Recent Blog Posts

Pam Bondi not tough enough on banks

Florida Foreclosure Defense Attorney — Fri, 02 Dec 2011 14:08:00 GMT

Massachusetts sued five of the nation's largest lenders Thursday, accusing them of deceptive foreclosure practices, as Florida's Senate Democrats hammered Attorney General Pam Bondi for what they say is a lack of action on behalf of struggling homeowners.

The Florida Senate Democratic Office said it was just coincidence that a nearly three-minute-long video it produced criticizing Bondi's foreclosure investigations was released on the same morning as the landmark bank lawsuit in Massachusetts was announced. Continue Reading>>>

Successful Florida Foreclosure Defense Lies In Winning the Small Battles

Admin — Thu, 24 Nov 2011 13:08:00 GMT

Does your home loan, foreclosure notices and harassing collection calls have you down and your back against the wall? If so you certainly aren't the only one but are you really ready to give up hope, tap out and let your lender walk away the champ without putting up a fight?

Listen, you are not going to 'stick it to your lender' or get even with them by simply not paying your monthly mortgage payments. Sooner or later they will win that war and you could be left in a far worse position than you can imagine. Failure to take a proactive approach to Florida foreclosure defense could leave you not only without a home but still owing on the mortgage loan and financially crippled for decades.

You may feel like you are fighting a losing battle and the odds are against you but it isn't always about winning, it is how you fight and what you are left with afterwards. It doesn't matter how beat up you think your credit is right now, how much larger resources you think the banks have or if you just feel like burying your head in the sand. It is time to stand up for yourself, win the battles that you can and get in some good punches with the help of a Florida foreclosure defense lawyer as your coach.

Florida homeowners need to be wary of being lulled into a false sense of security, especially during this holiday season. Mortgage lenders are only increasing the pace at which they are filling foreclosure notices and actually taking possession of properties.

According to new figures Florida is home to 25% of all foreclosures in the country. Experts predict that there are at least another 3.6 million foreclosures in the pipeline and that doesn't include the hundreds of thousands of new potential foreclosures which will results from recent fraud, failed loan modifications and homes that have been purchased recently and will fall into foreclosure.

The sad truth is that you may well lose your home. However, with an experienced Florida foreclosure defense lawyer on your side there is a lot you can do to mitigate your losses, minimize the impact on your future and come out the ultimate winner. They may take your home but will you let them take your life and steal the future you planned for your loved ones too? That decision is in your hands.

Remember that the best defense is a good offense. An effective plan for foreclosure defense can help stall the prosecution so that as many advances towards your optimal outcome can be made. Failing to act means leaving yourself open to a deficiency judgment leaving you indebted for tens or even hundreds of thousands of dollars for a home you no longer have as well as the devastating effects on your credit and financial future. A few late payments are nothing compared to what a foreclosure and judgments can do to your credit. Imagine not being able to finance a new car or even appliances to clean your family's clothes in the future; what about sending the kids to college or not being promoted or even able to find a new job, due to your credit.

On the other hand those who have taken a proactive approach to Florida foreclosure defense have found that they can not only buy a new home again and get much more for their money but in many cases can qualify for a new mortgage lot sooner than they thought. Some have even walked away from underwater homes with tens of thousands of dollars to use for relocating. You only have one shot or bout to get this right, are you going to lie down and throw in the towel or fight for your future and position yourself for a comeback with the help of a Florida foreclosure defense lawyer?

Call the Carman Law Today for an absolutely free initial consultation (561) 392-7031.

Florida Debt Negotiators Can Be Of Great Help

Florida Foreclosure Defense Attorney — Mon, 21 Nov 2011 18:15:00 GMT

As major Florida debt encounters are rapidly rising, a revolutionary wave has emerged in the industry of Florida debt settlement. Profession of debt settlement has gained a lot of popularity and these professionals are the true destiny of those in debt. These professionals provide detailed knowledge of Florida debt settlement options to the debtors, assist in choosing the most suitable option of debt relief and provide the benefit of mental satisfaction to the debtors.

Florida Debt settlement lawyers work by contacting the creditors of their respective clients, and try to convince the lenders to make negotiations in debt payment. Debt settlement lawyers may be successful in making the creditors agree to cut down the debt payment even to 90%. They may also succeed in getting reduction in associated high interest payment for their clients.

Debtor's compliance and trust plays the major role in successful efforts of debt settlement lawyer. Debtor must provide his complete financial details to his appointed debt settlement organization, which includes details of all his debt, income, property, expenses and saving. Once the Florida debt settlement attorney is aware of all financial facts of his client, he can design the most convenient debt payment plan for him, which will not burden his monthly budget and help him get debt relief soon.

Though the lavish facility of credit card brings the sense of freedom of spending, but its use often leads to heavy debt loads. In the past decade, credit card availability accelerated on a wide scale in Florida, and credit card provision was not cautiously restricted to those with good income and high credit scores. Those with low credit scores were provided credit cards at very high interest rates, and soon became a victim of debt loads. They borrowed more loans from other lenders to pay their previous loans. This lead to a vicious cycle of more and more burdening debt loads.

When the debtors become exhausted of making high debt payments every month, they finally approach Florida debt settlement attorneys in a state of confusion, with a new hope. Hiring the Florida debt settlement attorneys and selecting the best Florida debt settlement option with the assistance of Florida debt settlement attorney; is much better than filing bankruptcy. Though filing bankruptcy will lead to debt elimination, but it badly affects the credit scores. Chapter 7 of filing bankruptcy also makes the debtor loose his property via auction to clear creditor's pending payment.

Unfortunately, many Florida credit counselors do not seem to fulfill debtors' expectations. On the other hand, to avoid unnecessary filings of bankruptcy, Government has passed new laws. These laws demand provision of complete documented property and income details from the debtor, and details of his income. On the bases of these details Florida court decides whether a debtor qualify for filing bankruptcy or not.

Surging Foreclosure Rates Threaten A Triple Dip In Florida Home Prices

Deborah A. Carman, Esq. — Thu, 17 Nov 2011 14:29:00 GMT

Despite some encouraging housing figures in recent months analysts are now predicting the current surge in foreclosure fillings will cause a triple dip in Florida home prices.

New statistics revealed last week have homeowners in the Sunshine State clambering for help from local Florida foreclosure defense attorneys. Previous signs of improvement in the housing market are being put down to seasonal activity and artificially driven transactions which have failed to create any sustainable change. After moving past the 'robo-signing' scandals and clearing through a back log in foreclosures stuck in the pipeline lenders have now renewed their mission to act on delinquent homeowners. This is clearly evidenced by October seeing the highest rate of foreclosure fillings in 7 months.

Taking a closer look at the numbers, and taking into consideration the number of new fillings already seen this year the figures are actually quite frightening. Currently Orange, Charlotte, Lee, Broward and Miami-Dade counties are leading the pack with as many as 1 in every 181 housing units receiving a notice last month alone. However, it isn't just foreclosure fillings that are up and are creating such a need for Florida foreclosure defense attorneys either.

On top of the 28% jump in foreclosures in Florida between September and October, according to new data published by USA Today the number of actual auctions have also risen 35%. In fact, contrary to the misconception that banks are afraid to take back more homes, repossessions are also up 4% nationwide. Add to this the fact that almost 50% of South Florida homeowners are underwater and credit bureau TransUnion's report of a fresh increase in mortgage delinquency rates and it is clear why analysts are worried.

"If predictions of a triple dip and a further 10% drop in home prices in 2012 are correct and the economy doesn't spring back into action soon it is clear that many more homeowners are going to find themselves in even worse positions very quickly".

The bottom line is that put together all of these statistics and signs suggest that foreclosures will continue at an increasing rate, the further saturation of inventory will threaten home prices which could lead to a continuing downward spiral making it more likely homeowners will be foreclosed on faster and have less chances to sell conventionally.

On the upside a further rise in delinquencies and dip in home prices could mean more motivation for banks and mortgage lenders to entertain short sales. However, successfully and safely negotiating a short sale, without becoming a victim of a deficiency judgment definitely requires the assistance of an experienced Florida foreclosure defense attorney.

The great news for underwater homeowners, particularly those in hard hit areas like Miami and Fort Lauderdale is that opting for a short sale no longer means walking away from a home with nothing to show for it. Florida foreclosure defense attorneys have increasingly been reporting significant cash payouts, ranging up to as much as $20,000 for those who complete short sales.

Save Yourself From Being Scammed

Florida Foreclosure Defense Attorney — Tue, 15 Nov 2011 22:35:00 GMT

With the present state of increasing foreclosure issues, dishonest people and fake businesses are spreading throughout the housing market. Cheaters are taking advantage of innocent people who are facing foreclosure. You need to be very careful while opting for an offer that claims to be a solution to your foreclosure lawsuit.

You can easily mistake an unreliable offer for a trustworthy deal and this can lead to hazardous consequence of enhanced financial crises. You need to be highly selective when appointing your foreclosure defense attorney. Obtain sufficient information about a truly reliable source to make your way through the foreclosure.

A reliable Florida foreclosure defense attorney working for you against foreclosure will work with full dedication and will deal with your problem as if it was his problem. He will guide you about your legal rights and about ways of protecting your property.

On the other hand, a foreclosure fraud may have any of the following characteristics:

1. A lender might offer to refinance you, but on the condition that you sign a deed of your property with him. Never make the mistake of signing a deed of your property with a lender who offers refinance, as he might misuse your trust and use the deed to take loans against your property. The lender can also sell your property with the help of that deed.

2. Another lender might agree to refinance you, so that you can get rid of your previous home loan. At the time of taking the new loan amount, you are often unaware of the balloon payment that the lender may demand at the time of termination of the deal. This may come up to you as a shock and if you are unable to pay the actual amount of loan at the end of the deal, you can lose your home.

3. If you are facing foreclosure, a buyer may approach you with the offer of paying off your house loan and then renting your home to you. He may ask you to sign a deed of your property with him. Once you walk out of the house after signing that deed, he can deny recognizing you later. He may also say that no deed was ever signed between you and your lender, and he might use your property as his own with the support of that deed.

Remember, authentic foreclosure alternatives are never so convenient and they require a lot of time. A lot of effort is required to win the foreclosure case and to save your property. The best way to solve your foreclosure issue in Florida is to hire a Florida foreclosure lawyer and let him help you save your property.

Call the Carman Law Firm today and schedule a FREE no-nonsense consultation.

Why Accept Foreclosure When You Have Other Legal Options

Florida Foreclosure Defense Attorney — Sun, 13 Nov 2011 12:55:00 GMT

People have failed to repay their monthly loan bills and they are on the verge of experiencing bankruptcy. Their mortgage amount has exceeded the actual cost of their Florida property; in such circumstances, they can obtain aid from experienced Florida Foreclosure Law Firms.

Florida foreclosure law firms can guide you about several ways of dealing with your foreclosure issues. They can help you recognize the best solution, which can help you avoid the foreclosure of your valuable asset.

If you have encountered a foreclosure lawsuit, you can appoint Florida defense lawyer and you can save your property from being foreclosed within the 20 days' time available to your advantage. Foreclosure alternatives include:

1. Loan Modification:

Eligibility criteria for this option are quite flexible. You can use the option of Loan Modification if your loan amount exceeds your actual property rates and if you are going through a very difficult time or you are at high risk of going bankrupt. Loan modification does not necessarily demand the need of foreclosure defense lawyer. Thus, many people are availing this opportunity on independent bases. However, people complain that obtaining loan modification is pretty time utilizing and it is a complicated process.

It is wise to contact Florida defense lawyers before you opt for loan modification. Foreclosure defense attorney will make the process quite convenient for you, and will guide you to fulfill the requirements for obtaining loan modification.

2. Florida short sale:

This alternative is also available if you are unable to repay your home loan. This process comprise of selling your Florida property at a lower rate than you owe to the bank. This way the bank does not fully recover its amount. This process is very much time consuming and requires a lot of effort and professional interference.

3. Deed in Lieu:

This is the best and dignified alternative and comprises of signing a deed with the bank. By this process, you return the property back to the bank. This option saves your credit ranking from extreme deterioration.

4. Florida Bankruptcy:

Though filing bankruptcy is not encouraged, but sometimes depending on your circumstances; filing bankruptcy might be your only option.

Call the Carman Law Firm today for a FREE Consultation

The Current State of Florida Foreclosures

Deborah A. Carman, Esq. — Fri, 11 Nov 2011 13:51:00 GMT

Still ranking in the top 6 states in the nation for foreclosure filings, the need for Florida foreclosure defense services is hardly likely to diminish anytime soon.

In September of this year alone, one in every 368 housing units in Florida was delivered a foreclosure notice according to data compiler Realty Trac. Add to this the fact that the number of underwater homeowners in South Florida has risen 5% from last year, to a high of 47% and it is clear that despite some warming in the housing market Florida foreclosure defense help is needed by a huge portion of the population in the tri-county area.

It is true that some pockets of South Florida have begun to see improvement in terms of both increased sales volume and homes prices but for underwater homeowners it just isn't coming fast enough. With prices down between 50-70% from their highs in some neighborhoods it is unlikely that most homeowners will see their equity grow fast enough to complete a conventional sale before the bank swoops into foreclosure.

Unfortunately, many South Floridians have continued to procrastinate when it comes to seeking out Florida foreclosure defense assistance from a qualified attorney. To a large extent this is not just due to a lack of awareness that there is help available out there but a false sense of security which has been given by stories of homeowners escaping mortgage payments for extended periods of time. While it may be true that some homeowners may have successfully dodged foreclosure for many months or even over a year, they also need to recognize that others are being foreclosed on in just a couple of months. Simply sitting back and hoping that the police department won't show up and toss your items out on the street today is obviously not a solution. In fact, as Florida has been identified as one of the few improving housing markets in the country it is likely that banks and lenders will speed up the foreclosure process here.

There are a number of options available to most homeowners who find themselves about to fall behind on their mortgage payments or who are already delinquent. This includes loan modifications, short sales, filing for bankruptcy protection and executing a deed-in-lieu of foreclosure. However, it isn't just those who have lost their jobs and who can't keep up with their mortgages being foreclosed on today. The drop in home values and comments of some financial 'gurus' who have appeared on the news has driven many other homeowners to attempt their own 'strategic defaults'.

Unfortunately, without knowing all of the ins and outs of the foreclosure process many of these homeowners are doing themselves serious financial harm which can have long lasting consequences. In particular few are prepared to negotiate with lenders when it comes to deficiency judgments, or even know what they are. This means hundreds of homeowners who tried the DIY approach to Florida foreclosure defense are now not only without a home but still owe on the mortgage they were trying to escape from.

Every case is different and there is no one size fits all, cookie cutter solution that is right for everyone. The best form of foreclosure defense for any Florida property owner depends on their individual goals, total financial picture and the stage of foreclosure that they are in as well as the property itself. So the only right way to stop foreclosure or at least exit your property gracefully and perhaps with money in your pocket is to consult a professional Florida foreclosure defense attorney who will take the time to analyze your personal circumstances with you and present you with all of your options.

We here at the Carman Law Firm have seen a substantial uptick in banks filing foreclosures and more recently pursuing deficiency judgments. Steps can be taken now to protect you against the worst-case scenario, something we at the Carman Law Firm have been doing successfully during the last few years.

Call us today and schedule a FREE consultation (561) 392-7031

How Can a Florida Foreclosure Lawyer Help You

Florida Foreclosure Defense Attorney — Tue, 08 Nov 2011 19:46:00 GMT

Florida homeowners should not lose hope if a Florida foreclosure lawsuit is filed against them. You have 20 days to file a response and to hire a Florida foreclosure defense lawyer. Instead of going in a state of despair and depression with the thought of losing your home, you must quickly take a smart step of appointing a Florida lawyer to fight for your legal rights.

It is not wise to face a foreclosure process by yourself, as this decreases the probability of fighting the case. When you hire a professional who has specialized in the field of fighting Florida foreclosure cases, you will be guided about your legal rights and ways of protecting your property.

You might be unaware of many legal ways of avoiding a foreclosure in the court. Your Florida foreclosure defense lawyer has a wide knowledge about these alternatives. He/she will surely provide you with the best solution. Some alternate measure by which you can save your Florida real estate from foreclosure are loan modification, short sale or deed-in-lieu of foreclosure. Your foreclosure defense lawyer will provide you details of these alternatives.

Facing a foreclosure lawsuit can be very embarrassing and you might feel guilty for experiencing a foreclosure. If so is the case, then hiring a Florida foreclosure lawyer is the best option. The lawyer will support you and speak on your behalf and will defend your home from being foreclosed. He will guide you and support you throughout the foreclosure process and will ensure that you remain the owner of your property.

Foreclosure is not a definite indication of losing your property forever. Do not forget you can regain hold on your asset within the specified timeframe. All you need is to use this precious time and get strong legal support. You must utilize this opportunity at the right time, or you might regret later.

Florida Law Firms provide aggressive support to those looking for legal guide. These law firms make sure that legal rights of the people of Florida are protected and they use every possible legitimate measure to save homes. These law firms are very reliable and you can rely on them if you want to save your precious home.

No need to hassle or become shocked if a foreclosure lawsuit is registered against you. Just be patient and hire a reliable foreclosure defense attorney who will provide you sufficient legal support and present your case in an organized way to help you save your home.

Call the Carman Law Firm today and schedule a FREE Consultation

Why is Debt Settlement the best option?

Florida Foreclosure Defense Attorney — Sun, 06 Nov 2011 15:54:00 GMT

Every state across our great country has been negatively affected by the recent credit crises. People living in Florida are one of the victims of these crises. People have tried various instruments to solve their debt issues. They have refinanced their home loans and have even tried to pay high interest rates for new loans but their problems have increased rather than decreasing. Credit counseling services have been quite helpful but these services have not proved to solve the entire problem. One of the best option in such circumstances is Debt Settlement, this method of solving debt related issues have worked out for many.

Debt Settlement is even recognized as Debt Negotiation, this method is used to help those who have failed to pay their monthly loan installments. Debt Settlement is even considered better than filing for bankruptcy. Following are the differences between the effects of using Debt Settlement and bankruptcy.

When an individual files bankruptcy his credit score is negatively affected. His credit score clearly shows that he has selected the option of bankruptcy. This is a sign of warning for creditors that the individual does not has the capability of managing his finances and if he is awarded with a loan in future, he might not be able to repay the loan amount. On the other hand if an individual selects Debt Settlement, his credit score is even damaged, but this damage is not as harsh as the damage done by bankruptcy program. The credit report of a person who has selected the option of debt negotiation is considered better because the person is at least trying to repay the debt amount.

One of the downsides of debt settlement is that the lender might try to contact you again and again to get his payment. This might ruin your mental peace, but you can control this kind of activity. To control this activity you need to hire an experienced Florida Debt Settlement Attorney. When a third party debt collector receives a cease & desist letter from your attorney, they must stop calling you and respect your privacy. Doing this on your own with this kind of letter does not stop the original loan lender.

By using an experienced Debt Settlement Attorney you receive easy and fast relief from your debt issues and your future remains secure. On the other hand if you use bankruptcy, the probability of getting future loans decreases. In case of credit counseling option, relief is slow paced.

Impact of the New Mortgage Regulations on Our Society

Florida Foreclosure Defense Attorney — Sun, 23 Oct 2011 16:01:00 GMT

In the year 2008, while Florida was affected by the unfortunate recession and economic distress, the country as a whole was no exception. The associated housing market crash caused difficulties for many Americans. According to Bloomberg in 2010, around 2.87 million home were subject to repossession, auction or defaulting.

However, the economic downturn is still continuing and people are still experiencing wage reduction, job loss and underemployment. At the same time cost of living is also becoming high and homeowners are not being able to manage their finances. Thus, crime levels are rising and mental health issues like depression are becoming a common problem. Hence, new regulations have been introduced keeping these points in mind.

As per the new mortgage regulations, people capable of making at least 20 percent down payments can only get lower-cost mortgage. New mortgage regulations also suggest that monthly mortgage repayment should not be more than one-third of your wages.

There are many people who have monthly mortgage payment more than half of their monthly income, and thus have very little room for emergencies, such as illness and accident. Thus, the new regulations of mortgage have been designed to check mortgage lenders from lending to individuals who have very little room to meet their financial obligations.

Although the new mortgage regulations have been designed with the purpose of wellbeing to the society, they have certain disadvantages as well. Under these new regulations, it will be difficult for a large number people to purchase a house. 20 percent down payment is a substantial amount for those just starting out in life. Similarly, people from lower socio-economic group will find it hard to amass the money necessary for purchasing a house.

California Officials Take Down Attorneys Operating a National Foreclosure Rescue Fraud Ring

Florida Foreclosure Defense Attorney — Mon, 22 Aug 2011 12:29:00 GMT

California Officials take down a fraud ring of legal firms and attorneys that officials say swindled thousands of homeowners out of millions of dollars by convincing them to take part in mass lawsuits against their lenders.

California's attorney general and the state's Department of Justice have taken down a fraud ring of legal firms and attorneys that officials say swindled thousands of homeowners out of millions of dollars by convincing them to take part in mass lawsuits against their lenders.

Attorney General Kamala Harris has sued Philip Kramer, the Law Offices of Kramer & Kaslow, two other law firms, three other lawyers, and 14 other defendants who are accused of working together to defraud homeowners across the country through the deceptive marketing of "mass joinder" lawsuits. Mass joinder lawsuits involve hundreds, or more, individually named plaintiffs.

Kramer's firm and other defendants were placed into receivership on August 15. The legal actions were designed to shut down a scheme operated by attorneys and their marketing partners, in which defendants used false and misleading representations to induce thousands of homeowners into joining the mass joinder lawsuits against their mortgage lenders.

Defendants also had their assets seized and were enjoined from continuing their operations. Nineteen special agents from the California Department of Justice participated as the firms were taken over on August 17, along with 42 agents and other personnel from HUD's Office of Inspector General, the California State Bar, and the Office of Receiver Thomas McNamara.

Fourteen office locations in Los Angeles and Orange counties and 16 bank accounts were seized in the massive sweep.

"The defendants in this case fraudulently promised to win prompt mortgage relief for millions of vulnerable homeowners across the country," said Attorney General Harris. "Innocent people, already battered by the housing crisis, were targeted for fraud in their moment of distress."

It is believed that at least two million pieces of mail were sent out by the defendants to victims in at least 17 states. The defendants' revenue from this scam is estimated to be in the millions of dollars.

"The number of lawyers who have tried to take advantage of distressed homeowners in these tough economic times is nothing short of shocking," said William Hebert, president of the State Bar. "By taking over the practices of four attorneys accused of fraudulent marketing practices, the State Bar can put a stop to their deplorable conduct as part of our ongoing effort to protect the public."

The California attorney general's office says the defendants led homeowners to believe that by joining these lawsuits, they would stop pending foreclosures, reduce their loan balances or interest rates, obtain money damages, and even receive title to their homes free and clear of their existing mortgage. Defendants charged homeowners retainer fees of up to $10,000 to join as plaintiffs in a mass joinder lawsuit against their lender or loan servicer.

This mass joinder scam began with deceptive mass mailers, the attorney general's lawsuit alleges. Some mailers, designed to appear as official settlement notices or government documents, informed homeowners that they were potential plaintiffs in a "national litigation settlement" against their lender.

No settlements existed and in many cases no lawsuit had even been filed, Harris says. Some consumers lost their homes shortly after paying the retainer fees demanded by defendants.

The Department of Justice has seized the practices of the following non-attorney defendants: Attorneys Processing Center, LLC; Data Management, LLC; Gary DiGirolamo; Bill Stephenson; Mitigation Professionals, LLC; Glen Reneau; Pate Marier & Associates, Inc.; James Pate; Ryan Marier; Home Retention Division; Michael Tapia; Lewis Marketing Corp.; Clarence Butt; and Thomas Phanco.

The State Bar has seized the practices and attorney accounts of the attorney defendants: the Law Offices of Kramer & Kaslow; Philip Kramer, Esq; Mitchell J. Stein & Associates; Mitchell Stein, Esq.; Christopher Van Son, Esq.; Mesa Law Group Corp.; and Paul Petersen, Esq.

Beware; the Florida Foreclosure Dam is about to Burst!

Florida Foreclosure Defense Attorney — Wed, 17 Aug 2011 16:13:00 GMT

On Monday a New Jersey Superior Court Judge cleared the top-four servicers to resume foreclosures in the state of NJ, will Florida follow?

Last October, most banks across the country eased up on foreclosures amid increased scrutiny halting the foreclosure process when many had to correct mishandled and forged documentation as part of the robo-signing scandal. The problems were all centered around the judicial states, especially Florida.

The problem today is the fact that the dam is about to burst and there will be a tidal wave of new foreclosure filings that have been building since October.

How many foreclosures? It’s very hard to tell, but if I had to guess, there are tens of thousands of foreclosure cases that are going to be filed across the State of Florida in the next several weeks.

This time around everyone going through a foreclosure or short sale needs to protect themselves and hire an experienced foreclosure defense attorney.

Call us today and schedule a FREE consultation (561) 392-7031.

Foreclosure Scandal Leads To Bankruptcy Slowdown

Florida Foreclosure Defense Attorney — Mon, 15 Aug 2011 13:49:00 GMT

Florida Bankruptcy Rates Decrease By Fifteen Percent From Previous Year

According to numbers released by the Florida District U.S. Bankruptcy Court, last years record number of bankruptcies has slowed down, with a fall of 15% at the year's midpoint.
Experts in the financial law field say that the large decline is primarily the result of a reduction in the number of foreclosures, which fell sharply due to recent scandals unearthed by various investigators into mortgage practices and robo-signing 'foreclosure mill' law firms.
Tough economic times have caused a rapid increase in the yearly bankruptcy rates, as hard hit homeowners struggle to make ends meet. As annual reports from the U.S. Middle District Bankruptcy Court show, the number of filings began to rise after 2006, when there were only 15,304, eventually climbing as high as 66,618 by 2010. This record high reflects the ease with which the average person can slip into debt in the troubled economic climate.

Reduced Foreclosure Rates Ease Economic Burden

Attorneys working at bankruptcy law firms and foreclosure defense firms have noticed a sudden reversal of the recent trend this year, however. Mid-year data released by the Middle District shows a decline in the bankruptcy filing rate, with some districts reporting as much as a 17.5% decrease.
This decrease can be directly attributed to the decline in foreclosures after the corruption scandals of the previous year, says one foreclosure attorney. She warned, however, that the decline would not last.
"As the banks engage new counsel and implement new procedures," she claimed, "we believe that the foreclosure activity will resume, followed by increased bankruptcy filings."

Act swiftly! Contact a Florida foreclosure defense lawyer as soon as possible!

Find A Florida Foreclosure Defense Firm You Can Trust

Due to rampant corruption in the foreclosure system, it is imperative that you seek the aid of a skilled Florida foreclosure attorney to protect you from unlawful eviction. After being served, you have only twenty days to respond! If the worst happens, you need the help of Carman Law Firm to guide you through the difficult process of challenging your foreclosure.

Housing prices: No rebound in sight

Florida Foreclosure Defense Attorney — Tue, 12 Jul 2011 13:15:00 GMT

Source: CNN Money

Housing prices are likely to keep falling the rest of this year, and probably won't show much improvement next year either, according to a survey of economists.

A CNN Money exclusive survey of 27 economists showed the battered housing market is facing myriad problems and won't turn around anytime soon.

Click here to see who was surveyed and what they predicted.

The Carman Law Firm has assisted hundreds upon hundreds of Florida residents in need of debt and mortgage relief. So let us help you with the many options available and trusted answers to questions that someone might have about credit card debt, short sales, loan modification, foreclosure and strategic default.

Begin protecting your family today; Call the Carman Law Firm at 1-800-763-0775, and get the answers you need. Schedule a FREE and informative comprehensive consultation and learn just how the Carman Law Firm can help you.

FHA program to help underwater borrowers well-intentioned but predictably doomed

Florida Foreclosure Defense Attorney — Mon, 11 Jul 2011 13:07:00 GMT

The $8 billion program launched by the Federal Housing Administration in September to help underwater borrowers refinance into a new mortgage continues to sputter.

The FHA Short Refi program was initially expected to reach between 500,000 and 1.5 million borrowers, according to a letter sent to lenders when the program was announced. Analysts were more pessimistic. More than $50 million has already been spent, but according to the Department of Housing and Urban Development, only 246 borrowers made it through the program so far.

Under the program, eligible borrowers can receive an FHA-insured loan but only if the lender or investor writes off the unpaid principal balance of the original first-lien by at least 10%.

To be eligible for the new loan, the homeowner must be underwater but still current on the mortgage, which cannot be already insured by the FHA. A credit score of 500 or better is required. The new refinanced loan must have a loan-to-value ratio of no more than 97.75%.

After receiving the new refinancing through the program, the borrower's combined loan-to-value ratio on the re-subordinated mortgages cannot exceed 115%. The new FHA mortgage can only be used to refinance the unpaid principal balance on the first lien.

According to the program's data through April, the latest numbers made available are that only 18 lenders participate in the program and only 149 new refinances had been made. A HUD spokesman clarified the recent numbers show 246 new loans from 24 lenders.

Through April, the leading lender to provide these new refinances was Nationstar Mortgage at 93. The next closest was 1st Alliance Lending at 12, followed by Wells Fargo which conducted 11 refinances through the program.

Most of the borrowers that did make it through the program reside in California. Nearly one-third of Nationstar's FHA Short Refi loans backed homes in the Golden State. And nine of Wells' 11 were also located there.

Why are the numbers so low?

The main hurdle to the program is that Fannie Maeand Freddie Macare not participating. Without the participation of the government-sponsored enterprises, the pool of eligible mortgages was reduced by two-thirds.

The FHA Short Refi program also requires the borrower to become current through modification before becoming eligible.

"For borrowers who are not delinquent, servicers and investors have taken a cautious approach given their economic opinion on whether or not it's beneficial to forgive principal. Given the voluntary nature of the program, the investors will only forgive principal if they feel it's economically in their best interest," HUD said.

National home prices have fallen nearly 33% from their peak before the crisis, pushing almost one-third of all mortgages into negative equity — the most prominent red flag for strategic default.