short sale advice: BUY AND BAIL - DISTRESSED HOMEOWNER FEELS REALTORS ARE TO BLAME - 07/04/10 04:16 PM
Calling all Realtors - What follows is a segment of a blog response to a discussion on the concept of "buy and bail". The words below were written by an unnamed person who is obviously an underwater owner.  It is important to know that to many, Realtors and Bankers are the cause of everyone's financial distress.  But one has to wonder, if our American Citizenry has a mindset like the author below, where would be this country's future?  With capitalism comes responsibility.  One of the great benefits of capitalism is the right to take a risk and be rewarded or penalized … (2 comments)

short sale advice: MORTGAGE FRAUD and SELLER FRAUD = WE PAY THE BILL - 09/27/09 09:28 AM
Does anyone in Versailles have any decency?  Two years ago a potential client working as a mailroom clerk for 35 years - came into my office regarding a mortgage modification.  He and his wife each made $35,000 annually and he purchased a new Versailles Wellington Florida home costing $1,400,000 for his family and in-laws to live in.  He already had a home in Miami with a $170,000 mortgage that he wanted to keep. The 100% financing mortgage was a 1.4% pay-rate negative amortization and had no escrows.

Taxes alone on the house were more than either of their salaries, not … (11 comments)

short sale advice: Foreclosure? When is the Best Time to See an Attorney? - 07/23/09 06:43 AM
First in a series:
My law practice encompasses assisting and guiding many borrowers that are in financial distress and we take the position that Foreclosure is NOT a Solution.  Most borrowers come into the office for guidance and if they are lucky, planning for solution options once they realize that financial distress is a likely scenario.  However there is a significant trend this third quarter of the year where we are seeing many more people coming to us with foreclosure suits that were filed many months ago, and now it may be too late to discuss all of the solutions that may have … (5 comments)

short sale advice: SHORT SALE BUYER CANCELLED CONTRACT EPIDEMIC - DIAGNOSIS AND CURE - 03/29/09 06:41 PM
This past week my office had 5 short sale buyer's walk from their contracts!  Although I use an exclamation mark, it is not an unusual occurrence.  In fact it seems that it takes 4 contact buyers to make a short sale finally happen.  If that was an average for a traditional sale situation, Realtors and title agencies would be climbing the walls. 
The general failure of short sale buyers to not close is the fault of the system created by the current finance and real estate sales market - but it needn't be.  Just consider:
1.  In a traditional sale, if … (37 comments)

 
Rainmaker_large

Richard Zaretsky, Florida Real Estate Attorney

West Palm Beach, FL

More about me…

Richard P. Zaretsky P.A. - Board Certified Real Estate Atty

Address: 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Fl, 33401

Office Phone: (561) 689-6660 x 107

Cell Phone: (561) 329-2279

Email Me

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
Locations of visitors to this page


Listings

Links

Archives

RSS 2.0 Feed for this blog