Housing Boost for Broward County

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Broward County is maintaining a steady increase in real estate.

Home sales have continued to rise in the past couple of month nationwide. In Broward County it is no different. Those who are attempting to sell their properties are finding that there are a lot more self-assured buyers with the now steading housing market. The interdependence between buyers and sellers will unravel the economical housing options in Broward.

Close to 94 percent of single family homes put up for sale received their asking price on July 2014, assuring that the buyers believe that the prices of their new properties will at the very least hold their value. The number of days that a property stays on the market also had an effect on the house market itself. Luckily, the average a property is on the market has been about a month, or 37 days to be more exact. This is a sign that the market is in a healthy place and it should encourage current homeowners to put their property up for sale and for buyers to purchase.

Americans have demanded that more sensible and safer mortgages be provided to steer away from the financial catastrophe that we all experience a few years ago.  Because of those demands, we are now seeing the continuous rise of properties being sold and the prices maintaining themselves as well. Homes that were under distressing situations, such as foreclosures, only make up about 9 percent of the homes sold though out the country, while a year ago they were made up of about 15 percent.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Criminal Charges for Fraudulent Couple Who Filed Bankruptcy

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Hiding assets in bankruptcy court will cause for your bankruptcy to be discharged and you will face criminal charges.

Although bankruptcy is an uncomfortable process to go through, has given many people a fresh at finances. One of the key points in being given financial freedom is that you must be completely honest during the bankruptcy process.  One couple in Palm Beach is now facing criminal charges for trying to conceal valuable goods from bankruptcy court. In 2008 the couple tried to snuff out $2.9 million in a Chapter 7 case but only claimed $13,000 in assets.

However, when the courts did their investigation a two carat gold wedding ring, platinum hoop earrings with diamonds, a silver bangle, a Swiss army watch, and high-end silverware set among other things were not divulged in their documents. Once the court found out of their fraudulent activity their bankruptcy was discharged and they were charged with a fine of $250,000 and up to five years in prison.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Bank of America Pays Florida $1 Billion in Settlement

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Nearly 17,000 Floridians will see some kind of relief from Bank of America due to its record-breaking settlement.

The Florida Attorney General’s Office declared that Bank of America will be providing a billion dollars for relief to approximately 17,000 Floridians over a settlement for mortgage security fraud. $16.65 billion was paid by Bank of America Corp to finalize the investigation for sale of harmful mortgage securities by federal, Florida and other states during the housing bubble. The homeowners and communities that were the most affected during the Recession will be assisted with $7 billion while the other $9.65 billion will be is fines.

Besides this being the largest settlement in history, they Attorney General also described it as going beyond the cost of doing business.  The Attorney General’s spokesperson stated that all the particulars of how much and who will be receiving the assistance is still being worked out. Loan modifications, principal reduction and forgiveness, and new loans to borrowers with worthwhile credit will be part of the relief given to consumers. Communities that are still recuperation from the recession will received donations and other will be provided with rental housing that can be affordably financed.

Of the $7 billion settlement, a seventh will be given to Florida to help homeowners and communities who were the most affected during the financial crisis. The majority of the toxic loans were done by the firms Merrill Lynch & Co and Countywide Financial Corp. These firms were attained by Bank of America in 2008.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Billion Dollard Condo Redevelopment Comes to Fort Lauderdale

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1,600 new condos in 7 new towers will be developed near the Galleria Mall in Fort Lauderdale.

In the past 36 months developers of the Greater Downtown Miami area have announced their plans for creating 65 new Towers while the Fort Lauderdale area has sat by unproductive. This, however, was changed with news released last week. In a report provided by the Sun-Sentinel, the partnership group that manages the Galleria Mall in Fort Lauderdale has disclosed a Billion reinvention plan. The Galleria region will get a make-over that includes 1,600 new condos in 7 new towers.

CraneSpotters.com, a preconstruction condo projects website, stated that after the announcement the number of prospective new apartments in the Downtown Fort Lauderdale and Beach market region has more than doubled from the previously 850 units to 2,450 units. The proposal for revamping the Galleria mall with new condos has put the Downtown Fort Lauderdale area in the third spot in South Florida for most active market of new condos. The Greater Downtown Miami is in first place with 18,300 units and Hollywood/Hallandale Beach in second with 3,600 new units or more.

Prior to the announcement, Fort Lauderdale was ninth in the new condo market boom, just behind Coral Gables with 1,073 planned new units but in front of the 717 units of Boca Raton. All-together 38,150 new units in 278 new towers are expected to be built in Palm Beach, Broward, and Miami-Dade County east of I-95 thus far. During this condo boom, Palm Beach County represents 9 percent of the developing new units in the tri-county coastal region. Broward County represents 17 percent, while Miami-Dade leads with an incredible 74 percent of all new units.

In the previous condo boom, there were 49,000 new units constructed in the South Florida coastal sector and 21 percent of those units were constructed in Broward County. However, the big question still stands of whether this huge redevelopment endeavor of the Galleria area will spark the interest of future developers for Downtown Fort Lauderdale and Beach Market or if it will send them running for the hills.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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South Florida in the Top 10 Markets of New Home Sales

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Florida has taken 5 spots in a nationwide report of home construction.

According to Metrostudy Research Firm, South Florida ranks among the top markets of home construction. The tri-county area is ranked ninth in the country after a nationwide survey was conducted of nearly a thousand communities, including job and population growth with housing evidence. The construction business is doing very well right now because there is a high demand for new homes but the supply minimal which allows for homebuilders to work the market to their favor.

Ocala was ranked number one on the list, followed by Orlando at number two, Fort Myers ranked third and Naples sixth. From 2000 to 2005 where the house boom began, the builders in South Florida generally initiated at about 1,000 homes a quarter but when the construction hit an all-time low in 2009 the quarter only gave about a few dozen homes. Since that the market has picked back up for homebuilders, they are now facing a new problem, land to which build on.

Palm Beach County home construction has started to move west to find suburb land. In Parkland, located in the northwest region of Broward County, approximately 1,500 homes will be built but empty lots are a rare commodity to find so builders are looked for old locations to decimate and build new ones.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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South Florida Rentals are Going Sky High

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South Florida is within the top 3 regions in the country whose rent is getting higher than the national average.

South Floridians are feeling the pain when it comes time to pay their landlords. Rent is taking a larger sum out of their paychecks than nearly anywhere else in the country, and there is no sign of relief in sight. It takes 44 percent of your earnings, typically, to pay rent in South Florida. This is 14 percent more than the average throughout the country stated Zillow.com. San Francisco and South Florida are tied third in the nation for highest rent. Sarasota comes in second please with 47 percent and Los Angeles comes in first with 48 percent.

Even though renting is growing all across the country, the rapid increases in South Florida have begun to sting. A decade ago South Floridians paid about 34 percent of their income to rent, the average nationally is about 26 percent according to Zillow.com. The hardship of renting has grown 29 percent since then; however, the national average is closer to 15 percent.  Zillow is a home listing service that records data from home sales and rental listings.

Adding insult to injury, the real estate market is just going up, up, up. $250,000 or below is considered an entry-level single family home, but there are less than 33 percent homes with this description in Broward County and less than 25 percent in Palm Beach County. But unfortunately with the prices of rentals getting higher and higher, new buyers are finding it harder and harder to save even for a down payment. However, even homeowners are feeling the pain with the property insurance sky rocketing. Some even speculate that homeowners are in a worse position than renters.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Palm Beach County Makes The Top 5 Highest Asking Prices In The Nation

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The real estate market in South Florida has increased substantially over the last couple of years.

Palm Beach County home sellers are putting big price tag on their homes. According to Trulia.com the asking prices for the properties have increased 14.5 percent in the area compared to August of last year. They are the fourth raking region in the nation. Lakeland took third place with 14.8 percent increase, and Birmingham, Alabama and Miami-Dade County tied at 15.6 percent. Broward County only increased 10.4 percent, ranking at 24th in the nation.

South Florida’s home prices were at their lowest in 2011 but have been firmly augmenting from year to year due to investors and other buyers. However, home prices have started to attune in the recent months. The data accumulated by Trulia is based on townhomes, condominiums, and single-family homes within the 100 biggest regions in the nation. Trulia also stated that the majority of the locations throughout South Florida whose prices enlarged the most were also the most affected areas during the crash of the real estate market. This is called the “rebound effect”.

Another reason for the prices of properties increasing is due to the strengthening of the work force and the delayed foreclosures finally pushing forward in Florida. Because foreclosures usually bring down the prices of homes in surrounding areas the less foreclosure you have in that area the higher the prices of the properties. Although seller are enjoying the enhanced market, some are not getting carried away and asking well more than the property is worth.

Due to low inventory, sellers with properties that are move-in-ready are asking more than the fair amount and the buyers are noticing. Homes that are priced they market value are being sold a lot faster than those who are not. It is not unusual for an overpriced to sit on the market for 30, 60, or even 90 days. When the home doesn’t sell for a while, the price then has to be reduced. Buyers question why a home has been sitting on the market for a while and even more red lags pop up when it has a reduction prices.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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July: A Tough Month With Foreclosures For South Florida

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South Florida had a tough July raking amidst the highest foreclosure rates in the region.

In July, South Florida was among the regions with the highest foreclosure rates in the Country. One in every 421 homes had a foreclosure filing throughout Miami-Dade, Broward, and Palm Beach County. The tri-county is ranked fifth throughout Florida. Palm Bay-Melbourne was among the top with one in every 404 homes in foreclosure, Orlando was second with one in every 357, but Ocala was first with one in every 296 homes. Unfortunately Florida was place at number 1 in July with the highest foreclosures throughout the nation.

RealtyTrac considers repossessions, new law suits, and judgments as foreclosure fillings. South Florida decreased 40 perfect, when compared to last year July, their foreclosure filings with only 5,853. Palm Beach County had an annual decline of 24 percent, Miami-Dade County 44 percent, & Broward County with 49 percent. The highest foreclosure rate from the tri-county area was by Palm Beach County with one foreclosure filing per 352 homes.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Florida Foreclosures Go Up In Over A Year

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Due to the new “fast track” law, foreclosures in Florida are increasing.

Brand new foreclosure filings have gone up 24 percent in comparison to the beginning of the year. This increase is the first annual one since the beginning of 2013 and it is believed that this is part of the foreseen tsunami of homes that will be taken away. There were 6,468 foreclosures in August; a 74 percent boost from July reported RealtyTrac, a company that records foreclosures throughout the country. For the post 11 months, Florida has had the number one spot nationwide for the highest foreclosure cases.

Foreclosure attorneys alongside RealtyTrac contest as to the cause of the expansion of new filings but they coincide that it is most likely a mixture of lenders meeting the new law placed in 2013 where they must provide certain documentation to “fast track” the foreclosure process, a confidence boost by the banks because of the quicker court system in foreclosure cases, and the ending of the federal tax break for short sales.

Regardless of the state increase report provided by RealtyTrac, there was a 17 percent decline in Palm Beach County with only 480 new filings in August 2014 compared to the same time last year reported the Palm Beach County Clerk’s office. There were 55,000 homes countrywide that began the foreclosure process last month, which is a 12 percent increase from July but equal to this time last year.

RealtyTrac associates affiliate the escalation of new cases to the new foreclosure law that began July 1, 2013. The “fast track” law provides lenders a quicker way to foreclose by requiring them to provide certain documentation the moment they file the case which includes the original note and proof that they are the proper party to file a case against the borrower. The lender must file affidavits under penalty of perjury if the note cannot be found and to corroborate the authenticity of the foreclosure.

New filings fell a tremendous 43 percent in August 2013 when the law had only been in place for one month and has remained low. It is believed that due to the requirement for Banks to file affidavits for lost notes, the foreclosures have slowed down; however, it is expected for new filings to increase now that servicers are more acquainted with the requirements of the new law.

One in every 532 homes in Maryland has a foreclosure filing, one in every 524 homes in Nevada, but Florida has one in every 400 homes with a foreclosure filing coming in first place nationally. A South Florida foreclosure defense attorney states that this is the second wave of foreclosure which he has foreseen. However, he believes that the majority of the new filings are directly connected to the termination of the Mortgage Debt Relief Act in which the borrowers would be allowed to exempt pardoned mortgage debt from being considered income, causing homeowner to let their property go to foreclosure instead of doing a short sale.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Good News South Florida: Less Cash Sales

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The decline in cash sales has given people who are in need of loans a chance at getting them even if they have recently done a short sale or gone through bankruptcy.

A report provided by the Realtors Association of the Palm Beaches states that investors, which predominately purchase properties in cash only, are at the lowest point in several years. Cash deals are a characteristic of investors and it helps differentiate them from homebuyers who customarily require mortgages.  These sales went down by 11.5 percent in July compared to the beginning of the year but were only second to the abrupt 12 percent fall off the country recorded in February’s numbers.

In January at least 50 percent of the prospective buyers were all dealing in cash, as opposed to the less than 42 percent in July.  The sales still slowed down although 90 percent of the cash deals in Miami-Dade County were done by overseas buyers. During the first quarter 63 percent of the deals were all closed cash deals in comparison to the 58 percent in the second quarter, declared the Miami Association of Realtors.

However, those that watch the market state that there is another way to suspend the decline.  Since investment properties are doing well, the banks are more willing to give out mortgage loans to those who need it. Commercial properties have had an incline in received financing from lenders in both private equity firms and traditional and now potential homeowners are too thanks to the diminishing cash sales.

Many believe that because banks are offering more loans that it points to a better economical period. Lenders are even providing loans to those who had done short sales or have recently going through bankruptcy.  This is something that was previously unheard of. Now that the real estate market is equalizing, cash sales have slowed down because there aren’t as many bargains as before and real buyers have a fighting chance at getting loans.

Some state that the downside to the decline in cash sales is the longer sale times and the greater the inventory. In July 2013 the inventory was the lowest it had been since 2008 in Palm Beach Country; however, in July 2014 the inventory went up 27 percent. South Florida had the most cash deals in the nation. The research firm RealtyTrac LLC stated that during the second quarter, nearly two-thirds of all property sales were cash sales.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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