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Fleysher Law Blog

House is Underwater

Options for Florida Homeowners with Homes that are “Underwater”

What are your Options if your House is Underwater? More and more Floridians are coming to the unsettling realization that their homes are now worth less than they owe on their mortgage(s). This unfortunate scenario is commonly referred to as your house being “underwater.” One of the most common questions that clients ask is “What are my options if my house is underwater?” Generally, the answer is that you have

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Does Florida Have a Culture of Delinquency?

A new report from real estate services provider Zillow found that while Florida is not the worst state for negative equity. In fact, Florida’s borrowers have disproportionately high delinquency rates on their loans. In Miami-Ft. Lauderdale, 43.7% of borrowers are underwater, while 24.9% of them have missed at least three months of payments. In Tampa, where 46.6% are underwater, 17.6% haven’t made payments for three months. In Orlando, it’s 51.9%

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Home Equity account

WARNING! You are approved for full principal forgiveness of your Home Equity Account.

A client recently came into my office with a letter she received from Bank of America. It stated that her Home Equity account had been approved for participation in a principal forgiveness program. It was offered as a result of the Department of Justice and State Attorneys General global settlement. The letter about her Home Equity account goes on to explain that the entire balance and any accumulated fees, interest,

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South Florida Foreclosure Rate Ranked 13th in Nation

South Florida’s foreclosure rate ranks 13th out of 212 metropolitan areas so far this year. One in 53 properties in Palm Beach, Broward, and Miami-Dade counties is in some stage of foreclosure. So far this year, the foreclosure rate for South Florida is 46,559 homes in foreclosure; up 24 percent from a year ago. The number of new cases increased 34 percent from last year. However, the South Florida housing

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Florida Program to Help People in Foreclosure Lacks Measurable Goals

A federal report critical of a foreclosure prevention plan specifically mentions Florida. It says that Florida is failing to set measurable goals for its Hardest Hit program. In fact, Florida was one of 18 states and the District of Columbia that received money from the Hardest Hit Fund; which was first announced in Feb. 2010. The purpose of Florida’s Hardest Hit program is to create breathing room for homeowners looking

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Seniors are Facing Foreclosure at Increasing Rates

For the first time, the nation received evidence through an AARP report of how the real estate crash is affecting its senior citizens. While older homeowners still have lower foreclosure and mortgage delinquency rates than people under the age of 50, they are increasing. AARP’s findings include: About 5.7 percent of homeowners age 65 and older were in foreclosure in 2011, up from 0.58 percent in 2007. More than 5

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Florida Housing Market Continues to Face Uncertainty

The story of the Florida housing market continues to be one of the foreclosures and distressed sales. The expectations are that over one million distressed homes will hit the market over the next year or so. This backlog of distressed homes leads to the expectation that this increase in inventory would cause prices to plunge. However, despite some continuing foreclosures, bank-owned homes have not hit the Florida housing market in

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Why didn’t my attorney strip my 2nd mortgage in my Chapter 7 Bankruptcy filed last year?

A woman who had read my article in the Palm Beach Post regarding stripping 2nd mortgage liens in Chapter 7 Bankruptcy recently asked me this question. She states that she saw in my article that “a new case allows the 2nd mortgage to be stripped off with a Chapter 7 Bankruptcy”. And, that her bankruptcy attorney filed her Ch. 7 Bankruptcy last year without stripping off the 2nd mortgage. She

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Emil Fleysher Quoted in Recent Report on CoreLogic CoreScore Model

A recent article written by reporter Kelly Dilworth quotes several resources; including Emil Fleysher in discussing the potential effects and implications of the new CoreScore model of credit reporting from Core Logic. Emil Fleysher has previously written 2 articles on the topic that you can find on Blog. To read the full article please visit the following link… FICO introduces new, less traditional credit score If you have

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final judgment

What is a “Final Judgment” and why should I care?

A final judgment is the Judge’s final decision in a case as recorded in the files stored in the Office of the Clerk of Courts. The name for the party that sued you and obtained the judgment is “judgment creditor.” The judgment creditor can obtain the right to proceed against your property through a writ of execution, garnishment, or other judicial processes. A judgment becomes a lien when a certified

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