Mortgage Loan Modification Archives

How Will Filing Bankruptcy Affect My Chances of Getting a Mortgage or Refinance?

Emil Fleysher September 3, 2021

Many clients have been asking lately about how filing bankruptcy will affect their options with regard to obtaining a mortgage or refinance. The short answer is that “it depends.” What does it depend on? 3 things… (1) whether your case was filed as a Ch. 7 Bankruptcy or as a Ch. 13 Bankruptcy; (2) whether your case was “dismissed” or “discharged”; and (3) what type of mortgage loan you are

Foreclosures in South Florida are Gradually Improving

Emil Fleysher December 15, 2015

New foreclosures dropped dramatically across South Florida last month. Though the number of repossessed homes by banks has increased as the courts are clearing up the dockets. According to RealtyTrac, there has been a 53 percent decline since November of 2014 in foreclosures in South Florida. In November there were just 831 foreclosure lawsuits in Palm Beach, Broward, and Miami-Dade Counties. Since RealtyTrac began counting in January 2006, this has

South Florida’s Zombie Foreclosures Have Plunged

Emil Fleysher July 20, 2015

Zombie foreclosures, or abandoned properties that are going through the foreclosure process, have had a dramatic decline in South Florida in the past year. According to RealtyTrac’s Zombie Foreclosure Alert, there has been a 46 percent decline in Zombie Foreclosure during the second quarter of litigation; which translates to about 7,021 properties. An attorney from Royal Palm Beach attributes this to higher knowledge of the law. Residents are aware that

Supreme Court Declares 2nd Liens Can’t be Stripped in Chapter 7 Bankruptcy

Emil Fleysher June 10, 2015

Banks win out after the Supreme Court ruled on Monday. They state that homeowners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien. This is when the amount owed by the senior lien surpasses the current amount of the collateral; if the Chapter 7 bankruptcy code allows

Reset of Loans Causes Increase in Home-Equity Payments

Emil Fleysher March 18, 2015

As interest-only periods expire on loans begun during the housing bubble era, 3.3 million homeowners will be facing higher payments during the next four years on home-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is a rising threat over the number of new defaults. This is due to the new monthly bills increasing an

When Mortgage Transfers Go Awry

Emil Fleysher March 9, 2015

The Fourth District Court of Appeal ruled against HSBC Bank USA in a foreclosure case for lack of standing. The defendants, Donna and Marc Murray, appealed a final foreclosure judgment against the bank with the argument that they failed to validate that the mortgage originator transferred its rights. Judge Melanie May wrote on behalf of the unanimous panel “In this foreclosure puzzle, one of the pieces is missing”. In fact,

The Consumer Financial Protection Bureau’s Rules Are Being Defied

Emil Fleysher January 2, 2015

A Miami foreclosure defense attorney is getting ready to challenge lenders in court. He claims they are in violation of federal mortgage servicing rules that took place in January. He’s currently working on postponing several foreclosure sales referring to rules that the Consumer Financial Protection Bureau, or CFPB, issued to protect borrowers. His office will file lawsuits, in federal court if necessary. The lawsuits will be against lenders that push

Loan Modifications Con-Man Gets Over A Decade In Federal Prison

Emil Fleysher December 15, 2014

Read how a con-man managed to cheat people in return for loan modifications. Jason Vitulano plead guilty and was sentenced to 11 years in federal prison. He also got an order to pay restitution of $5.9 million dollars in a West Palm Beach Courthouse. This is after running a boiler room scheme targeting troubled homeowners for mail and wired fraud. Between 2008 and 2009 the Boca Raton man who was

Home Price Gains Have Slowed Down

Emil Fleysher December 9, 2014

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

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

Emil Fleysher October 23, 2014

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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