Richard Zaretsky's Blog (10)

LAW CHANGE - TENANTS IN FORECLOSURE CAN STAY THE FULL TERM

The Protecting Tenants at Foreclosure Act of 2009 clearly stated that any lease entered into AFTER the notice of foreclosure did not have the protection of the Act to allow the full lease term to run.  But the Dodd-Frank Wall Street Reform and…

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Added by Richard Zaretsky on September 24, 2013 at 1:30am — No Comments

FLORIDA NEW FORECLOSURE LAW - HOW IT AFFECTS BROKER ADVICE TO CLIENTS

If you have a client that has a just filed or soon to be filed residential foreclosure action in Florida, what new timelines can you expect under the new Florida Foreclosure Law?  Effective with all NEW lawsuits filed on or after July 1, 2013 the new streamlined foreclosure procedures law will govern how fast the lawsuit will proceed – or at least that is the theory behind the new law.  Reality can be quite something else.

Under the law as it existed before June 7, 2013 (the date…

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Added by Richard Zaretsky on June 25, 2013 at 12:58am — 1 Comment

WITH FOREIGN BUYERS AND SELLERS - REALTORS NEED TO KNOW ABOUT FIRPTA

With foreign buyers again flocking to buy United States real estate, it is important as a Buyer Realtor to remember to advise them of their obligations and liabilities when they sell it.  FIRPTA (Foreign Investment in Real Property Tax Act) has been around for decades, yet many Realtors forget to tell their foreign buyers of the implications of FIRPTA when the foreigner is looking to buy, thereby possibly short changing their client on options and surprising them with expenses when they…

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Added by Richard Zaretsky on June 5, 2013 at 1:48am — 1 Comment

QUIET TITLE GONE WRONG - WHY QUIET TITLE IS USUALLY WISHFUL THINKING

As a further sad saga on the false hope of Quiet Title lawsuits being a fabulous answer to homeowners trying to invalidate their mortgages, a Florida foreclosure defense attorney who tried the scheme on his own property is now missing and has absconded with over $3 million that was in his law firm and title company trust accounts.  The scheme to eliminate the homeowner’s mortgages was discussed in my last article, …

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Added by Richard Zaretsky on April 18, 2013 at 12:50pm — No Comments

PRINCIPAL REDUCTIONS – WILL THE BANK GUARANTEE THE VALUE OF YOUR HOME?

In a briefing by Credit Suisse this week, the financial giant’s opinion was that reducing principal balances of underwater mortgages is a risky idea that has not been shown to keep underwater borrowers from later defaults.  In my practice as a Florida real estate lawyer, that opinion flies in the face of borrower sentiment.  The guiding force in the Credit Suisse statement seems to be the “…

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Added by Richard Zaretsky on January 27, 2012 at 4:35pm — 2 Comments

ARE YOU WILLING TO $$$ GUARANTEE $$$ THE BUYER AND SELLER BEING TRUTHFUL?

PRESENTING THE SHORT SALE ADDENDUM YOU CAN'T SIGN!   Agents hold on to your wallets as this could cost you big time!  This is just too big and important to let one blog article suffice.  And developments on this are occurring quickly.  The problem was pointed out in my ActiveRain re-blog Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK…

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Added by Richard Zaretsky on September 30, 2011 at 7:30am — No Comments

SHORT SALE SUMMIT BY BANK OF AMERICA - NEW INCENTIVES!

Some of my short sale staff and I met with Bank of America in Miami today at their “Short Sale Summit”. We had a nice small group that met twice this afternoon - and I got to ask and have answered several questions which I think are important to those agents who are working short sales. 







THEY SENT THE BIG GUNS



First, we…

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Added by Richard Zaretsky on August 17, 2011 at 2:42pm — 2 Comments

BoA SHORT SALE APPROVAL FORM LETTER - DEFICIENCY WAIVER AND DEFICIENCY NON-WAIVER EXAMPLES

You may have been reading about Bank of America short sale approval letters and some changes that have occurred. The Bank of America Short Sale Approval Letter has had various versions dealing with deficiency of the promissory note. This article will look at the BoA short sale letter recent changes.

History - Before June 2009

Until June 2009 the typical Bank of America short sale approval letter was not a release of mortgage and a release of…

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Added by Richard Zaretsky on November 16, 2010 at 4:20pm — 4 Comments

BACK TO BASICS - A PRIMER REVISED AND REVISITED

Short Sale Primer For Brokers, Sellers and Buyers…

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Added by Richard Zaretsky on April 18, 2010 at 4:29pm — 2 Comments

SHORT SALE LENDER CANNOT REDUCE COMMISSION TO BROKER

One of the great drawbacks to a broker taking on a short sale listing is the fear and often the reality that the short sale lender will demand a reduction in the broker commissions. This has created all sorts of contraptions to make the broker whole.



I have seen contracts that have inflated commissions designed to make the lender reduce it; I have seen deals to have the buyer guarantee the broker commission short fall. There are more and some not yet invented. But this summer a case… Continue

Added by Richard Zaretsky on October 13, 2009 at 12:43am — 1 Comment

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