attorney: IS THE FORECLOSURE FINAL? - AND HOW DOES IT AFFECT MARKETING A SHORT SALE? - 11/30/08 03:19 AM
Actual question from a Realtor in Miami, Florida:  I am trying to figure out for my clients who are still in the home and have actually had a foreclosure judgment awarded against their property while working on a short sale.  At that point, they don't know if they should just give up as the "Foreclosure" has been awarded against them and not even pursue the short sale any longer, OR is there is hope that if they have the short sale approved that they are then "damaged less" than if they allow the auction sale to take place.  I guess that … (7 comments)

attorney: FLORIDA FORECLOSURE FRAUD BILL - MY LETTER TO GOV. CRIST - 05/02/08 12:35 AM
See UPDATE to this blog and how it was resolved - at FLORIDA FORECLOSURE FRAUD BILL - UPDATE
Governor Crist -
House Bill 643 is a much needed bill and frankly, it does not go far enough to address the fraud and unfair advantages taken by predators.  I see this type of work daily in my law practice - and I am assisting one Bar complaint now against an attorney who is not revealing they are participating in Short Sale flip profits of their clients' property.
The problem is with the catch all definition of "Foreclosure Rescue Consultant".
My law practice … (25 comments)

attorney: FORECLOSURE DEFICIENCY ORDER VS SHORT SALE NEGOTIATED PAYBACK - 03/06/08 12:45 PM
FORECLOSURE DEFICIENCY DECREE - COMPARED TO SHORT SALE NEGOTIATED PAYBACK
I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm.  He made a comment that I thought peculiar and I called him to task on the matter.
The comment was that "after the foreclosure sale, lenders seldom bother to get a court ordered deficiency judgment".  I knew this to be false, because lenders today - more than in the past - are investing a few hundred more in attorney fees to get a deficiency judgment.  I will tell you why.
But first, lets … (33 comments)

attorney: No-Conflict Considerations in Short Sale Fees - 02/17/08 01:46 PM
No-Conflict Considerations in Short Sale Fees
As short sales and pre-foreclosure assistance servicers proliferate, the type, style and amount of fees that these individuals and companies charge has become ingenious and varied.  This article discusses the rights and wrongs regarding the most popular of the charging methods.
A short sale and pre-foreclosure servicer for our definitional purposes will be called the Short Sale Servicer.  The services offered usually include some mixture of collecting financial information from the "financially stricken borrower", getting current valuations on the mortgaged property, finding a realtor or working with a realtor to find a buyer, and finally negotiating for … (1 comments)

attorney: WHAT DO I DO? -- I CAN'T PAY MY MORTGAGE - 01/12/08 01:13 PM
Most Common Question: "What do I do? - I can't pay my mortgage"
As an attorney, I receive plenty of telephone calls and visits from people that are no longer able to pay their mortgage on their home or investment property.  They all have endless questions and usually tell me they are getting all sorts of advice that they don't like.  They come to me to find their BEST solution, and I suppose they hope I am some sort of magician that can create an answer that they like.
The analysis of the problem is the first order of business.  These questions revolve … (6 comments)

attorney: RECOVERY IN 2009??? - 01/08/08 01:23 PM
CNN posted this article today on the "housing meltdown" and that price rebound will get a full year under its belt until 2009.  CNN ARTICLE
I don't know if this is really new news.  On AR we have been seeing this statement for months in various blogs, and my own opinion in South Florida is that we are about 1 or 2 quarters from seeing pricing "scrape across the bottom" for another quarter or two, and then begin to rebound.
An article by Fishkind, a Florida real estate consultant guru, released a report today (I have not read the whole report) that had … (5 comments)

attorney: SHORT SALE TRILOGY - 01/01/08 12:05 PM
We get at least one call a day at my office on short sales.  It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means.  This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on!
For the short sale to work I like to think of the process as the coupling of a trilogy.
#1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (3 comments)

attorney: SHORT SALE TRILOGY - 01/01/08 12:04 PM
We get at least one call a day at my office on short sales.  It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means.  This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on!
For the short sale to work I like to think of the process as the coupling of a trilogy.
#1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (0 comments)

attorney: SHORT SALE TRILOGY - 01/01/08 12:03 PM
We get at least one call a day at my office on short sales.  It is really amazing how many people - professionals as well as potential sellers - do not even know what the term "short sale" means.  This blog assumes you have actually worked a short sale already -- if you have -- or if you are curious -- read on!
For the short sale to work I like to think of the process as the coupling of a trilogy.
#1 - you need to have the Seller who can no longer (maybe never could in the beginning too!) afford … (1 comments)

attorney: Mortgage Forgiveness Debt Relief Act of 2007- Another Look - 01/01/08 04:15 AM
I have been getting a lot of calls and emails about the Mortgage Forgiveness Debt Relief Act of 2007.  The new law became effective today, and applies to 1099's on short sales or foreclosures retroactive to January 1, 2007.
Before the Act was passed, one of the rewards for a homeowner helping the lender keep the home out of foreclosure and minimizing the enevitable monetary loss to the lender, was that the homeowner at the end of the process was saddled with a huge income tax bill compliments of a Form 1099 unearned income statement.
For detailed information and the text … (2 comments)

attorney: Foreclosures Triple - What's Next? - 12/12/07 11:43 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners.  Surpassing that was St Lucie County with 1 for every 306 households.  The October average for Florida was 1 in 273 (new filings for foreclosure).
Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize.
For too many, however, holding on to a mortgage they can't afford in hopes of a … (9 comments)

attorney: BORROWERS FACING FORECLOSURE OFTEN OVERPAY - STUDY FINDS - 11/09/07 01:44 AM
Is our system of foreclosure out of control?  Are the banks acting fiduciarily to their borrowers in the loan management process - are they requred to?
Here is an interesting article from this week thanks to the American Bar Association -
Your comments on this site are welcome!
http://www.abajournal.com/news/borrowers_facing_foreclosure_often_overpay_study_finds
Richard Zaretsky, Esq., Richard P. Zaretsky, P.A., rpz99@florida-counsel.com 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Florida 33401
 
(1 comments)

attorney: SHORT SALES AND IRS LIENS - 11/03/07 06:21 AM
SHORT SALES AND IRS LIENS
This being my first blog entry, I figured to talk about something simple.
In my law practice we see a lot of short sales.  Indeed, we offer a service to Realtors and Sellers to process their short sale material with the lenders (without the downward pressure and lowball influence from an investor handling the process).  I have worked statewide with lenders - visting their loss mitigation departments and sitting in on committee meetings.  Knowing the process is key knowledge to improving the percent of short sale lender approval.
Now that you have the approval, what … (4 comments)

attorney: DON'T LOSE YOUR HOME TO IDENTITY THEFT~~~ a TRUE STORY - 11/03/07 02:38 AM
FRAUD - LOSING YOUR HOME - IDENTITY THEFT
It is a day past Halloween, but here is a scary TRUE story:
My office is presently working on a case that is so prevalent that I thought posting it on my blog would be helpful.  The matter involves a single person who bought a home 5 years ago. 
It is a nice house, in a great community.  He bought is for investment, paying about $400,000 and getting an 80% mortgage.  It is his second home in South Florida, and his other home is about 5 miles away, but that is seldom used as … (0 comments)

attorney: FRAUD - LOSING YOUR HOME - IDENTITY THEFT - 11/01/07 12:42 PM
It is a day past Halloween, but here is a scary TRUE story:
My office is presently working on a case that is so prevalent that I thought posting it on my blog would be helpful.  The matter involves a single person who bought a home 5 years ago. 
It is a nice house, in a great community.  He bought is for investment, paying about $400,000 and getting an 80% mortgage.  It is his second home in South Florida, and his other home is about 5 miles away, but that is seldom used as he works in another state.
He put a renter … (0 comments)

attorney: ECONOMICS 101 - SHORT SALES - WILL THE LENDER SHARE THE LOSS - 10/31/07 03:18 PM
I had just too many borrowers that "should have known better" in the office this week - so I feel very conservative just now - just to the right of Bill O'Reilly.
We do a lot of short sales in my law and title agency offices.  They come in from all sources - Realtors, referrals, lenders, friends, developers.  Some borrowers have one investment property and some have eleven, and all the numbers in between. Most are upside down and don't want to put more good money (if they have any left) into a bad investment.
When they ask us to negotiate with the lender to … (2 comments)

attorney: SHORT SALES AND IRS LIENS - 10/28/07 11:06 PM
This being my first blog entry, I figured I would talk about something simple.
In my law practice we see a lot of short sales.  Indeed, we offer a service to Realtors and Sellers to process their short sale material with the lenders (without the downward pressure and lowball influence from an investor handling the process).  I have worked statewide with lenders - visting their loss mitigation departments and sitting in on committee meetings.  Knowing the process is key knowledge to improving the percent of short sale lender approval.
Now that you have the approval, what other bug will kill the deal.  … (7 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY) Rainmaker large

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (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. var _clustrmaps = {'url' : 'http://activerain.com/rpzaretsky', 'user' : 949532, 'server' : '3', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-11-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www3.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();


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