Weak oversight allowing banks, other lenders to “dual track” in West Palm Beach

The early results from the 2012 national agreement to stop the biggest banks from abusing homeowners facing foreclosure are in – and they are bad, for the homeowners. According to a survey conducted by Politico.com, the 5 banks involved in that settlement have continued to take advantage of distressed homeowners.

Over 60,000 complaints have been filed with the Consumer Financial Protection Bureau (CFPB) since the beginning of 2014 alone, according to POLITICO’s review of the CFPB’s database. Those complaints center upon lenders either mishandling mortgage and home loan modifications or hurrying the foreclosure process (often referred to as dual tracking). What’s more, reviewers believe that the number of homeowners with complaints about unfair practices is actually low because so many homeowners still do not know that the CFPB exists.

“It’s troubling to hear that some consumers continue to experience mortgage servicing problems,” a spokesperson for Attorney General Cooper’s office in North Carolina said in an emailed statement. “While the 2012 settlement brought help to many homeowners who were wronged, it’s clear there’s more work to be done to stop unfair home loans and unnecessary foreclosures.”

Read more: http://www.politico.com/story/2015/09/foreclosures-mortgage-lenders-2012-settlement-banks-213322#ixzz3w81buXLv

Unfortunately, distressed homeowners both in the West Palm Beach area, throughout Florida and around the country are still being abused despite the Dodd-Frank Act, the 2012 settlement and other laws enacted to supposedly help homeowners. Many of the banks and other loan servicers have made it clear that they put profits before their customers’ needs. And trying to make sure you dot every “I” and cross every “T” when filling out and submitting modification and other forms might still not be enough to keep your lender from trying to take your home.

Before that happens, you need to talk with a law firm knowledgeable about getting your loans modified today. Korte & Wortman, P.A. will fight for your rights against the abusive practices of a greedy loan servicer. Or, you may need to explore your rights in foreclosure defense. If you need help with any type of problems you have with your mortgage or any other home loan, contact us at Korte & Wortman now. Do not wait for the worst to happen – let us work with you on your behalf NOW so that you and your family can stay in your home.

Korte & Wortman is a law firm specializing in all aspects of foreclosure including bankruptcy, mortgage debt, short sales, loan modification, predatory lending practices and Dodd-Frank Act violation litigation. We have had excellent results working with a number of clients to help them stave off foreclosure and save their homes by getting them the mortgage modifications and/or foreclosure defense they need. Check out a few of our many success stories on our website at http://foreclosurefactor.com/results/loan-modification-results/.

Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. Call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website. Our firm represents clients in West Palm Beach, Palm Beach, Ft. Lauderdale, throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

West Palm Beach, Miami and Ft. Lauderdale bankruptcy courtrooms covert to digital audio recordings

On July 30th the United State Bankruptcy Court for the Southern District of Florida announced that it would be transitioning all bankruptcy court rooms district-wide to digital audio recordings (DAR) of all court proceedings starting on Saturday, August 1, 2015. Here are the contents of the press release from the Court:

“On August 1, 2015, the U.S. Bankruptcy Court for the Southern District of Florida [Miami Division] will transition to digital audio recording (DAR) of all court proceedings. The courtroom technology selected is ForTheRecord® (FTR). Installation of new hardware and software necessary to accommodate DAR has been completed district-wide in the Miami, Ft. Lauderdale and West Palm Beach bankruptcy courtrooms. For an interim period, requests for transcripts will continue to be submitted to the court-approved transcript reporting company, Ouellette and Mauldin until such time as we have had an opportunity to accept and review solicitations from transcription companies interested in being added to the court-approved list.

The court went on to state that all attorneys and other parties appearing in court needed to follow certain “guidelines” pertaining to the optimal use of the digital audio recording system in the courtrooms:

“As a reminder, we ask that you become familiar DAR etiquette and get in the habit of following these basic guidelines when appearing in all bankruptcy courtrooms:

1) Speak clearly and audibly into the microphones. Only one person at a time should be speaking,

2) Each time you speak, please identify yourself by stating your name and the party(s) whom you represent. Spell difficult names for the record,

3) The DAR is extremely sensitive to sounds. All side conversations in the courtroom may be recorded.

Please direct inquiries to: Webmaster_FLSB@flsb.uscourts.gov ”

For more information about bankruptcy court, the new digital audio recording (DAR) system and how it may affect your appearance in bankruptcy court, or if you are in need of a bankruptcy attorney or bankruptcy defense lawyer, please contact us at Korte & Wortman, P.A. at (561) 544-7071 or go directly to the bankruptcy page of our website, http://foreclosurefactor.com/practice-areas/mortgage-litigation/bankruptcy-faqs/.

We look forward to assisting you with any foreclosure, bankruptcy, credit card debt defense or other real estate legal questions or issues that you may have.

An article from the Assouline & Berlowe, P.A. law firm was read to help compile the new courtroom guidelines list used in this blog:  https://assoulineberlowe.wordpress.com/2015/07/29/shhhhh-in-the-courtroom-bankruptcy-court-goes-digital/

The knowledge and experience you need if you are facing foreclosure in West Palm Beach, Florida

Recent news in the real estate market seems to be all positive for anyone who owns a home. Just last week the Realtors Association of the Palm Beaches announced that home sellers in Palm Beach County are getting 94% of their asking prices, 3.3% more for their homes than a year ago, and their homes are staying on the market for an average of only 38 days. The percentage of homeowners who are underwater on their mortgage is down from 24% in 2014 to just 16% this year.

To read more, please go to: http://www.rapb.com/realtors/industry-news/blog-posts/rapb-blog/2015/08/20/palm-beach-county-home-sales-dropped-to-38-median-days-on-market

All of those numbers sound great. But what if you are part of that 16% who is still underwater, and no longer can afford to stay in your home? The reality for those of you in this situation is much less rosy. In fact, lenders have started coming down hard on homeowners who can’t keep up.

Lenders including the banks have become more aggressive with their foreclosure procedures. They are no longer being as lenient with those who are in trouble with their mortgages. And then, they are adding a double whammy by using “deficiency judgments” against the deposed homeowner after the foreclosure, deed-in-lieu or short sale is complete. A deficiency judgment is a personal judgment against you for the difference between your home’s sale price and the original loan balance.

If you are facing foreclosure, or a deficiency judgment situation, you should not try to face this situation alone. You can cost yourself tens of thousands if not hundreds of thousands of dollars if you do not know what to do. You need a lawyer who will fight for your rights, and your money.

Brian K. Korte is a founding partner of the law firm of Korte & Wortman, P.A., and concentrates his area of practice in mortgage foreclosure defense, credit card defense, trial litigation and personal injury. He represents thousands of clients throughout the State of Florida. Mr. Korte is a noted speaker on the foreclosure defense lecture circuit and has given countless lectures for Foreclosure Seminar Services and the Foreclosure Defense Tactics Group.

Prior to co-founding the firm, Mr. Korte practiced in the area of consumer litigation and has an extensive background in personal injury litigation. As a result of his courtroom successes, he saved over 3,000 homes through loan modifications as well as over 150 case dismissals, where the bank was unable to prove their case, resulting into the borrower’s mortgage completely dismissed.

Mr. Korte is an advocate for his clients, helping each one find the right solution for their family. His specialties / Area of Practice:

• Mortgage Foreclosure Defense
• Credit Card Defense
• Trial Litigation
• Personal Injury

His Bar Admissions include:

• Federal Bar
• The Florida Bar Association-Young Lawyers Section
• Palm Beach County Bar Association

Brian is also an active member of his local community in Wellington where he volunteers his time with the Wellington Soccer Academy and Wellington Youth Baseball.

Facing foreclosure can be a homeowners’ worst nightmare. If you are in this situation, facing a deficiency judgement, have any other credit issue or need an attorney for any real estate transaction in West Palm Beach or anywhere else in the state of Florida then contact us at Korte & Wortman, P.A. To learn more about Brian Korte, please go to http://foreclosurefactor.com/attorneys/brian-k-korte/.

Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law. In addition to using this blog as a helpful resource, please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm of lawyers represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

We look forward to helping you get the best settlement or price possible in all of your real estate transactions!

Should you start missing mortgage payments to get a loan modification from your lender in West Palm Beach?

There are many circumstances that may occur that can cause a property owner to get behind on his payments. Some of which include an illness or death in the family, loss of a job, adjustable rate loans, divorce, credit card debt, and gambling and substance abuse problems.

During the last few years, particularly at the depths of the mortgage crisis, that was the type of advice that seemed to be going around from loan experts and even some lenders. More recently, lenders have started singing a different tune.

According to Marcie Geffner at Bankrate.com “If you’ve been tempted to skip a few mortgage payments to try to convince your lender to modify your loan, you may want to resist that temptation. Whether your goal is to stave off foreclosure or just make your payments more affordable, experts say deliberate delinquency is not as smart an idea as it may seem.

The bottom line is that:

• If you can make your payment, you should do so.
• If you can’t, you shouldn’t.
• If you’re in between, you should get help to assess your situation.

“Back in the day, (lenders) would only provide modifications to people who were significantly behind because that evidenced that they truly needed the loan modified. They were of that mindset, and they didn’t realize the enormity of the problem,” says Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling in Silver Spring, Md. “But now, they’ve realized that the logic of making someone become delinquent and dig a deep financial hole before you help them was really not good for anyone.”

Loan modifications extended to nondelinquent borrowers

That new thinking can be seen on some, though by no means all, of the lenders’ Web sites, which have been updated to suggest, however subtly, that a late payment may no longer be a prerequisite to a loan modification. Here are two examples:

Chase’s Web site states: “If you are current on your mortgage, but have had (or are facing) a change in personal circumstances, such as an uncontrollable reduction in income or increase in payment that will create a financial hardship, and feel you are at risk of losing your home, your next step will be to determine if you may qualify for loan modification.”

Bank of America/Countrywide’s Web site states: “If you think you might fall behind on your payments or have already missed a payment, our specialists will work with you to determine your eligibility for one or more of these potential solutions: refinancing, extending the term of the loan, interest rate reductions, temporarily freezing monthly mortgage payments, extended repayment schedules (or) decreasing the principal balance of the loan.”

Christine Holevas, a spokeswoman for JPMorgan Chase in Chicago, declined to comment on whether homeowners should make a late payment to better their odds of a loan modification. But she reiterated the standard advice that you shouldn’t wait until you’ve missed a payment to contact your loan servicer. Instead, you should pick up the phone as soon as you believe you may be in danger of delinquency. “If you think you’re in trouble, contact your servicer. You do not have to be late. You do not have to have missed a payment. Contact your servicer so they will know and they can start the process,” she says.

Missed payments now often disqualify borrowers

The federal government’s new Making Home Affordable plan may be another reason why lenders have tweaked their policies with respect to delinquency and loan modifications. The new plan, which includes a loan modification program and a refinance program, offers lenders new incentives to participate.

The loan modification program is open to borrowers who have missed one or more payments, but a missed payment is not a requirement. In fact, the FAQs for this program state that “responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default.” Risk of default might involve a mortgage payment that has reset and is no longer affordable, a significant loss of income or other types of hardships.

Read more: http://www.bankrate.com/finance/mortgages/should-you-skip-your-mortgage-payment-1.aspx

Most people feel overwhelmed when they can’t make their mortgage payment. If you find yourself in this situation, then contact us at Korte & Wortman, P.A. To learn more about how we can help you with your foreclosure defense or give you the best advice if you are hoping to get a modification of your mortgage, please go to http://foreclosurefactor.com/practice-areas/mortgage-modification/.

Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law. In addition to using this blog as a helpful resource, please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

We look forward to helping you get the best settlement possible in all of your real estate transactions!

Your have rights in Foreclosure proceedings in Florida – learn what they are before taking action

At Korte & Wortman, P.A. we have the experience and expertise to help homeowners and condo owners that are facing a potential foreclosure. Our attorneys have almost 6 decades of combined experience  in helping people just like you reach your ultimate goal – whether your goal is to keep your home, liquidate your home or short sale your home. Whatever your goal is, let us help you.

In the State of Florida, you only have twenty (20) days to respond to a pre-foreclosure complaint. It is critical to meet with a knowledgeable foreclosure defense lawyer to discuss the legal options available to you.

Foreclosure is an action by the bank to take back your property. You have the right to fight that action. The bank’s foreclosure lawyers must take specific steps in order to have the right to foreclose. In most cases, the court will take between 5 to 10 months to enter a final order in a foreclosure action. This time allows you or your foreclosure attorney to take action to save your home.

Additionally, almost all mortgages in the state of Florida give you or your defense attorney the right of “reinstatement.” This means at any time during the foreclosure litigation if the borrower comes up with the money for the late payments or can make a deal with the bank, the bank then legally must dismiss the foreclosure action.

Most people feel overwhelmed when they get sued for foreclosure–they move out of the house or sign the house over, not knowing that by hiring an attorney and fighting this action it is very possible to save their home, without filing bankruptcy. That is just one of the many reasons that if you get sued for foreclosure, you need to NOT panic – and instead contact us at Korte & Wortman, P.A. To learn more about how we can help YOU with your foreclosure defense, please go to http://foreclosurefactor.com/practice-areas/foreclosure/.

Korte & Wortman, P.A. is a law firm specializing in all aspects of real estate law. In addition to using this blog as a helpful resource, please contact us directly if you have any questions or current legal issues in any type of real estate transaction. Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website at http://www.foreclosurefactor.com. Our firm represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

We look forward to helping you get the best settlement possible in all of your real estate transactions, including Foreclosure!