palm beach attorney: IS YOUR TITLE AGENCY REALLY REVIEWING TITLE? ASSUMPTIONS MEAN TROUBLE! - 08/13/19 03:16 PM
Most real estate agents and attorneys work on the assumption that going back one or two deeds in the title history is sufficient to establish the title to the property.  But we don’t always think about the “quality of title”.  A recent Appellate Court decision in Florida is making title insurers and real estate attorneys scratching their heads on how just how careful they need to be! 
   Another issue is that we usually look to see who is in title but we don’t necessarily go over the deed that created their title – much less the previous deeds that created title, … (9 comments)

palm beach attorney: HOW LONG DOES YOUR MORTGAGE EXIST? - 09/23/15 01:16 PM
The Florida statute of repose deals with how long a mortgage lien exists. This week we received a release of a mortgage lien that had expired – after we threatened to sue the lender for slander of title.
This is not an isolated situation. The expiration of a mortgage lien happens all the time and typically neither the lender nor the borrower realizes it.
In this case the promissory note and mortgage were signed on July 1, 2007 and the mortgage and note said the loan was due in 1 year, so let’s call it July 1, 2008. The mortgage was on property … (5 comments)

palm beach attorney: FLORIDA ATTORNEY GENERAL TO JUDGES - OBEY NATIONAL MORTGAGE SETTLEMENT - 09/17/13 11:16 PM
What happens when the lender and the borrower agree to delay the foreclosure trial or delay the foreclosure sale because of a pending modification (as required under the 2012 National Mortgage Settlement) or short sale?  In too many Florida courts – the judge says NO and the borrower loses the home!  Florida Attorney General Pam Biondi sent a letter this week to the State Chief Judges to tell them that they could be violating – or frustrating the intent of the National Settlement Agreement.
“We have done our best to inform the courts about the requirements of the national mortgage servicing … (3 comments)

palm beach attorney: FLORIDA ATTORNEY GENERAL ATTACKS TRUST DEED SCAM AGAINST HOMEOWNERS - 09/26/12 06:04 AM
The Florida Attorney General today shut down a firm that was mentioned in our blog last week.  The concept of a land trust interfering with the title or prosecution of the foreclosure action has been long questioned - but desperate homeowners paid thousands of dollars to this and other firms to have the mortgage eliminated through some secret legal manuevering.
The case was brought in Broward County and involved the seizure of records and monies of the firm.
A press release from the Attorney General is found at their site along with the Complaint that has all the allegations.
See related articles on … (3 comments)

palm beach attorney: ROBO SIGNING - LENDERS DELAYING FORECLOSURES INTO FEBRUARY 2011? - 12/24/10 09:16 AM
Robo sigining foreclosure affidavits and other documents has been in the news for months - forcing lenders to suspend foreclosures in process.  Recently many banks reported that their self imposed moratorium on foreclosure prosecution was over and foreclosures were back on track. JP Morgan is not one of them and they commented that the Christmas holiday freeze on foreclosures would not be imposed since they are not proceeding with foreclosures anyway. Here is evidence of a longer wait before this is over.
This week my office received a pleading from attorneys for JP Morgan Chase Bank regarding a trial that is scheduled to … (14 comments)

palm beach attorney: CONGRESS HEARS OF "FORECLOSURE EXPRESS VS LITTLE ENGINE THAT COULD" FORECLOSURE VS MODIFICATION SCHEME - 12/02/10 02:16 AM
Congress heard this week about the dual track "Foreclosure Express vs. Little Engine that Could" scenario that lenders use to simultaneously foreclose on a home and attempt modification - all at the same time. This causes huge confusion issues with the borrower with often the end result of a foreclosure where one was not necessary - or could have been avoided if the borrower was not mis-lead. I wrote about this dual track system here on ActiveRain at WHY IS THE BANK FORECLOSING IF I AM DOING A SHORT SALE (OR LOAN MODIFICATION)?
The Washington Post today published an article stating Fannie and … (6 comments)

palm beach attorney: GMAC SUSPENDS FORECLOSURE OPERATIONS - JUDGMENTS MAY BE VOIDABLE - 09/21/10 02:11 AM
The Palm Beach Post reported today that GMAC has suspended all pending foreclosures nationwide because of a practice uncovered in Florida that could lead to VOIDABLE foreclosure judgments - thus creating havoc with foreclosure sales and REO sales.  The article, GMAC Suspends Foreclosure Evictions and Sales of Seized Property, cites the deposition taken by a Palm Beach County law firm that exposed the practice of affidavits regarding the verification of accuracy of a complaint and information about the loan being summarily signed in conveyor belt fashion. In the affidavits the signor is saying he or she has personal knowledge of the … (12 comments)

palm beach attorney: BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY - 07/03/10 11:12 AM
Earlier this week I wrote about lenders taking the next step after a foreclosure.  Foreclosures happen from borrowers that "walk away" from their upside down valued properties, whether because of job loss, other expenses more important than the mortgage payment, or just a strategic default.  You can find the other article at MOTION FOR DEFICIENCY JUDGMENT - FORECLOSURE CONSEQUENCES.
An alarming event occured after I wrote that article.  In the past, there has been a pretty heated argument about whether the mortgage lenders are going to move on their ability to pursue deficiency judgments in foreclosure actions.  Many people say that it … (64 comments)

palm beach attorney: FORECLOSURE EXPRESS VS. LITTLE ENGINE THAT COULD - 05/15/10 12:35 AM
 
I recently saw a blog where the statement was made that, "Most banks will not stop the foreclosure process and start the short sale process until you have an offer on your home."  Our experience is that this is inaccurate advice - let me explain.
The delinquent loan process at the lender has evolved into a two track system. The first track (think a railroad track) is what I call the FORECLOSURE EXPRESS. The lender has come to realize that the loan mod and short sale processes are seldom successful the first time around, are sometimes fraught with ill-intentioned borrowers seeking … (13 comments)

palm beach attorney: SHORT SALES PRIMER - LAWYER DISCUSSION OF THE SHORT SALE EVOLUTION - 04/18/10 12:54 PM
Short Sale Primer For Brokers, Sellers and Buyers
SPECIAL NOTE: THIS ARTICLE HAS BEEN UPDATED IN 2012 AT SHORT SALE PRIMER - PART I - THE "NEW STANDARD SHORT SALE"
Since I wrote the Short Sale Primer (2009) and Back To Basics (2008) articles, the short sale methodology used by lenders has morphed several times and most recently even the United States Government has gotten involved by creating "Regulations" through the Home Affordable Foreclosure Alternatives (HAFA) Program.  The passage of time requires that the original article and its revision, which was very popular (thank you!), be extensively updated to reflect new … (12 comments)

palm beach attorney: DISTRESSED HOMEOWNERS DEFRAUDED BY ATTORNEYS - EXPOSED IN CALIFORNIA - 09/23/09 02:54 PM
I have previously written about how attorneys can be great and how they can be bad in the field of helping distressed homeowners.  Now the California Bar Association has published the preliminary results of an investigation into those attorneys supposedly offering services to help distressed homeowners in one of the hardest hit states.
Attorneys, especially real estate attorney, but also divorce and family law, criminal and commercial law practitioners have had a few dismal years.  Finding a new niche appeared easy to some attorneys, especially with promises of "loan modification experts" telling them to just refer the business their way for … (12 comments)

palm beach attorney: FORECLOSURE DEFENSE FALLACY - 10/26/08 03:40 AM
If you are a listingRealtor or a person who has just gotten foreclosure notice from your lender(s), no doubt you have heard about a myriad of "Foreclosure Defense" firms that promise to delay or prevent foreclosure or even prevent the enforcement of the mortgage because if irregularities in the loan.  What in fact are foreclosure defenses?
RESPA and TILA
The most popularly cited defenses relate to violations of RESPA (Real Estate Settlement Procedure Act) and TILA (Truth In Lending Act).  Other federal and state laws may also be in violation.  The general remedy to the borrower for violation of these laws … (10 comments)

palm beach attorney: Six Months To Bottom? - 03/28/08 04:33 AM
See this new article on when and what of the South Florida real estate market dropping to the basement.
Things are definitely following the normal 8 to 11 year cycle of peaks or valleys  (the cycle is peak to peak or valley to valley - depending on where you are at any particular time).
We still have quite a way to go.  Foreclosures are supposed to pick up even more next year as the real fallout accelerates, but then it should (I think) decelerate quite quickly.
What do you think?
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, … (7 comments)

palm beach attorney: REAL QUESTIONS - HOW DOES A SHORT SALE AFFECT CREDIT SCORES??? - 03/03/08 12:49 PM
In a discussion today with a client we addressed the question of credit scores and short sales.  This is a hot topic and there is information everywhere on what happens and when and for how long.  No where have I found information that I would swear by, and for this reason I am posting this Blog.
The question is, "HOW DOES A SHORT SALE AFFECT CREDIT SCORES?"  The obvious follow up question is, HOW DOES A FORECLOSURE AFFECT CREDIT SCORES?"
My client had a discussion with someone who says they have experience with the ISAAC scoring methods, and here is the … (113 comments)

palm beach 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)

palm beach 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)

palm beach 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)

palm beach 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)

palm beach attorney: MORTGAGE RELIEF ACT - CHRISTMAS PRESENT TO PRIMARY HOMEOWNERS - 12/24/07 06:40 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income.  You see, borrowing money is not taxable as income.  But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my … (7 comments)

palm beach 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)

 
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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