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Fleysher Law Blog

Bill Killed that would Move Foreclosure Notices from Paper to Websites

A bill has been killed that could have led to foreclosure notices disappearing from newspapers and going to websites. The sponsor argued that the county clerks of the court should be able to decide whether to continue the decades-old practice of publishing foreclosure notices in newspapers. Or, placing them on non-newspaper websites. Newspaper officials argued that most papers already put notices online, along with publishing them in print. Further, many

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Foreclosure Backlog Expected to Increase as more Filings are Expected

Foreclosure filings are expected to begin increasing in Florida again. So, the state court system has a multi-year plan to deal with the hundreds of thousands of expected new filings. The backlog of cases is expected to grow by another 380,000 cases by 2016. This is when foreclosures should return to their normal rate of 70,000 cases per year. The plan to deal with the new filings is basically the

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New York’s Attorney General Files Fraud Suit Against Banks

New York’s attorney general is accusing some of the nation’s largest banks of deceit and fraud. That is because they were using an electronic mortgage registry that he claims puts homeowners at a disadvantage in foreclosures. He claims the banks submitted court documents containing false and misleading information. It appeared to provide the authority for foreclosures when there were none. Further, the Mortgage Electronis Registration System (MERS) has eliminated homeowners’

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States Attorneys General Agree to Foreclosure Settlement

More than 40 states have signed on to a draft settlement with the nation’s largest banks. It aims at helping homeowners struggling with loans bigger than the value of their homes. However, several states including California, New York, Nevada, Florida, and Delaware remain undecided. Attorneys general from these states have issues with the deal but are still talking with negotiators. Some attorneys general feel the settlement is not enough for

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HAMP

Obama Administration Expands Foreclosure Prevention Program

The Obama administration is expanding eligibility for its Home Affordable Modification Program (HAMP). They are expanding it to borrowers with higher debt loads and tripling the incentives it pays banks that reduce the principal on loans. It will also offer incentives to Fannie Mae and Freddie Mac to reduce the principal on loans; which it had previously only offered to private lenders and banks. The program was initially set to

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Florida Foreclosure, Loan Modification, and Bankruptcy Attorney

The Debate Over Mortgage Principal Reduction

Mortgage principal reduction is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread mortgage principal reduction may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. Moreover, the data shows there is essentially no difference in re-default rates among delinquent borrowers, given only payment reductions. And, those also offered smaller

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Housing Prices

2012 Expected to Bring a Modest Decrease in Housing Prices

The good news about the current housing market is that there is an abundance of inventory and affordability. However, the most recent numbers show prices steadily declined from October 2010 to October 2011. Overall, housing prices are lower than they were in October 2001. And, in some cities, prices are at their lowest level in 20 years. Real Estate tracking experts are suggesting that 2012 will see neither a big

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