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Fleysher Law Blog

advisory committee

An Attorney’s Challenge To A Foreclosure Order Was Supported By Advisory Panel

An advisory committee to the Florida Supreme Court informed the Palm Beach Circuit chief judge that an administrative order that throws out certain motions in foreclosure cases as “abandoned” is a local rule. According to Florida Rules of Judicial Administration, a local rule is a rule of “practice or procedure” for trial court application only; because local conditions require it. It provides an omission or facilitates an application of a

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home prices

Home Price Gains Have Slowed Down

September brought on the slowest rise in home prices while providing decent sale gains and more variety in sale inventory. According to the Standard & Poor’s/Case-Shiller index of home prices in 20 major cities, September marked a 4.9 percent increase; in comparison to a year ago but a 5.6 percent decrease compared to August. For the first time in seven months, the 20-city index was unchanged. Nine of the 20

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REOs

In October, Florida Had The Most REOs In The Country

Florida leads the states with the largest number of REOs, bank repossessions, in October 2014 according to RealtyTrac. Maryland, however, has taken the lead in the highest foreclose rates of the nation. Banks in Florida repossessed 4,905 properties. This is 2,000 less than that in California. Ohio came in third with 2,057, Illinois with 1,620, Maryland with 1,602. And, four more states with more than 1,000 REOs in October. Although

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second mortgage

Bank of America Fights to Keep Second Mortgage From Being Void in Bankruptcy

In a few days, the Supreme Court will make a determination; whether homeowners who have filed bankruptcy are eligible to nullify a second mortgage. This is assuming that the property’s market value is lower than the amount owed on the first mortgage. Bank of America appealed twice to the Supreme Court. They were proclaiming that the second loans should not be “stripped off” when a homeowner files bankruptcy; even though

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zombie homes

Florida Still Leading The County With Largest Amount Of ‘Zombie’ Homes

A new report states that although the number of abandoned foreclosed homes has been decreasing locally, Florida continues to surpass the rest of the country with the number of zombie homes. By the end of the third quarter, the commonly named ˝zombie” homes in Palm Beach County are up to 2,749; which is around 35 perfect down from last year, stated RealtyTrac Firm. Broward County was down 19 percent from

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foreclosure cases

Court Rules In Favor of Defendants In Foreclosure Cases With Robo-Witnesses

The First District Court of Appeal has thrown out the evidence presented in three foreclosure cases. They did this due to the lenders’ witnesses being unqualified to testify. In two of the cases, the court stated that the lawsuits should get dismissal in favor of the homeowners. The banks have 30 days to file a motion for rehearing or the decisions will become active throughout the state. It has been

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associations

Associations Need To Be More Diligent During The Foreclosure Process

Homeowners and condominium associations were doing an adequate job of collecting monies. This is due to them including write-offs that were so troublesome or hard for the association to deal with. This is all before the market crashed in 2008. The court system became highly overwhelmed with mortgage foreclosures. And, unchallenged cases would typically take at least 3 years to finalize. Associations have had to make changes in their collection

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Palm Beach County

Foreclosure in Palm Beach County are Continuing to Decrease

Palm Beach County has a small increase in new foreclosure cases in September; however, they were still lower than in September of last year. This is all according to the Clerk & Comptroller’s latest statistics in Palm Beach County. In September, 484 new foreclosure cases were filed. 480 cases were filed in August providing a 0.83 percent increase. But, there was an 11.5 percent decrease in comparison from the 547

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refinance

The Drop in the Market Might Be a Blessing In Disguise For Refinancers

An absurd amount of Americans are questioning whether or not they should refinance their mortgage. This is due to the unexpected fall of rates last week. These inquiries were coming in by the millions from current homeowners and soon-to-be-homeowners who are looking for a bargain. The favorable circumstance came from the commotion that got the financial market, affecting the bond yields. And, the stock prices that sent them sliding. Since

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Loans

Foreign Investors Are Procuring More Loans

Lenders are granting non-U.S. residents better access to credit, i.e., loans, in order to finance investment properties or vacation homes. This is happening through a foreign-national mortgage without them ever having to step into the U.S. This loan service for people abroad requires that they put at least 40 percent down on a property. These international investors are assisting close the gap left by the American people. The domestic investors

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