Ten Things You Should Know About Florida Quiet Title Actions: 2012

Here's something for you! A free, complimentary publication that goes into aspects of clearing title or quieting title in the State of Florida -- something very important to know in today's Wild Wild West days of Foreclosure Fraud in Florida real estate matters.

The Non-Lawyer's Guide to Foreclosure Fraud: 2011

Here's something for you! Our free complimentary publication providing background on the Foreclosure Fraud Housing Crisis that has hurt so many Floridians in the past several years.

List of Foreclosure Alternatives in Florida: Borrower's Options to Foreclosure on Their Florida Home (or Condo)

Want to find a way to avoid a foreclosure here in Florida?  After all, this month RealtyTrac released its quarterly report to reveal that Florida was number one in the country in foreclosures, and Broward County had the highest number of foreclosures in the state.  Which makes Broward County the place with the highest number of foreclosures on file in the entire United States.  

Good news: you're not alone if you are pondering options and alternatives to foreclosure here in Florida.  More good news:  you probably have more than one choice rather than setting back and letting the bank take your home.

There's no need to roll the dice and see what happens.  You may have more control than you think. 

What are your foreclosure alternatives?  There's no one right answer here, no one size fits all solution to the problem of being behind on mortgage payments, or being underwater on your mortgage, or getting that notice of default. Your options may not be the same as the choices facing your Broward County neighbor or your cousin over in Fort Lauderdale or your aunt in Tampa. 

However, there are lots of ways to deal with the situation other than avoiding the whole mess with your head in the sand.  Here are a few -- and for details on what these are, or what they may mean to your foreclosure problem, please read our analysis at About Florida Law:

Foreclosure Alternatives in Florida

This is a list of foreclosure alternatives for Florida home owners and Florida borrowers who are facing the possibility of losing their home or condo to foreclosure in 2012 or beyond.  This is not a complete list.  For more information, please check the pros and cons discussed on our legal blog post, or just call us and ask for a free consultation. 

1.  Qualify for the Making Home Affordable Program. (MHA)

2. Qualify for the Home Affordable Modification Program. (HAMP)

3. Qualify for the Principal Reduction Alternative Program. (PRA)

4. Qualify for the Home Affordable Refinance Program. (HARP)

5. Qualify for the Home Affordable Unemployment Program. (UP)

6. Qualify for the Forebearance for Unemployed Homeowners Program. (FUP)

7. Qualify for the Home Affordable Foreclosure Alternatives Program (HAFA)

8. Bring the Mortgage Current (Reinstate the Mortgage)

 9. Make a New Deal by Negotiating a Bank Loan Modification with the Lender (Modify)

10. Refinance with a New Lender (Refi)

11. Rent Out The Place (Cover the Mortgage with the Rent)

12. Short Sale the Home (Sell Short - Leaving a Deficiency Balance)

13. Challenge the Bank Legally (Sue Them)

14. File Affirmative Defenses When They Sue You / Foreclose (Assert Legal Defenses)

15.  Negotiate a Deed in Lieu of Foreclosure

16.  Negotiate a Forebearance or Repayment Plan (Catch Up)

17.  File Bankruptcy

Image: Wikimedia Commons, Public Domain Image

Mortgage Modification is No Guarantee to Preventing a Foreclosure Sale

I can't believe it is still happening. Just the other day, a new client came to us for help because his home was sold at a foreclosure sale, despite his mortgage company having told him that his loan modification had been approved. During the modification process, he asked bank representatives several times whether he should be concerned about the impending foreclosure sale. They told him that he would not have to worry about the sale because his loan modification was approved.

Weeks later, he discovered a notice on his front door explaining his rights about leaving the property. The property was sold at the foreclosure sale to the bank, which I think is truly unbelievable and unconscionable. Of course, we are preparing a motion to set aside the judgment based in part on an estoppel theory, meaning the bank should be prevented from having foreclosed because our client had relied on representations made by the bank.

You can't trust anyone these days, especially the banks. When it comes to safeguarding your home, you may not want to face the lender alone. Speak to an experienced foreclosure defense attorney and get everything in writing.

Massachusetts Ruling May Open The door to Voiding Florida Foreclosures

An important development happened today that could have far reaching implications on the foreclosure mess in Florida. The Massachusetts Supreme Judicial Court ruled today that, under Massachusetts law, any effort to foreclose a mortgage by a party lacking "authority" to carry out a foreclosure is void. The Court held that foreclosure plaintiffs, most of which were securitized trusts, could only foreclose and sell a homeowner's property if they were assignees of the mortgage at the time required under the law. In broad terms, since the banks didn't follow their own rules for transferring mortgages, a foreclose by a bank that owned or held a mortgage by way of a defective assignment is void.

Another way of saying that is if a mortgage is not properly assigned in Massachusetts, a bank/lender cannot foreclose. The issue of improper assignments and their enforceability is a defense that experienced Florida foreclosure defense attorneys have been raising for a while now.

In its opinion, the Massachusetts highest court cited a 1990 Florida appellate court case that held a foreclosure action could not be based on assignment of mortgage dated four months after commencement of the action. Additionally, the banks in the Massachusetts case conceded that assignments of mortgages in blank did not constitute a lawful assignment of the mortgages, which should help defense attorneys in those types of cases. Also, the Court discussed other issues which may be helpful to homeowners, including matters related to the concept of the mortgage following the note.

Basically, this was a win for homeowners. This ruling may open the door to invalidating some foreclosures and force loan originators to buy back mortgages wrongly transferred into loan pools. Stay tuned.