Matt Weidner – Fighting For The American People

Posts Tagged ‘florida foreclosure rescue’

I spent a great deal of time reading the attached report from the Florida Senate.  Remember, the Florida Senate is supposed to represent the People of The State of Florida.

Now perhaps I’m not giving this document a fair read, but I want each and every one of you to read this report and please share with me your comments and observations.  Does this document fairly and evenly describe all the issues surrounding foreclosure in a way that suggests the Florida Senate is looking for an equitable and just way to deal with the foreclosure crisis or does this document reflect a desire on the part of the Florida Senate to bail out the banking industry in Florida?

Read the document carefully. Read the document with critical analysis. Then provide feedback to me regarding your observations.

senateforeclosure

Finally, a judge that finally is speaking freely about what happens in court every single day…..

the Court’s
experience with law firms in these
matters — when I have to touch a file
more times than I need to because of
sloppy, shoddy, negligent work done by
attorneys that rises to the level of
gross negligence, especially in a matter
like this, somebody’s losing their
house.
The idea that these cases should be
handled in some sort of factory fashion
may be okay for you but it is not okay
for the Court.

lando_094075-transcript

In many instances, the best solution for a homeowner facing foreclosure is to sell his or her property to satisfy the underlying mortgage debt and conclude the foreclosure case.  Because so many homeowners owe more on their homes than the property would bring at sale, the only practical solution is a “short sale” or a sale of the property for less than the balance of the mortgages on the property.

Although evidence is anectdotal at this point in time, most of the sales that are occuring in Pinellas and surrounding counites are short sales, or sales where the lenders have agreed to take less for the property than the balance of the outstanding mortgages.  Short sales take considerably longer and are far more difficult to accomplish than a traditional sale so homeowners are urged to work with realtors who have experience in this unique area of property sales.

Having said that, realtors should carefully review Florida Statutes, Chapter 501.1377, Florida’s Foreclosure Rescue Act, http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0501/SEC1377.HTM&Title=-%3E2009-%3ECh0501-%3ESection%201377#0501.1377 to ensure their actions do not violate the law because they could be subjected to fines and penalties of up to $15,000 per violation.  Many realtors are working with or have some affiliation with “short sale consultants” or other individuals or companies that are engaging in activities that clearly violate the law and subject the consultant and everyone working with that person or company to fines and liabilities.

The bottom line is every realtor should include as part of their listing package specific and very clear instructions that any homeowner who is either in foreclosure or is close to foreclosure MUST hire a local real estate attorney to represent them in the foreclosure case.  Failure to do so could subject the realtor, title company and everyone associated with the listing to liability from the homeowner and other sources.

Ideally, a realtor active in the short sale market should be actively working with an experienced foreclosure defense attorney who will help to ensure the foreclosure process is delayed long enough to allow the short sale to go through and who may be able to help force the lender to accept offers they might otherwise reject.  For more information, contact Matt Weidner at www.mattweidnerlaw.com