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Fleysher Law Blog

HOAs Prodding Stubborn Foreclosures

HOAs Prodding Resistant Banks to Act on Distressed Condo Units

In addition to homeowners, Home Owner’s Associations (“HOA”s) are victims of the foreclosure crisis as well. When homeowners stop paying maintenance fees or assessments, associations start facing serious problems. Some associations have more than 50% of their units delinquent. Under Florida law, HOAs can foreclose on owners for the delinquent fees and can take title that way. This is not always helpful because the existing mortgage goes with it and

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The same banks that improperly foreclosed on millions of homeowners are being charged with reviewing those cases for improprieties.

Foreclosed Homeowners may have their Cases Reviewed (by the Same Banks that Improperly Foreclosed on them).

Approximately 4,000,000 foreclosure cases completed in 2009-2010 are under review and the injured borrowers are getting an opportunity to have their cases reviewed for reimbursement payments. Unfortunately, whether a borrower will be reimbursed is up to the same lender accused of moving too quickly to seize their home. Starting November 1st, mortgage lenders and servicers are sending notifications to potentially eligible borrowers asking if they want their case reviewed. Lenders

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HOAs Prodding Stubborn Foreclosures

Can my Homeowner’s Association (HOA) foreclose on my home?

Many borrowers that have stopped making their mortgage payments are unsure as to whether or not they should continue making payments to their homeowner’s association, commonly referred to as their HOA. My clients that are facing foreclosure often ask what the consequences are for not paying the HOA and are often surprised with my answer. With very few exceptions, I recommend paying your association in full and on time. According

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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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