Homestead

Published on: December 7, 2010

Bankruptcy Courts now Enforcing Foreclosure Laws

In recent weeks bankruptcy courts and the associated United States Trustee Program have begun to increase the scrutiny with which they are looking at requests to proceed with foreclosures and requiring the foreclosing lender to prove that they are the proper party to foreclose on the property. Bankruptcy courts in New Jersey and Georgia have denied to remove the automatic foreclosure stays that are put in place when a court confirms a debtor’s bankruptcy repayment plan because banks have been unable to satisfactorily prove they were the parties that actually owned the mortgages.

In order for the lenders to foreclose on a home once the homeowner has an approved repayment plan, the lender must file a motion to remove to stay and prove they are entitled to foreclose. Spokeswoman for the U.S. Trustee Program Jane Limprecht verified the Program’s increased scrutiny by stating it “is engaged in an enhanced review of mortgage servicer filings in bankruptcy cases to help ensure the accuracy of the claim to repayment.”

This is a positive step for those homeowners facing a Florida Foreclosure Lawsuit and are considering bankruptcy. Contact a Jacksonville Bankruptcy Lawyer or a Jacksonville Foreclosure Lawyer today to explore your foreclosure alternative options.

Published on: November 28, 2010

DC Mayor Enacts New Law Aimed at Slowing Local Foreclosures

By David M. Goldman

Last week, Washington, D.C. Mayor Adrian M. Fenty signed into law an emergency act aimed at slowing the dramatic rate at which homes in the District of Columbia are being foreclosed upon. The Act, titled “Saving DC Homes From Foreclosure Emergency Act of 2010” puts into place several key processes that lenders and homeowners must complete before a foreclosing on a home and proceeding to a foreclosure sale.

One such process the Act creates is a mandatory foreclosure mediation program, much like the one created in Florida, whereby lenders and homeowners must meet before the lender can proceed with the foreclosure action. Delinquent borrowers have 30 days from the initial notification to opt into the mediation program and pay the $50 fee. If a borrower elects to not participate in the program the foreclosure and accompanying foreclosure sale can proceed but it a completed foreclosure or a foreclosure sale is completed before the entire process is complete it will be considered null and void.

With this new law Washington, DC joins an ever-growing group of states that are requiring processes where lenders and willing homeowners to explore foreclosure alternatives before a house can be foreclosed on and sold. If you are facing a Florida Foreclosure Lawsuit and wanted to find out what foreclosure alternative options may be available to save your home, contact a Jacksonville Bankruptcy and Foreclosure Defense Lawyer today.

Published on: November 13, 2010

FL Foreclosure Defense Lawyers see Activity Rising in Major Metros

By David M. Goldman

New data from foreclosure tracking firm RealtyTrac reveals that foreclosure activity rose in 133 of the 206 largest U.S. metro areas in the third quarter 2010, including 11 of the 20 largest metro markets. That means that foreclosure activity rose an astonishing 65% over the July to August time period. The four most foreclosure plagued states; Florida, California, Nevada and Arizona, claimed 19 of the 20 metro’s with the most foreclosure activity with Boise City-Nampa, Idaho coming in at number 14.

The U.S. metro area with the largest percentage increase in foreclosure activity was Seatle-Tacoma-Bellevue, Washington, an alarming 71% increase in foreclosure activity, followed by Chicago-Naperville-Joliet, Illinois, a 35% increase, and Houston-Sugar Land-Baytown, Texas with 26% increase. James J. Saccacio, CEO of RealtyTrac, stated that until the problems of unemployment, underemployment, negative equity and toxic loans are solved “these historically high foreclosure rates will continue.” Cape Coral-Fort Meyers, Florida holds the distinction of having the nations second highest foreclosure rate, with one in every 35 homes receiving a foreclosure complaint in the third quarter alone.

If you are facing a Florida Foreclosure Lawsuit contact a Jacksonville Bankruptcy Lawyer who is familiar with Foreclosure Defense law to discuss your situation and circumstances to see what defenses and options you have with your case.

Published on: September 15, 2010

What is a Deficiency Judgment in terms of Foreclosure and Bankruptcy?

By David M. Goldman

Jacksonville homes underwater. This is a question that we hear often as Jacksonville Bankruptcy and Florida Foreclosure Lawyers. In short, a deficiency judgment is a judgment for a debt that is owed after a foreclosure, i.e. the amount of money the bank was not able to recover after it forecloses on a home. Lenders are even allowed to add interest, fees and other expenses to that amount as long as their is an outstanding deficiency. While some states have laws that prevent lenders from seeking deficiency judgments, Florida is one of the states that does allow deficiency judgments to be pursued.

It is possible that there may not be a monetary shortfall after a lender has taken and sold a home through foreclosure but that is becoming less and less likely as national home prices have continued to decline. This may seem like a no-win situation for a homeowner but there are alternatives that homeowners can pursue to avoid a deficiency judgment. Foreclosure alternatives such as short sales, deeds-in-lieu, and loan modifications are just a few of the ways a Jacksonville Foreclosure Lawyer may use to help homeowners avoid deficiency judgments.

If you are one of the thousands of Florida homeowners who are facing a Foreclosure Lawsuit and potentially a deficiency judgment, give us a call to explore your potential foreclosure alternatives.