short sale attorney palm beach: Non-Performing Loans - Lender Goals For Your Mortgage - 02/11/19 04:59 PM
As a defaulted borrower, how your proceed is not an easy decision to make.  The biggest area of new foreclosures are the forgotten defaults from 2007 - 2012 that are now "waking up".  Most of these mortgages are now held by investors and not the banks that made the loans.  Because of this, new economic reality rules must be recognized so that a defaulted borrower has knowlege of what lies ahead.
The Market for Non-Performing Loans -
I just got back from a two day national conference of lenders and investors that deal in non-performing loans.  Hearing what lenders do to make money … (0 comments)

short sale attorney palm beach: ARE ASSOCIATION FORECLOSURES A FRAUD ON THE PUBLIC? - 01/30/19 05:21 AM
After being the winning bidder at an association foreclosure sale, one of my clients recently complained to me that Condominium or Homeowner Association foreclosures of liens are a fraud upon the public.  There is some truth to the statement and understanding his anguish on his own loss of $50,000 by being the "successful" bidder on one of them underscores his reasoning.
The foreclosure process of an association lien for non-payment of association assessments, is a straight forward process.  The property owner becomes delinquent, then the association places a lien on the property, and then the association files a foreclosure lawsuit that eventually … (6 comments)

short sale attorney palm beach: DEFICIENCY JUDGMENT BARRED AFTER 1 YEAR - CAN IT APPLY TO SHORT SALES? - 06/16/15 01:14 PM
Florida homeowners who lost their home to foreclosure or short sale could be escaping a deficiency judgment if the lender misses the statue of limitations.  The new law, now in its second year, seems to have former Florida homeowners  escaping deficiency risk where their lenders - especially 2nd mortgage lenders - forget to pursue unpaid balances owed after just one year.  The prior rule was five years.  I last mentioned this new law at my article Deficiency Lawsuits In Florida Accelerate To Meet Deadline
The new law is complicated because of innuendo and gray areas of interpretation.  However it seems abundently clear that if … (6 comments)

short sale attorney palm beach: 2014 TAX RELIEF TO SHORT SALE FORGIVEN DEBT PASSES CONGRESS - 12/03/14 05:08 AM
In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET.  HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013.  The law is now extended though December 31, 2014.  Efforts to have the extension for 2 years failed.  Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US website.
Senate update December 16th -  The Senate approved this bill and it is now on its way … (42 comments)

short sale attorney palm beach: STOP PAYING YOUR MORTGAGE? – FANNIE MAE SAYS YES! - 03/03/12 09:52 PM
In a gradual and interesting development, Fannie Mae servicers have determined that short sale applicants that are not at least 60 days late WHEN THEIR SHORT SALE APPLICATION (CONTRACT) IS SUBMITTED will be rejected without review of the short sale contract.  This is quite different from previous decisions by the loan servicers, whereas the loan (if Fannie Mae is the investor – see Fannie Mae Lookup Tool for your mortgage) needed to be late by 30 days before short sale approval. [Note – the 30 day requirement was later "changed" to 60 days and sometimes even 90 days.]
The February 22, … (45 comments)

short sale attorney palm beach: HAFA SHORT SALES START WITHOUT A CONTRACT - 09/27/11 03:02 PM
Pretty much all the agents we work with have done HAFA short sales where the lender first saw the deal when the contract was submitted by the agent and then a BPO substantiates the FMV for the contract and the sale goes through.  HAFA has certain benefits to borrowers in that the deficiency is forgiven and there is often a move out bonus (although we often find it to be of dubious value once the closing fees are adjusted by the lender).
It is important to understand that there is a HAMP and HAFA Workbook and published “Guidelines”.  However it says … (30 comments)

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

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

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