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Fleysher Law Blog

Florida Foreclosure, Loan Modification, and Bankruptcy Attorney

The Debate Over Mortgage Principal Reduction

Mortgage principal reduction is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread mortgage principal reduction may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. Moreover, the data shows there is essentially no difference in re-default rates among delinquent borrowers, given only payment reductions. And, those also offered smaller

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Housing Prices

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, housing 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

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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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file for Bankruptcy

When is the right time to file for Bankruptcy?

When to file for Bankruptcy? This is one of the most frequently asked questions that my clients need answering. 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

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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. This is 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, they are expected to fall as much as 12% before the year is over. The unemployment epidemic and ever-increasing

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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 now have to attend mediation with the borrower. This is 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

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What are the alternatives to Bankruptcy?

Believe it or not, there are some 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 to or greater than

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