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From The Wall Street Journal, December 24, 2009, By AMIR EFRATI
A group of state and federal judges presiding over foreclosures are wiping away borrowers' mortgage debt, invalidating foreclosure sales and even barring some foreclosures outright. The decisions in recent months by a handful of judges in states including Massachusetts, New York and Texas mark a new phase in the judiciary's battle to stem the rising tide of foreclosures by punishing mortgage companies for paperwork mistakes and alleged mistreatment of borrowers. The number of judges taking such action remains small, and most foreclosures go through without a challenge. But the growing number of rulings against lenders' claims is raising questions among some legal experts about judges' impartiality. |
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I am often asked what programs are available for homeowners wanting to modify their mortgages to avoid foreclosure. Here is a Wall Street Journal article describing some of them, including dates when these programs expire ---- unless they are extended.
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This article discusses some of the pitfalls of buying foreclosed properties, or pre-foreclosure properties which are typically "short sales." I have noticed a significant uptick in the number of people seeking to buy short sale properties, and even inventories of bank-owned properties. My belief is that if the purchase of multiple Fort Myers and Naples distressed residential properties is your strategy, you should have a plan to unload them quickly, or plan to hold them long-term without significant rental income, as I am not convinced the market for buyers and renters will keep up with current supply of property inventory.
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Here is a timely article from the Naples Daily News, December 5, 2009, authored by attorney Rob Samouce. The first rounds of foreclosures over the last few years were primarily in the "sub-prime" market and mainly affected lower net worth individuals. As we now move into the wave of "prime" loan foreclosures, we are seeing mortgage debtors with more income and assets, and correspondingly, more to potentially lose in a foreclosure and deficiency judgment filed by the lender. Hiring an attorney to guide you through this process is an important concern. The Law Offices of Steven J. Bracci, PA, are available to assist you in defense of your foreclosure, including alternatives such as short sales, workout modifications, and in some cases bankruptcy. Call us for a consultation at (239) 596-2635.
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