short sale: QUIET TITLE SCHEME GONE WRONG MAKES ATTORNEY GO MISSING - 04/17/13 11:45 PM
As a further sad saga on the false hope of Quiet Title lawsuits being a fabulous answer to homeowners trying to invalidate their mortgages, a Florida foreclosure defense attorney who tried the scheme on his own property is now missing and has absconded with over $3 million that was in his law firm and title company trust accounts. The Boca Raton Police, Palm Beach County Sheriff Office and the FBI are all investigating.  The scheme to eliminate the homeowner’s mortgages was discussed in my last article,  QUIET TITLE MORTGAGE FORECLOSURE DEFENSE MERITLESS IN FLORIDA and before that in QUIET TITLE ELIMINATION OF MORTGAGE ATTACKED BY FLORIDA … (20 comments)

short sale: AGENT PAYS FOR ATTORNEY - THE CONTINGENT SHORT SALE ATTORNEY FEE AND CONFLICT OF INTEREST - 02/03/10 02:06 PM
The beginning of this year brought to mind the recurring problem of attorneys that are hired by the real estate agent to represent the seller.  Unfortunately, too often the advice the attorney gives to the "client" is designed to make the deal happen - at dire cost to the client seller. Realtors, attorneys and sellers should be aware of the "greed side" of our human nature and guard against being put into these unfortunate situations. 
The scenario begins with the selling agent having a short sale listing and providing a "service" to the homeowner to negotiate the short sale and provide … (6 comments)

short sale: WALK AWAY FROM THE PROPERTY - STRATEGIC MORTGAGE DEFAULTS GROW TO 26% - 07/05/09 11:19 PM
A mortgaged homeowner is likely to "walk from the property" or "give it back to the bank" based more on loss of equity than the ability to make the mortgage payments, a recent research paper emanating from the University of Chicago says. The paper researches and analyzes when American homeowners are likely to "walk away from their mortgages".  These actions by mortgaged homeowners when the indebtedness substantially exceeds the equity value of the property, is called a "strategic default".  The study found that 26% of all homeowner defaults today are strategic defaults.
The paper preliminarily released through the University of Chicago and Northwestern … (21 comments)

short sale: Your Property is Underwater - What is the solution? - 06/22/09 01:18 PM
The Distressed Property Owner's "Goal" is an interesting situation for each individual and for each individual experiencing this event, it is different.  I like to help my client visualize creating a solution or "goal" by telling a visualization story.
Imagine you are in a dark tunnel and you can only go in one direction - forward.  It costs you for every inch you move forward in the tunnel.  The cost is the amount of "short fall" or loss you incur every day on the property that is giving you financial problems. No one knows where the end of the tunnel is, and no one … (10 comments)

short sale: TENANT RIGHTS AND FORECLOSURE - A DISCUSSION OF SAFEGUARDS - 03/03/09 12:50 PM
The unintended victims of the foreclosure process are often the occupant of the home that is a tenant.  The landlord is a borrower under a mortgage that has gone into default and is now being foreclosed.  What is going to happen to the tenant as a result of the foreclosure?  How can a tenant or future tenant be protected from the ill effects of a foreclosure?  This article will attempt to address these issues.
Landlord Tenant relationships are governed by State statute
The landlord tenant relationship is governed by statutes of the state in which the real estate is located.  Generally … (18 comments)

short sale: FLORIDA FORECLOSURE FRAUD BILL - UPDATE - 09/13/08 03:17 PM
Government can react positively when enough people raise their voice - and the law is clearly against public policy.  This post updates my article on the Florida Foreclosure Fraud Bill.
The Florida Foreclosure Fraud Bill, which I reported was written in such a way that borrowers could be barred from access to legal representation has been corrected - but not by the legislature.
The attorney general has certain interpretative powers and expressed them in a letter to John White, President of the Florida Bar in early January.
This clarifies an important aspect of the regulation of "foreclosure rescue" firms proliferating our landscape.
(6 comments)

short sale: BANKS CREATE BILLIONS (MORE) IN LOSSES - 08/24/08 03:00 PM
Short Sale Buyers are increasingly investors seeking to buy and flip or buy and rent for positive cash flow.  Missing from the field are homebuyers seeking a place to live.  Why?
Banks Encourage Short Sale Investors and Discourage Retail Buyers
Let's look at the basic premise of a short sale.  The lender generally has a loan in or near foreclosure and likely it is non-performing.  The owner determines that continuing to make the payments has become financially irresponsible or impossible.  The owner also determines that avoidance of a foreclosure by attempting a short sale is the preferable method of disposition of … (5 comments)

short sale: THE BANK CHANGED THE LOCKS! - 05/04/08 06:25 AM
There is discussion on Active Rain from time to time on whether in a short sale it is advisable to move out of the house.
The real issue is the clause in the mortgage that says the bank can change the locks on the house if it is "abandoned".  The exact phrase from the Fannie Mae Single Family mortgage form says,
9.  Protection of Lender's Interest in the Property and Rights Under this Security Instrument.  If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in … (27 comments)

short sale: CREDIT REPORTING AND SHORT SALES / FORECLOSURES - REVISITED - 04/03/08 02:17 AM
I received an email on my quest to find the real answers to the incessant question of how a foreclosure vs. short sale vs. deed in lieu all affect the credit report of the borrower.
The email I recieved was from the President of a Florida credit counseling service and it was a response to my request that he review the previoius blog posting on How Does a Short Sale Affect Credit Scores.
Here is the crux of what he said:
What you stated in your blog and the question that you posed seems right on target. What we have found in counseling, educating … (11 comments)

short sale: 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)

short sale: CHAINED TO THE HOUSE - DIVORCE SOLUTIONS INVOLVING SHORT SALES - 03/26/08 03:15 PM
DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!! (edit/delete)
Chained to your home and can't get a divorce?  You are not alone!  A major problem with divorcing couples is that they cannot sell the marital home.  They think they are forced to stay in a difficult relationship or marriage.  Today's economic climate is terribly impacting couples (or former significant others) from terminating their relationships.  Divorce attorneys call these people "roommate marriages".
There is no difference between roommate marriages and real marriages that stay married.  But let me digress to give the full view of the problem.
In recent years … (12 comments)

short sale: DIVORCE - CHAINS TO THE UPSIDE DOWN HOUSE VALUE CAN BE BROKEN!!! - 03/26/08 03:08 PM
Chained to your home and can't get a divorce?  You are not alone!  A major problem with divorcing couples is that they cannot sell the marital home.  They think they are forced to stay in a difficult relationship or marriage.  Today's economic climate is terribly impacting couples (or former significant others) from terminating their relationships.  Divorce attorneys call these people "roommate marriages".
There is no difference between roommate marriages and real marriages that stay married.  But let me digress to give the full view of the problem.
In recent years I have seen people come to me that got married and … (2 comments)

short sale: SHORT SALE FLIP - QUESTIONABLE METHODS - 03/18/08 02:11 PM
SHORT SALE FLIP - QUESTIONABLE METHODS
This article is a follow up to an issue discussed in December titled Short Sales and Title Insurance - Critical Look at Hybrid Closing Schemes.
I am representing an ultimate buyer on a short sale "flip" that raised some eyebrows and got me to looking carefully on how it is put together.  The ultimate buyer came to me to assist in legal representation and I was very surprised on how it was structured to the utter disadvantage to the ultimate buyer.  In this example, the ultimate buyer is my client; the seller is the flipping … (50 comments)

short sale: Negotiated Payback or Foreclosure Judgment Deficiency? Compared - 03/06/08 12:52 PM
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 all get on the same page.  A deficiency judgment is … (58 comments)

short sale: SALES FIGURES FOR JANUARY IN SOUTH FLORIDA - DOWN DOWN DOWN - 02/25/08 01:47 PM
Today's South Florida Business Journal published an article today showing the across the board declines in sales activity in the South Florida and near South Florida geographic area.
One bright spot - for what it is worth - is an increase in prices for condo sales in Miami.
Presently I can find no published data on the volume of short sales or pre-foreclosure sales and that information is, to my knowledge, not available since each lender keeps its own data and most of the information would not correlate to public record or courthouse filings.
Has the bottom of the market been reached?  Apparently not yet, … (1 comments)

short sale: FORM RELEASED BY IRS FOR DEBT RELIEF ACT FILING - 02/21/08 05:49 PM
New IRS Form for Filing for Debt Relief
The form for filing for tax relief under the Mortgage Forgeiveness Debt Relief Act of 2007 has been released and is available online.  Click HERE for the form.
Information about the relief available - which is available only to primary residences that incurred the tax event - was set forth in my article.  Consult your tax professional when filing this form!
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660  RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE … (3 comments)

short sale: 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)

short sale: TOO MUCH MONEY IN THE BANK TO DO A SHORT SALE? - ECONOMIC LOGIC - 02/09/08 04:31 AM
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value.  They are sick and tired of the short fall on rental income (if they are lucky to have a renter that actually pays rent) vs the mortgage payment, taxes, insurance and maintenance costs.
The "short sale" phenomenon is giving some upside down investors the belief that they can get out of the mortgage by getting the property sold for less than the mortgage indebtedness and the bank will share in that loss.
I have spoken in the past about … (40 comments)

short sale: TOO RICH TO DO A SHORT SALE? - ECONOMIC LOGIC APPLIES - 02/09/08 04:28 AM
This week I spoke with several people that wanted to do a short sale of investment property that is upside down in value.  They are sick and tired of the short fall on rental income (if they are lucky to have a renter that actually pays rent) vs the mortgage payment, taxes, insurance and maintenance costs.
The "short sale" phenomenon is giving some upside down investors the belief that they can get out of the mortgage by getting the property sold for less than the mortgage indebtedness and the bank will share in that loss.
I have spoken in the past about the theory … (6 comments)

short sale: 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)

 
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

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