Offices in Broward, Palm Beach, Martin, and St. Lucie Counties

Fleysher Law Blog

2012 Foreclosure and Real Estate Market Outlook

2012 Expected to Bring a Modest Decrease in Housing Prices

The good news about the current housing market is that there is an abundance of inventory and affordability. However, the most recent numbers show prices steadily declined from October 2010 to October 2011. Overall, prices are lower than they were in October 2001 and in some cities, prices are at their lowest level in 20 years. Real Estate tracking experts are suggesting that 2012 will see neither a big housing

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Beware of Cross-Collateralization when dealing with Credit Unions

A cross-collateralization clause makes the collateral that secures the car loan (the car) serve as collateral for all loans the credit union has made or will make to you. This transforms any unsecured debts that you have with that credit union (i.e., a credit card) into secured debt. It is often the case that the debtor has no idea that this cross-collateralization exists until after default or during bankruptcy.

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When is the right time to file for Bankruptcy?

This is one of the most frequently asked questions that my clients need answered. The truth is, like most answers to legal questions, it depends… Creditor Harassment / Collection Calls: If the primary force driving you to file for bankruptcy is harassing phone calls, letters, and e-mails from your creditors, then chances are the sooner you can file the better. Filing for bankruptcy invokes the automatic stay which instantly prohibits

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Homeowners are Sinking Deeper Underwater

According to a recent Bloomberg article, more than 28 percent of U.S. homeowners owed more than their properties were worth in the first quarter of 2011. This was the biggest drop in U.S. home values since 2008. Home prices fell approximately 3% in the first quarter of 2011 and are expected to fall as much as 12% before the year is over. The unemployment epidemic and ever increasing foreclosure inventory

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Can a Mediation Save your Home from Foreclosure?

In 2009, Florida Supreme Court issued an order mandating foreclosure mediation for all residential homesteaded properties. In other words, upon filing a foreclosure action on a primary residence, the banks are now required to attend mediation with the borrower before the case can proceed, or at least provide the borrower with the option. Under this order, borrowers have the right to ask their lenders for a “plaintiff’s disclosure” before mediation.

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What are the alternatives to Bankruptcy?

Your right to file for bankruptcy and discharge your debts is a very important and very powerful right. It can only be used once every 8 years and should not be exercised unless absolutely necessary. The general rule of thumb for deciding whether you should file for bankruptcy is this… if your unsecured debts are equal or greater than your annual salary, you should file for bankruptcy. This general rule

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What Happens to my 2nd Mortgage/Home Equity Loan in Ch. 7 Bankruptcy?

Many clients are concerned with what will happen to their second mortgage (also referred to as a Home Equity Loan, Home Equity Line of Credit or HELOC) during and after Chapter 7 Bankruptcy. In general, 2nd mortgages or HELOCs are loans that are given to property owners. These loans are secured by the value of the property above the amount of the first mortgage. The difference between what the property

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Effects of the Foreclosure Crisis on South Florida Home Prices

The following is a series of charts organized by county showing the declining (in most cities) median listing prices for homes in South Florida. MIAMI-DADE COUNTY Aventura Bal Harbour Aventura Zillow Home Value Index Aventura Home Values – Interactive chart Bal Harbour Median List Price Bal Harbour Home Values – Interactive chart Coral Gables Doral Coral Gables Median List Price Coral Gables Home Values – Interactive chart Doral Median List

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