loan work out: Negotiated Payback or Foreclosure Judgment Deficiency? Compared - 03/06/08 12:52 PM
I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm.  He made a comment that I thought peculiar and I called him to task on the matter.
The comment was that "after the foreclosure sale, lenders seldom bother to get a court ordered deficiency judgment".  I knew this to be false, because lenders today - more than in the past - are investing a few hundred more in attorney fees to get a deficiency judgment.  I will tell you why.
But first, lets all get on the same page.  A deficiency judgment is … (58 comments)

loan work out: Foreclosures Triple - AGAIN!?! - 01/02/08 11:25 PM
Another article in the Palm Beach Post this morning says that foreclosures here have tripled from the same period last year.
It also says that the important "ratio" of home price to household income is double what is considered affordable and normal.
In Palm Beach County foreclosure rate is a STAGGERING 1 in 45 homes!!!!!  Yes that is staggering!  The number on a national scale is 1 in 617.
The article is titled PALM BEACH COUNTY FORECLOSURES TRIPLE, and is by Post reporter Linda Rawls.
I last wrote a blog on foreclosures tripling on December 20 and there said that the Post reported a tripling … (4 comments)

loan work out: FORECLOSURES UP 68% - 12/19/07 09:52 PM
Foreclosures up 68% !!!!!!!!!!!!!!!!!!!! 
Latest Report From AP - Florida near the TOP of foreclosure list -
 Here is today's AP article on Foreclosures Nationwide -- its the daily dose of depressing news  http://www.palmbeachpost.com/business/content/business/epaper/2007/12/19/1219foreclosures.html
Our phone rings daily with brokers and sellers needing help with the short sale process.  Sometimes we can help and avoid the short sale or any sale at all -- it takes patience and having plenty of information on the owner's finances and the property value.  But it is getting to be like putting a finger in the dike.................
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES … (3 comments)

loan work out: FORECLOSURES TRIPLE - What's Next - 12/12/07 11:36 PM
In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners.  Surpassing that was St Lucie County with 1 for every 306 households.  The October average for Florida was 1 in 273 (new filings for foreclosure).
Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize.
For too many, however, holding on to a mortgage they can't afford in hopes of a … (4 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY)

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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