August 2010 Archives

August 31, 2010

Government mortgage modification may not be best option to stop foreclosure in Miami

President Obama's foreclosure rescue plan is losing its punch, just one more sign that struggling South Florida homeowners should not wait for the government to help deal with their bad mortgage debt.

Our Miami foreclosure defense attorneys continue to report on the mixed signals coming out of Washington. Most recently, we reported on our Miami Foreclosure Lawyer Blog that a new bailout effort court be on the horizon. Fighting for your rights as a homeowner and consulting an experienced lawyer to help stop foreclosure in Miami are your best options for striking the best deal for you and your family.
478790_loan_application.jpg
In July, fewer than 37,000 homeowners received long-term mortgage modifications from the Home Affordable Modification (HAMP) program -- Down from 51,205 in the previous month. Thus far, about 434,000 homeowners have made it out of the trial phase.

Meanwhile, more and more homeowners continue to drop out of the program: About 13,000 fell out in July.

"We know that we must continue to provide support to underwater borrowers, unemployed homeowners, and to the nation's hardest hit neighborhoods," said Assistant Housing Secretary Raphael Bostic. Nowhere have homeowners been harder hit than in South Florida. It's another sign that additional help may be on the way for those who fight for it.

Meanwhile, the government is set to roll out yet another new program -- the FHA Short Refinance Option. It allows underwater homeowners to refinance into an FHA backed mortgage provided they are current on their payments and the bank agrees to write off at least 10 percent of the principal. In theory, this will give the homeowner a more affordable loan, do something to address the lost property value, and provide the bank an incentive to make the deal because the new loan would be backed by the federal government.

Like the programs that have come before it, this may be a viable option for some homeowners. But the best course of action is to discuss your options with an experienced Miami real estate attorney.

Continue reading "Government mortgage modification may not be best option to stop foreclosure in Miami " »

August 24, 2010

Stopping foreclosure in Miami often the first step to repairing credit score

Failure to stop foreclosure in Miami is one of the many ways in which consumers are seeing their credit scores take a big hit. MSNBC reports a reputable credit repair firm may charge $600 or more to assist you in getting your credit back on track.

But there are few secrets to a good credit score. Low credit card balances and on-time payments will do more for your score than all the counseling in the world. Unfortunately, if you are dealing with an underwater mortgage in South Florida or a short sale or other bad mortgage debt, little can be done to help your credit without addressing the real problem.
905078_credit_cards_1.jpg
A Miami foreclosure defense attorney can assist you in determining the best course of action. Without proper assistance, a short sale or strategic default could result in a delinquency judgment and additional blows to your long-term financial well-being and credit worthiness.

Once you have dealt with your mortgage debt, you can begin to comb your credit report for errors or other problems that are needlessly dragging down your score. Too often, consumers continue to go on struggling with unmanageable debt out of misplaced fear of harming their credit score. In reality, your score has likely already taken a major hit from over utilization of available credit, missed payments, late payments and other issues. Getting back on strong financial footing may well allow you to repair your score faster than continuing to struggle with bad debt.

A free credit report is available at www.annualcreditreport.com. In general, scores in the 700 are good, high 600s are decent, low 600s are marginal and those with scores lower than 600 will find it difficult or impossible to get credit in the current environment. Rebuilding your credit requires paying your bills on time and using one-third or less of available credit.

Continue reading "Stopping foreclosure in Miami often the first step to repairing credit score" »

August 20, 2010

Bailout for South Florida homeowner's could be on the horizon; stopping foreclosure in Miami a priority

As election season heats up, so do the rumors that politicians will fashion a South Florida homeowner's Hail Mary that will involve billions of dollars in debt forgiveness for underwater property owners, according to MSNBC.

Having been bailed out themselves with the help of billions in tax dollars, banks will undoubtedly fight any move to help stop foreclosure in Miami by forgiving principal mortgage balances. Many homeowners will likely be left out and not everyone will be treated the same. Hiring an experienced foreclosure defense lawyer in Miami is the best way to fight for your rights.
1037536_money_in_hand.jpg
Many expect a massive overhaul to be announced sooner rather than later. "I think it will happen in some fashion," said Nova Southeastern University Professor Albert Williams. Without such a drastic step, the economy may continue to suffer as struggling homeowners who are saddled with bad debt are unable to contribute positively to an economic recovery.

How such a bailout would work remains murky, particularly in the Broward County and Miami-Dade areas, two of the nation's hardest-hit counties. One of the challenges is helping underwater homeowners without penalizing those who have managed to stay current on their mortgage. Polls have found that 58 percent of respondents oppose a mortgage bailout and many expect the political rhetoric to be toxic. Many believe including something for everyone is the only path to success.

"Even if someone is upside down on a house and has never missed a payment, something needs to be done for them as well," James Katz, of the Katz Reality Group, told the Herald.

Continue reading "Bailout for South Florida homeowner's could be on the horizon; stopping foreclosure in Miami a priority" »

August 20, 2010

Bancos pagan bonos en cantidades record, pero rehusan ayudar a detener los foreclosures.

El New York Times reporta que los ejecutivos financieros recibieron dos billones en bonos cuando los mercados se encontraron al borde del colapso en el 2008. El colapso iba a producirse debido en parte a riesgos tomados irresponsablemente y a anos de incurrir en excesos financieros por parte de ejecutivos corporativos.
 
Alrededor del 80% de los bonos pagados no eran merecidos, es decir $1.6 billones.
 
Es dificil sentir pena por los banqueros.Ellos no son los que viven de cheque en cheque,o los que se encuentran haciendo pagos de hipoteca en una propiedad que vale menos de lo que se debe por ella,con el credito arruinado o tratando de efectuar una venta corta.Un abogado de Miami especializado en la defensa de ejecuciones hipotecarias,puede ayudar a los propietarios del sur de la Florida a decidir el mejor curso de accion a tomar. Ya sea que usted desee detener un proceso de ejecucion, u obtener una modificacion de prestamo hipotecario, el consultar a un abogado experimentado en esta area lo puede ayudar a defender sus derechos.
 
Segun hemos reportado en nuestro Miami Foreclosure Lawyer Blog, los acaudalados se deshacen de sus hipotecas desfavorables y se disponen a desafiar un nuevo dia. Los banqueros recuperaron su dinero. No permita que un banco o una  asociacion de propietarios lo confunda y le haga creer que lo mejor sea que permanezca en una situacion sin salida. Defender sus derechos podria impactar su estilo de vida para siempre.
 
El reporte del gobierno sobre los bonos a bancos informa que 17 instituciones financieras realizaron pagos cuestionables por un monto total de $1.58 billones inmediatamente despues de aceptar billones de dolares en ayuda de los contribuyentes.
 
El grupo incluye Goldman Sachs, J.P.Morgan Chase, AIG and Citigroup.
 
El observador del gobierno tiene poca o ninguna autoridad para requerir que los bancos devuelvan el dinero.  Pero se transaran por la proposicion hecha por los bancos de adoptar voluntariamente una provision de "aplicar los frenos" y suspender futuros pagos de bonos a ejecutivos si se presentara una nueva crisis.
 
La practica de ofrecer bonos substanciales en Wall Street esta en su plenitud nuevamente: Goldman Sachs esta en el proceso de otorgar a su empleado promedio  $544,000 en salario y bonos; JP Morgan Chase ofrece como promedio a sus empleados $425,000 y Morgan Stanley ofrece a cada empleado $260,000.
 

Continue reading "Bancos pagan bonos en cantidades record, pero rehusan ayudar a detener los foreclosures." »

August 19, 2010

El Hombre de Acero puede que no impida una ejecucion hipotecaria en el sur de la Florida - Un abogado defensor experimentado es la mejor opcion para los duenos de casas.

Superman salvo a una familia afortunada de una ejecucion hipotecaria al encontrar un libro de tiras comicas original.

Nuestros abogados de Miami no han contado con la ayuda de tiras comicas valiosas para evitar ejecuciones hipotecarias en el sur de la Florida; pero hemos podido asistir a numerosos propietarios y ayudarlos a ganar el tiempo suficiente para alcanzar la solucion apropiada en cada caso. La ayuda esta generalmente disponible para aquellos que saben buscarla. Con frecuencia el poder mantenerse en su hogar el mayor tiempo posible es generalmente la mejor forma de recuperar la solvencia economica.

El libro de tiras comicas encontrado en el sotano resulto ser un tesoro para los coleccionistas y pudo alcanzar la suma de un cuarto de millon de dolares en una subasta. La copia de Action Comics No.1--el primer libro de Superman publicado-- fue encontrado por la familia mientras empacaban para mudarse de la casa que habian ocupado por mas de medio siglo.

"El banco estaba listo para reposeer la casa", dijo Vincent Zurzolo, copropietario de ComicConnect.com y de Metropolis Comics and Collectibles en New York. "La familia estaba devastada, literalmente deshecha en llanto al ver su casa irremediablemente perdida. No podian ver una solucion posible.Comenzaron a empacar sus pertenencias y en el sotano sorteando cajas encontraron ocho o nueve libros de tiras comicas."

La mayoria de los libros fueron valorados en menos de $30. Pero el libro de 1938, sobre El Hombre de Acero levantando un automovil sobre su cabeza es uno de los libros mas codiciados en toda la historia. El libro fue adquirido por 10 centavos y lanzo la era de los super heroes al mundo.

En toda la nacion se registraron mas de 1.6 millones de propiedades en alguna forma de ejecucion hipotecaria durante la primera mitad del ano. Los afortunados propietarios de este caso prefirieron mantenerse en el anonimato.

"La mayoria de las personas prefiere que nadie sepa cuanto dinero tienen", dijo Zurzolo. "Algunas personas son realmente paranoicas".

.

Continue reading "El Hombre de Acero puede que no impida una ejecucion hipotecaria en el sur de la Florida - Un abogado defensor experimentado es la mejor opcion para los duenos de casas." »

August 18, 2010

La Modificacion de Prestamos Hipotecarios para Evitar Ejecuciones Hipotecarias es una Opción Presentada por el Gobierno en Forma Confusa

El esfuerzo del Presidente Obama para ayudar a los propietarios de casa a evitar las ejecuciones hipotecarias, no ha funcionado y el Departamento del Tesoro no ha podido enmendarlo, segun reporte de la Prensa Asociada.La noticia proviene de los observadores del gobierno en su reporte ante el Congreso sobre la efectividad del programa.

Nuestros abogados del area de Miami continuan reportando dificultades. Aquellos propietarios que deseen salirse de un proceso de ejecucion hipotecaria deben consultar abogados experimentados sobre las opciones disponibles. Ventas cortas, ejecuciones, modificaciones, asistencias gubernamentales,etc. son todas opciones con su propio potencial y con sus ventajas y desventajas.

>El inspector general para el plan financiero del gobierno, ha dicho que este plan no ha logrado hacer mella en el numero de ejecuciones registradas. Tambien ha dicho que el Departamento del Tesoro ha ignorado las demandas de que establezca metas claras para el programa. Oficiales se declaran preocupados porque el programa pueda aumentar el numero de ejecuciones hipotecarias. A su vez esto podria contribuir a precios cada vez mas bajos en las propiedades y por consecuencia retrasar la recuperacion del mercado de bienes raices y la economia en general.

El objetivo de este programa es reducir los pagos de hipotecas de las personas con dificultades economicas en el presente.

Las estadisticas sin embargo, demuestran que muchos mas propietarios han abandonado el programa que aquellos que han sido beneficiados por el. Alrededor de $248 millones se han gastado en dicho programa,, una fraccion de los cincuenta billones que fueron destinados a ese proposito.Alrededor de 400,000 propietarios han recibido ayuda mientras 530,000 han abandonado el programa.

Los criticos opinan que el gobierno le esta otorgando demasiado control a las companias de hipotecas para decidir sobre quienes pueden calificar para una reduccion del principal en sus prestamos. El programa tambien permite la participacion voluntaria de las companias hipotecarias.Ademas, muchos colectores de deudas obtienen mas ganancia en un procedimiento de ejecucion que ayudando a los propietarios necesitados.

Continue reading "La Modificacion de Prestamos Hipotecarios para Evitar Ejecuciones Hipotecarias es una Opción Presentada por el Gobierno en Forma Confusa" »

August 13, 2010

Half of Miami homes sold as short sales - half of Miami homeowners underwater - homes worth half of market highs

CBS 4 is reporting that home values continue to plummet in South Florida, with struggling Miami homeowners being among the hardest hit.

Nearly half of all home sales in Miami were short sales. The banks are evolving and getting smarter as the real estate slump grinds on. The best way to stop foreclosure in Miami is to move aggressively to protect your rights with the help of a Miami real estate attorney. Mortgage relief and principal reduction programs are not the same for everyone. By negotiating from a position of strength, you can best protect the financial well-being of you and your family.
1237498_untitled.jpg
Zillow.com reports South Florida is one of the 20 worst areas in the country for falling property values and struggling underwater homeowners. Zillow reports that the average home price in Miami-Dade is $144,700 -- down more than 20 percent from last year. In Broward County, the average value is $134,800, a decline of nearly 14 percent from a year ago.

In Miami Dade, prices have dropped 55 percent from the peak of the housing bubble in 2006 -- meaning your house is likely worth less than half of what it was four years ago. In Broward County, prices have dropped 54 percent.

When it comes to negative equity, 44 percent of South Florida homeowners owe more on their home than it is worth in the current market. And nearly half of all homes sold in June in South Florida were sold for a loss.

Zillow found that Tampa and Orlando is in even worse shape than South Florida.

Continue reading "Half of Miami homes sold as short sales - half of Miami homeowners underwater - homes worth half of market highs" »

August 6, 2010

Man of Steel may not prevent foreclosure in South Florida - experienced defense lawyer best bet for homeowners

Superman saved one lucky family after an original comic book helped stop foreclosure, ABC News reported.

Our Miami foreclosure defense lawyers have not had a rare comic book stop foreclosure in South Florida. But we have assisted numerous homeowners in buying enough time to reach the solution that is right for them. Help is often available to those who seek it. And staying in your home for as long as possible can frequently offer the best chance of regaining solid financial ground.
197617_superman.jpg
The comic book found in their basement is the Holy Grail for collectors and could fetch up to a quarter million dollars at auction. The copy of Action Comics No. 1 -- the very first Superman comic to ever appear -- was found as they went about the task of packing up the home where they had lived for half a century.

"The bank was about ready to foreclose," said Vincent Zurzolo, co-owner of ComicConnect.com and Metropolis Comics and Collectibles in New York. "Literally, this family was in tears. The family home was going to be lost and they're devastated. They can't figure out a way out of this. They start packing things up. They go into the basement and start sifting through boxes - trying to find packing boxes - and they stumble on eight or nine comic books."

Most of the comic books were valued at less than $30. But the 1938 book depicting the Man of Steel lifting a car above his head is among the most sought after comic books in history. The issue sold for 10 cents and ushered in the age of the superhero.

Nationwide, more than 1.6 million properties were in some form of foreclosure during the first half of the year. The homeowners in this case wished to remain anonymous.

"People don't want people knowing how much money they have," Zurzolo said. "Some people are very paranoid."

Continue reading "Man of Steel may not prevent foreclosure in South Florida - experienced defense lawyer best bet for homeowners" »

August 2, 2010

Banks pay record bonuses but refuse to help stop foreclosures

Financial executives were paid $2 billion in bonuses as the financial markets stood on the brink of collapse in 2008, the New York Times reported. The collapse was due in large part to risky bets, excessive leverage, and years of financial excess by corporate executives.

And about 80 percent of the bonus pay was not merited -- or about $1.6 billion.

It's hard to feel bad for the bankers. They are not the ones living paycheck to paycheck, or left dealing with an upside down mortgage, ruined credit, or an attempted short sale. A Miami foreclosure defense lawyer can help South Florida homeowners decided upon the best course of action. Whether you are looking to stop foreclosure, or are considering strategic default or a home-loan modification, speaking to an experienced attorney can help protect your rights.
772351_Miami_deficiency_judgment_1.jpg
As we have reported on our Miami Foreclosure Lawyer Blog, the wealthy are simply walking away from underwater mortgages and living to fight another day. The bankers got their money. Don't let a bank or homeowner's association guilt-trip you into remaining in a hopeless situation. Fighting for your rights could impact your standard-of-living for the rest of your life.

The government's report on bank bonuses found that 17 financial companies made questionable payouts totaling $1.58 billion immediately after accepting billions of dollars in taxpayer aid.

The group includes Goldman Sachs, JPMorgan Chase, AIG and Citigroup.

The watchdog has little or no authority to require the banks to repay the money. But will settle for proposing that banks voluntarily adopt a "brake provision" which will allow boards to suspend bonus payments in the event of a future financial crisis.

The practice of paying bonuses is alive and well again on Wall Street: Goldman Sachs is on pace to hand the average worker $544,000 in salary and bonuses; JP Morgan Chase's average is about $425,000 and Morgan Stanley employees could each collect $260,000.

Continue reading "Banks pay record bonuses but refuse to help stop foreclosures" »