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All Posts Tagged Tag: ‘Florida Homeowners’

Still a Very Real Problem….

The media has recently began to report on positive economic statements. For example, nationally, the country added over 250,000 new jobs in the last report, auto sales in 2014 were the highest that they’ve been since 2006 and the stock market spent several days closing over the 18,000 mark. Surely, these are signs that the recession is getting better. What the media doesn’t report are local and personal statistics. The typical American family hasn’t seen an appreciable increase in household income in years. The challenges that a typical household faced in 2014 have followed them into 2015. Closer to home, Florida continues to rank as one of the states with the highest foreclosure...

2014 Mortgage Rules Could Provide Recourse Against The Modification Run-Around And Dual-Tracking

A law that took effect in January will open the door for thousands of people to be able to seek recourse against their mortgage lenders and loan servicing companies whose tactics made it difficult or impossible to work through modifications or defend themselves against foreclosure. The Dodd- Frank Act was signed into law in 2010 but significant portions that change how mortgage lenders and servicers do business has become effective just this year.  The rules are designed to protect homebuyers from risky mortgages and shady mortgage practices.  Anyone wrestling today with a lender or loan servicer may be able to sue for damages. The changes require lenders to provide the borrowers...

Foreclosure Filings Down By Almost Half – Are We Recovered?

The Palm Beach Post reported this week that foreclosures are down 49 percent from last year and 9 percent from January. For some, that’s a sign that the real estate industry has improved. But if you’re the person still going through a foreclosure, it likely doesn’t matter what the numbers say. When it’s your home in foreclosure, it doesn’t matter whether the rest of the economy has rebounded, it doesn’t matter whether the courts are clogged, and it doesn’t matter that others have “recovered.” The new numbers make it easy for the general public to believe that troubles are over for the housing industry. That would be naïve. Several other sets of numbers show a...

Foreclosures Drop Below 300,000 But Properties Remain In Distress

So, for the first time since 2008, there are fewer than 300,000 foreclosures in Florida’s courts. The Palm Beach Post reported earlier this week that the number of cases statewide dipped to 299,055 in August, a dip attributed to the fast track foreclosure law that went into effect July1. But don’t let the name fool you. Nothing is moving fast under the new law. Banks, who were supposed to be able to use the new law to speed up foreclosures, have stalled filing new cases because of the new law’s provisions requiring that they attach an affidavit saying they possess the mortgage note when they file. They can’t comply. Some homeowners have been aided as judges push cases forward...

The Double-Edged Sword Of A Foreclosure Dismissal

Homeowners are facing a double-edged sword in the fallout from the fast-track foreclosure law passed during the 2012 legislative session. The fallout no doubt was not the vision Legislators had when they passed the law that was expected to hurry cases through the court system and help clear foreclosures from the landscape. Foreclosures have slowed to a trickle in South Florida because of the tougher standards for lenders to file cases. The law now requires that each lender attach an affidavit that says the lender holds the note in the case. Since the law took effect, foreclosure filings have dropped like a rock compared to the same period last year – filings were down 61 percent in Palm...

A Win – But Potentially A Big Loss For Homeowners

A recent decision out of the 2nd District Court of Appeals shows that courts in Florida still are more concerned with expediency than the rule of law. The foreclosure case of Deborah Focht v. Wells Fargo resulted in the appeals court reversing Focht’s foreclosure in late September. As in countless foreclosures throughout the nation, this case was overturned on the issue of whether the bank had the right to foreclose – whether it had standing. And as in countless other foreclosures, the bank did not produce the promissory note that establishes standing until months after it had filed foreclosure. While the trial court ignored the defense, the appeals court reversed the case....

Chase Settles Forced-Place Insurance Class Action Suit

A cautionary tale for anyone struggling to pay their mortgage Most people who have a mortgage on their homes pay their taxes and homeowners insurance as part of their monthly payment. For people facing foreclosure or struggling to pay their mortgage, their issue is complicated if they stop paying their monthly payments that include the taxes and insurance. Lenders have the right to buy an insurance policy to protect their asset. And since it’s not in the lender’s interest to shop around, homeowners often got stuck facing exorbitant homeowner insurance rates. In some cases, it’s the additional cost of the forced-place insurance that has caused homeowners to go into...

Second Day of Open Consultations

Korte & Wortman, P.A., will offer a second day of open consultations, this time in the firm’s Broward County office for homeowners struggling to make their mortgage payments or who are in foreclosure. Homeowners can visit the office for a free 30-minute consultation on Tuesday, Aug. 27, 2013, between 9 a.m. and 5 p.m. No appointment is necessary. After-hours consultations also will be available by appointment, and phone consultations also will be accepted. Call 954-246-0047 or toll-free 888-997-0220 for an after-hours appointment or phone consultation. “Our first open consultation day was tremendously successful and provided an opportunity for many people to discuss their...

Weak Jobs Report Underscores Continued High Foreclosure Rates

It probably comes as no surprise to anyone looking for a job that the bulk of jobs available today won’t allow you to buy many big-ticket items, much less support a mortgage. The Labor Department’s jobs report for July 2013 underscored what job hunters are keenly aware of already. There were fewer jobs created than experts thought, and those being created are low-wage, often part-time work. Dan Alpert, managing partner at Westwood Capital, said in an interview with Yahoo Finance’s Daily Ticker that 70 percent of the jobs created in the second quarter averaged $15 per hour. "Really we have become a nation of hamburger flippers, Wal-Mart sales associates, barmaids, checkout people...

Gamblers Are Back: Game On At A Bank Near You

A story this week from Bloomberg news reports that banks are issuing more adjustable rate mortgages now than at any time since 2008. Remember those loans? They’re the ones that helped trigger the housing bust. (Sticker Shock Gambling Americans Agree to Most Arms Since 2008) http://www.dailybusinessreview.com/PubArticleDBR.jsp?id=1202612208522&thepage=1 The rise in the number of adjustable rate mortgages came as soon as fixed rate mortgages started to climb after the announcement that the FED may curtail bond buying credited with keeping borrowing costs at record-lows. Even without the housing crisis, ARMs are inherently a gamble. ARMS typically start a little lower than fixed...
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