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Fleysher Law Blog

foreclosure rate

Florida Leads the Nation in Foreclosures… Again

For the 3rd month in a row, Florida has the nation’s highest foreclosure rate. One in every 304 Florida homes was in some stage of foreclosure in November – more than twice the national average. Additionally, there are 550,000 Florida homeowners who are over 90 days delinquent but have not yet received default notices. The South Florida metro area alone (Palm Beach, Broward, and Miami-Dade counties) had the nation’s 5th

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Foreclosure Discounts

Foreclosure Discounts Shrinking in South Florida

Foreclosure discounts in South Florida are actually shrinking. Continue reading to find out more. The past year has seen heavy competition between potential buyers of foreclosed homes. The result of this is that the average price for a foreclosed home in Florida is nearly the same as for a non-distressed home. Nationally, bank-owned property price discounts fell to 7.7% from 9.1% a year ago. The smallest foreclosure discounts has led

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flopping

Latest Trend in Mortgage Fraud: Flopping

The number of short sales has more than tripled in the past three years. And, with that, the opportunity, or flopping, for fraudsters to make quick money has also grown. Known as “flopping”, an underwater seller arranges a short sale with their mortgage holder. Then, they intentionally mislead the bank about the condition of the property; in order to sell it for as low of a price as possible to

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New Foreclosure Filings Up

New Foreclosure Filings Up in South Florida for 2012

Over 5,100 foreclosure filings happened in South Florida in October 2012, a 50%+ increase from October 2011. More than 1/3 of the foreclosures (2,300) came from Miami-Dade County. Broward County had almost 1,800 foreclosures, up from 1,200 last year. Palm Beach County shows 1,100 new foreclosure filings, a big jump from the 757 in October 2011. Broward County is accounting for 42% of all the filings so far in 2012.

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new foreclosure filings

Palm Beach County Releases October Foreclosure Stats

The number of new foreclosure filings in Palm Beach County increased in October compared with the previous month; as well as with the same time in 2011, according to the latest statistics from the Clerk & Comptroller’s office. The 1,418 new foreclosure filings that occurred in October also pushed Palm Beach County’s foreclosure case total for 2012 to 13,057; exceeding the 12,154 cases filed for all of 2011. The number

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How Long Before You Can Get a Mortgage Loan Again?

As a Bankruptcy and Foreclosure Attorney, I am frequently asked how long after Bankruptcy, Foreclosure, or Short Sale a mortgage loan can be obtained. While everyone’s situation is different, the following table is a good overview. It elaborates on the relationship between mortgage loan, and bankruptcy, foreclosure, or short sale. Chapter 7 Bankruptcy or Chapter 11 Bankruptcy 4 Years Chapter 13 Bankruptcy 2 Years from discharge4 Years from dismissal date

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Bank of America and Countrywide

Bank of America / Countrywide HUSTLE Investors & Borrowers

In 2008, Bank of America purchased Countrywide and inherited its mortgage program called the “hustle”. This lawsuit claims that Bank of America continued to operate the hustle. It consisted of rubber-stamping risky home loans. And, then selling them to government-controlled Fannie Mae and Freddie Mac, throughout 2009 despite the program’s poor performance. In fact, Bank of America purchasing Countrywide, inheriting its program, and continuing to operate the hustle reminds us

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Chapter 7 Lien

Chapter 7 Lien Stripping Approved by Broward, Dade, and (now) Palm Beach County Judges

Attorney Emil Fleysher recently obtained one of the first Chapter 7 Lien Strip Orders in Palm Beach County. Chapter 7 Lien Strip Orders: What Happened? Following the watershed case of in re: McNeal, in which the 11th Circuit Court of Appeals ruled that fully unsecured 2nd mortgages, Home Equity Loan Liens, and other junior mortgages may be discharged. And, maybe stripped off in Chapter 7 Bankruptcy; many debtors’ attorneys were

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foreclosure law firm

Florida Court Says Foreclosure Law Firms Can’t Charge for Serving “Unknowns”

A foreclosure law firm violated state law. They did this by charging homeowners for summonses served on “John and Jane Doe”. And, other unknown parties who may have claims on the property. In fact, it is common practice for a law firm to serve foreclosure paperwork on homeowners; as well as separate summonses for “unknown tenant,” or “unknown spouse”. This is even if the borrower is single and is not

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Miami Home Prices Are Up 11.3% in 2012

Home prices in the Miami area rose 11.3 percent in August from a year earlier; beating a national average gain of 4.6 percent. Excluding distressed sales, home prices in the Greater Miami area, including Miami, Miami Beach, and Kendall, rose 9.9 percent in August from a year earlier. Miami area prices went up 0.1 percent in August from July. Florida prices rose 6.9 percent statewide in August from a year

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