Pending mortgage foreclosure case backlog down 75% from peak in Florida – What does this mean to you?

One of the many problems caused by the national mortgage foreclosure crisis from the last decade was the explosion in the number of foreclosure filings in Florida state courts. According to statistics published in a recent article on the Florida Courts (www.flcourts.org) website, the number of foreclosure filings rose to around 400,000 cases at the height of the crisis, as compared to the normal average of 70,000 or so in an average year.

This jump in filings caused a backlog that topped 300,000 cases in June of 2013. That is why virtually all foreclosure cases over the last 5 to 6 years have experienced many months and even years of delays working their way through our state court system. As of September of 2015, that back log amount has been reduced below 80,000 cases.

To read the entire article go to: http://www.flcourts.org/administration-funding/court-funding-budget/mortgage-foreclosure.stml

What does this mean to you if you are facing foreclosure right now? It means that your lender is most likely going to push harder and faster to try and seize your property, and get you removed from the premises. Gone are the days when you could stay in your property for years while the courts tried to figure out what to do with you. In addition, much of the leniency that was afforded to struggling home owners 5, 6 and 7 years ago has gone away.

You need to contact an attorney who specializes in defending your rights before it is too late. Many of the banks and other loan servicers have made it clear that they want your mortgage payments on time, and in full, or they will push for foreclosure in short order. They are also much tighter on granting mortgage modifications than they were back then, as well.

Before your lender takes your home, you need to talk with attorneys who are knowledgeable about keeping your home out of foreclosure. Korte & Wortman, P.A. will fight for your rights against any bank, loan servicer or their attorneys. The earlier you get us involved in your defense, the better chance we have of helping you keep your home.

Contact us at Korte & Wortman now. Check out our website to see our results: working with our 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/.

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.

Effect of rise in interest rates on home owners in West Palm Beach and throughout Florida?

The US Federal Reserve in Washington DC on a beautiful summer day

Yesterday, December 16, 2015, the Federal Reserve (the Fed) announced it was raising interest rates by 25 basis points. This means that it is increasing the target for short term interest rates to a range of 0.25% to 0.50% from a range of 0% to 0.25%. The move was particularly noteworthy because it marked the first time in 9½ years (since June of 2006) that the Fed has raised interest rates.

Most of the big banks, including Citibank, Wells Fargo and JPMorgan Chase followed the Fed’s move by increasing their prime lending rates from 3.25% to 3.5%, effective today. The rest are expected to follow suit shortly. The question for all of us consumers out there is: how will this affect my wallet/purse/bank account?

Although the answer to that question varies depending upon your personal situation, the general answer to the effect of this one ¼% rise is “Not much, for most of us, in the immediate future.”

The more important question for home owners in West Palm Beach, Ft. Lauderdale, Miami, Tampa, St. Petersburg, Clearwater or anywhere else in the state of Florida: is this a one-time event, or a change in policy by the Fed that signals more interest rate hikes ahead in 2016. Some economists, journalists and forecasters are predicting that this is just the beginning of a series of tightening moves by the Fed. If that is the case, then the effect, particularly here in Florida, will be significant.

Why? Because as we saw in 2008 through 2010 and even into 2011 and 2012, our local economy is particularly sensitive to what is happening in the real estate market. The economic crisis which was largely brought on by the collapse of the housing market hit Florida harder than almost every other state in America.

Only in the last two years or so have we seen our housing market finally bounce back (house prices went up 8.7% in Florida last year, the 3^rd fastest growth rate amongst states, according to an article on businessinsider.com). A significant rise in interest rates could cause the housing market to slow, which will most likely cause our local economy to slow or even go in reverse again. To read the entire article ranking the economies of all 50 states and Washington D.C. please go to: http://www.businessinsider.com/state-economy-ranking-july-2015-2015-7

That is the most important question to people who are involved in the real estate market here in Florida; particularly those of you who are already in a precarious position with your current mortgage or home equity loan. Sustained increases in interest rates could push you over the edge toward foreclosure.

Before that happens, you need to talk with a law firm knowledgeable about getting your loans modified today. 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, P.A. now.

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. You can 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 throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

Dodd-Frank Act – a primer from Korte & Wortman, P.A.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (known by the common term of the Dodd-Frank Act) has had a profound effect on lending practices here in Florida, particularly since the Mortgage Reform and Anti-Predatory Lending Act section (Title XIV) was enacted early in 2014. This groundbreaking piece of legislation is meant “to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable, and not unfair, deceptive or abusive,” according to its creators.

Part of this legislation’s mission is to amend both the Truth-in-Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). The Dodd-Frank Act requires that a lender in a residential owner-financed transaction must determine at the time credit is extended that the buyer/borrower has a “reasonable” ability to repay the loan. If the lender did not properly investigate your credit worthiness, your lender could be subject to fines and other penalties.

Therefore, if you have entered into a mortgage contract since the beginning of 2014 and are now facing foreclosure, bankruptcy, or some other form of financial distress that is threatening your property, then you need to seek out a knowledgeable defense lawyer to discuss all of the legal options you have available to you.

In addition, you may be entitled to refunds or other financial benefits if your loan did not disclose many different pieces of information to you, including deficiencies in the home like Chinese drywall; hidden penalties for prepayment of your mortgage; or other information that may have altered the value of the home.

At Korte & Wortman, P.A. we have attorneys who are well-versed in the Dodd-Frank Act mortgage reform legislation that was enacted in 2014. We have already been able to help clients navigate this legislation to get the money they deserve from lenders who have tried to take advantage of them in the form of fees, hidden charges and other predatory lending practices.

Our South Florida firm is one of the few in the state that handles cases involving legislation in the new Mortgage Reform and Anti-Predatory Lending Act.

To learn more about the Dodd-Frank Act please visit this page on our website at http://foreclosurefactor.com/the-dodd-frank-act/ or call us directly at (561) 544-7071 for foreclosure prevention or defense against any lender who may have violated your rights under the rules of the Mortgage Reform and Anti-Predatory Lending Act throughout the State of Florida. We can help you TODAY!