fraudulent loan closings by preparing false HUD-1 settlement documents that showed that the existing mortgages had, in fact, been paid off.

The scheme also involved changing real estate appraisal reports to fraudulently represent equity in the properties. In some cases the scheme also involved negotiating fake short sales defrauding the lenders holding the borrowers’ first mortgages.

Contact a Fort Lauderdale Foreclosure Defense Attorney

If you are at risk of losing your home to foreclosure, there is action you can take. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

 

Checks Going Out to Mortgage Foreclosure Victims

/in /by

A check for $1,000 may not do much to offset the financial distress associated with a mortgage foreclosure, but that is the most many victims can expect under a recent government program intended to provide compensation for mortgage errors. The payments will range from $300 to $125,000.

Military veterans who incorrectly had their home foreclosed on while they were on active duty will receive the highest payments.

Bank regulators initially planned a review of all qualifying mortgage files, but soon discovered that the number of actual mortgage errors exceeded expectations. The automatic portion of the review was then terminated early. Consumers were allowed to ask for a review of their foreclosure files, and about 439,000 did so. These borrowers are expected to be paid twice as much as those who didn’t seek a review.

Overall, payments of $3.6 billion payable to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers.

Qualifying mortgages must meet the following criteria:

  • Home that were in any stage of the foreclosure process in 2009 or 2010
  • Mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

Mortgage compensation checks will be sent in several waves beginning with 1.4 million checks on April 12.  The final wave is expected in mid-July 2013.  More than 90 percent of the total payments to borrowers at 11 of the 13 servicers are expected to have been sent by the end of April.  Information about payments to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley will be announced in the near future.

In most cases, borrowers will receive a letter with an enclosed check sent by the Paying Agent—Rust Consulting, Inc.  Some borrowers may receive letters from Rust requesting additional information needed to process their payments.  Previously, Rust sent postcards to the 4.2 million borrowers notifying them of their eligibility to receive payment under the agreement.

Rust is sending all payments and correspondence regarding the foreclosure agreement at the direction of the OCC and the Federal Reserve.

Borrowers can call Rust at 1-888-952-9105 to update their contact information or to verify that they are covered by the agreement.  Information provided to Rust will only be used for purposes related to the agreement.

Borrowers should beware of scams and anyone asking them to call a different number or to pay a fee to receive payment under the agreement.

Accepting a payment will not prevent borrowers from taking any action they may wish to pursue related to their foreclosure.  Servicers are not permitted to ask borrowers to sign a waiver of any legal claims they may have against their servicer in connection with accepting payment.

Fort Lauderdale Foreclosure Defense Attorney

Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

Home Prices Increase in South Florida

/in /by

The median home sale price jumped to $235,000 in Palm Beach County in February 2013, up 27% from a median price of $185,00 for the same time period last year. Home prices in Broward County are also increasing, as shown in the chart below.

The news is especially good for sellers of upscale Palm Beach County homes, with an average sales price of $761,754 in February 2013 compared with less than half that amount – $307,806 – in February of 2012.

South Florida Home Prices

As reported by the Sun-Sentinel.

Data from Florida REALTORS® indicates the average number of days a home sits on the market is dropping, due in part to a decrease in the number of homes that are actively listed for sale.

The single family home inventory in Palm Beach County now stands at 5.8 months, down 47% from 11 months in February 2012.

All of this is good news for home sellers, who are finding a higher number of motivated home buyers. Some buyers are reportedly bringing their checkbook when they view a property, ready to put down an immediate deposit on the home of their dreams. Sellers are receiving an average of 91.4% of their original listing price on recent home sales, up from 88.4% last year.

Fort Lauderdale Foreclosure Defense Attorney

Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

How to Avoid Florida Foreclosure Scams

/in /by

Fort Lauderdale homeowners facing foreclosure should be aware of important court deadlines that can help them protect their legal rights. Be on guard against foreclosure rescue scams that promise to stop the foreclosure process for a fee.

No one can guarantee that you will be approved for a loan modification, or that you will be able to reverse the foreclosure process. Watch this FTC video for tips on avoiding foreclosure rescue scams.

Be cautious of mortgage foreclosure services that:

  • Make any guarantee
  • Ask for money upfront
  • Tell you to make your mortgage payment to them

If you are at risk of losing your home to foreclosure, there is action you can take. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

Savings Protect Homeowners from Foreclosures, FINRA Reports

/in /by

Households without emergency savings, or rainy day funds, were three times more likely than households with emergency savings to make a late mortgage payment—and almost twice as likely to be involved in a foreclosure. These differences exist even after controlling for other factors that can impact mortgage payment behavior—like income, education and geographic region, according to a report recently released by the FINRA Investor Education Foundation.

The new study, Softening the Blow: Income Shocks, Mortgage Payments and Emergency Savings (PDF 140 KB) is based on data from the 2009 National Financial Capability Study, an online survey of more than 28,000 respondents (approximately 500 per state, plus D.C.).

Softening the Blow found that minorities and households with dependent children are more vulnerable to income shocks. Among households that experienced an income shock:

  • Minorities were 52 percent more likely to make late mortgage payments relative to non-minorities; and
  • Dependents in the household increased the likelihood of late mortgage payments by 48 percent.

“The Great Recession and the housing downturn devastated the finances of families across the country,” said FINRA Foundation President Gerri Walsh. “Data collected during this period, when many family budgets were stretched past the breaking point, suggest that having a rainy day fund can make the difference between being able to stay in your house and making late mortgage payments and facing foreclosure. That’s an important lesson for all Americans, especially as the economy continues to recover.”

The FINRA Foundation’s new study shows the extent to which lower-income Americans were especially unable to withstand an income shock during the Great Recession. Among households experiencing an income shock, those with incomes below $50,000 were 43 percent more likely to make late mortgage payments relative to their more affluent counterparts.

The sample used in this study was weighted to match the adult U.S. population (age 18 and up) on age by gender, ethnicity, education and census division. Data from the U.S. Census Bureau’s 2008 American Community Survey were used to construct the weights. However, as in all survey research, there are possible sources of error – such as coverage, non-response and measurement error – that could affect the results. The full data set and methodology are available at www.usfinancialcapability.org.

Fort Lauderdale Foreclosure Defense Attorney

Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

Mortgage Fraud Accusations for Nationwide Investment

/in /by

Nationwide Investment Firm, a Palm Beach County foreclosure rescue firm, is the target of increasing homeowner complaints.

Clients allege that Nationwide promises to arrange short sales, negotiate loan modifications, or work with lenders to delay homeowner foreclosures, according to a lawsuit filed in Palm Beach County. Rather than getting help, however, unsuspecting victims actually sign over the deed to their home to Nationwide.

Seven lawsuits charging fraudulent business practices have been filed against the company in the past year, according to the Palm Beach Post. Nationwide Investment now has title to 65 homes in Palm Beach, Broward, Miami-Dade, St. Lucie and Lee counties, according to the article.

The Florida Office of Financial Regulation confirmed last week that it is conducting an investigation into the firm.

Watch a Channel 5 News video about the mortgage fraud allegations involving Nationwide Investment Firm.

Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik or Howard Kahn to discuss how you can defend your legal rights in a foreclosure. You can contact them online or call her at 954-321-0176.

Help for Homeowners Events: Miami, Feb 27-28

/in /by

Miami area homeowners who are struggling with mortgage foreclosure may find some free help from the federal “Making Home Affordable” assistance program. Mortgage servicers, ​​HUD-approved housing counselors, and other local non-profit organizations will have counselors on site to explain homeowner options in regard to foreclosure avoidance.

Dates and Times

Wednesday, February 27, 2013, 1:00 p.m. – 8:00 p.m.
Thursday, February 28, 2013, 9:00 a.m. – 3:00 p.m.
James L. Knight Center
400 SE Second Avenue | Miami, FL 33131
Complimentary Self‐Parking in the Convention Center Garage on 100 SE 2nd Street

Attendance is free. The program is designed for Miami homeowners who are:

  • Behind on mortgage payments
  • Unemployed or underemployed
  • Facing a short sale or deed‐in‐lieu of foreclosure
  • Having trouble refinancing

Attendees are encouraged to bring the following documentation to the event:

  • Request for Mortgage Assistance Form (available at MakingHomeAffordable.gov)
  • IRS Form 4506T‐EZ (available at MakingHomeAffordable.gov)
  • Monthly mortgage statement
  • Information about any other mortgages
  • Two most recent pay stubs
  • If self‐employed, the most recent quarterly or year‐to‐date Profit and Loss Statement
  • Documentation of income from all sources
  • Two most recent bank statements
  • Unemployment insurance letter, if applicable

The Making Home Affordable ® Program (MHA) ® is a federal program designed to help homeowners get mortgage relief and avoid foreclosure.

Visit www.makinghomeaffordable.gov or click on the link for more details about the free Miami Homeowner Mortgage Foreclosure seminars.

Fort Lauderdale Foreclosure Defense Attorney

Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.

Mortgage Foreclosure Can Mean Deficiency Judgment

/in /by

Many Florida homeowners facing foreclosure do not realize that they might still owe money to the mortgage lender long after a foreclosed property has been sold.

Lenders can obtain a “deficiency judgment” against a homeowner, which is the difference between the homeowner’s outstanding mortgage balance and the value that a bank receives after a foreclosure or short sale.

News Channel 10 has an interesting video about Florida homeowners and deficiency judgments.

If you have questions about a mortgage foreclosure or deficiency judgment, contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik. You can contact her online or call her at 954-321-0176.

Florida is Top State for Mortgage Foreclosure Activity

/in /by

The Miami, Fort Lauderdale, Pompano Beach metropolitan area ranked #2 in the nation in foreclosure activity in January, with one in 228 homes receiving some type of foreclosure filing during the month, according to a recent Miami Herald article titled “Florida leads nation in foreclosure activity.” The Ocala, Florida area held the unfortunate distinction of being ranked #1.

California dropped out of its first place position as the state with the largest number of foreclosures for the first time since January 2007, according to survey sponsor RealtyTrac.

Several factors contribute to Florida’s unwelcome number of January foreclosures, including:

  • Florida requires that all foreclosures are subject to court review, as opposed to less time-consuming administrative proceedings. Courts in Miami, according to the article, are becoming more aggressive in pushing larger numbers of foreclosures through the court system in order to work through the backlog.
  • Lenders are processing foreclosures more quickly in the wake of the recent regulatory settlement with five major banks and mortgage lenders. (See our earlier blog post titled, “Mortgage Foreclosure Settlement for Florida Homeowners.”)

Florida foreclosure filings tracked include default notices, scheduled auctions and bank repossessions.

Fort Lauderdale Foreclosure Defense Attorney

Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.