The owner of oceanfront mansion in Lee County has selected Shuster & Saben, LLC to defend the foreclosure action filed against his family’s home. The property owner evaluated foreclosure defense lawyers both locally and across the state before choosing firm attorney Richard Shuster to implement a comprehensive asset protection and foreclosure defense plan. The owner’s search for the right attorney began with reviewing the websites of several law firms. Once he narrowed his focus to a few lawyers he found those attorneys’ bar numbers at the Florida Bar’s website, www.flabar.org. He then looked up the cases handled by each lawyer in Lee County with the Lee County Clerk of Court though a search of the lawyers’ bar number. The homeowner then reviewed the results obtained in the cases and the pleadings filed by each lawyer.
Two things that impressed the homeowner were that the requests for admissions, interrogatories (written questions) and request for production filed by Shuster varied form case to case and were clearly custom prepared based on the facts of the case rather than cookie-cutter form pleadings. The homeowner was also impressed by the fact that he could not find a single file where a Lee county client had lost their home to foreclosure sale. After performing extensive research online, reviewing files through the Lee County clerk, and interviewing Shuster by phone the homeowner made a will researched decision to hire the firm.
Shuster & Saben appreciates that a well informed homeowner is our best client. The firm is proud to represent multiple attorneys, C.P.A.s, physicians, and police officers in foreclosure cases.
Showing posts with label Foreclosure asset protection. Show all posts
Showing posts with label Foreclosure asset protection. Show all posts
Thursday, March 31, 2011
Friday, July 16, 2010
Shuster & Saben Obtains Wavier of Deficiency for Orlando Real Estate Investors
Shuster & Saben has successfully saved resolved an Orange County foreclosure case filed against our Orlando clients. In the case our clients owed more than $100,000 more than their investment condominium was worth. Both of our clients signed the note, were professionally employed, and faced the real possibility of the lender obtaining a deficiency judgment and seeking to garnish the husband or wife’s wages. If our firm had not successfully resolved the case our clients faced the real possibility of having to file bankruptcy.
The first time the case was set for summary judgment at the Orange County courthouse firm attorney Richard Shsuter, traveled from our Melbourne office and successfully thwarted the lender’s attempt to obtain summary judgment. On the day before the deposition of the bank’s representative a settlement was reached wherein the lender agreed to waive all claims for deficiency judgment. A copy of the stipulation to waive the deficiency can be viewed by viewed by clicking the link below. A deficiency judgment is a judgment for the difference between the amount owned on the mortgage note and the amount the lender obtains for the property.
To view a copy of the stipulation for wavier of deficiency please click the link below:
Stipulation for Waiver of Deficiency
Shuster & Saben offers a comprehensive approach to foreclosure defense that integrates asset protection guidance with aggressive foreclosure defense by experienced litigation attorneys. Where appropriate we refer our clients to other professionals such as C.P.A.s to mitigate tax consequences of shorts sales and deed in lieu of foreclosure transactions. For high net worth individuals we also work with financial planners and to place client funds into assets that are protected from the claims of potential creditors. From the firm’s four offices in Miami, Doral, Plantation and Melbourne we defend homeowners in foreclosure in Dade, Broward, Palm Beach, Collier, Lee, Martin, St, Lucie, Indian River, Brevard and Orange Counties. For more information about our firm please visit us at www.attorneyforeclosuredefense.com
The first time the case was set for summary judgment at the Orange County courthouse firm attorney Richard Shsuter, traveled from our Melbourne office and successfully thwarted the lender’s attempt to obtain summary judgment. On the day before the deposition of the bank’s representative a settlement was reached wherein the lender agreed to waive all claims for deficiency judgment. A copy of the stipulation to waive the deficiency can be viewed by viewed by clicking the link below. A deficiency judgment is a judgment for the difference between the amount owned on the mortgage note and the amount the lender obtains for the property.
To view a copy of the stipulation for wavier of deficiency please click the link below:
Stipulation for Waiver of Deficiency
Shuster & Saben offers a comprehensive approach to foreclosure defense that integrates asset protection guidance with aggressive foreclosure defense by experienced litigation attorneys. Where appropriate we refer our clients to other professionals such as C.P.A.s to mitigate tax consequences of shorts sales and deed in lieu of foreclosure transactions. For high net worth individuals we also work with financial planners and to place client funds into assets that are protected from the claims of potential creditors. From the firm’s four offices in Miami, Doral, Plantation and Melbourne we defend homeowners in foreclosure in Dade, Broward, Palm Beach, Collier, Lee, Martin, St, Lucie, Indian River, Brevard and Orange Counties. For more information about our firm please visit us at www.attorneyforeclosuredefense.com
Wednesday, October 7, 2009
Mortgage lenders try to trick homeowners out of 401k and IRA retirement accounts
There are few instances of bank behavior that anger me more than hearing of lenders and servicers who attempt to trick homeowners into making a withdrawal or loan against their 401k or IRA as a “prerequisite” of loan modification.
If a homeowner owes more than their house is worth and has insufficient income to afford both their monthly mortgage payment and basic living expenses then taking money out of the homeowner’s IRA or 401k is a mistake.
We have heard from several of our clients that the servicer would not approve loan modification because the homeowner had money in a 401k or IRA and that the owner would have to deplete their retirement savings before the loan modification could be approved. In most cases this is bold faced lie. For an upside down homeowner to raid their retirement saving is a always a huge financial blunder.
Florida Statute 222.21(2)(a) provides that any money or other assets payable to participant or beneficiary in a qualified retirement or profit sharing plan such as an IRA or 401k is exempt from all claims from creditors of the beneficiary or participant. Florida Statutes specifically include under the protection umbrella pension plans designated for teachers, county officers and employees, state officers and employees, police officers, and firefighters. In other words even if the lender filed for foreclosure, was able to win its case, took possession of the property, sold it for a loss, obtained a deficiency judgment and attempted to collect on the deficiency the lender STILL could not get its dirty hands on homeowner’s IRA or 401k. The only way the lender can get money out of the homeowners 401k is if the homeowner is DUMB ENOUGH to give it to the lender voluntarily. Further, with proper foreclosure asset protection planning, other assets can often be protected from the homeowner's creditors.
One family that consulted with us had household income of over $150,000 when they bought an $800,000 home in 2006. While the couple put over $80,000 down today their Broward home is worth only $560,000. After the husband was laid off in 2008 the family’s income fell to less than from $150,000 to $50,000 a year. Following the husband’s layoff the couple used their 401k to pay their mortgage of over $5,000.00 per month. They thought the husband’s unemployment would be short lived. Today, nearly one year later, their retirement savings are gone. They have negative equity in their home and have nothing to show for the payments they made since the layoff. If spending $5,000 a month on rent after losing your job is foolish, spending $5,000.00 in mortgage payments when you are not building equity and will not have equity anytime soon is also a poor financial decision. Unfortunately, many homeowners make poor business decisions about their homes due to emotional attachment to the home, ego, and pride. This family paid a huge price because they attempted to handle the problem themselves.
A better solution for this homeowner would have been a short sale that would likely eliminated the negative equity that continues to burden family. In the alternative the homeowner should have sought loan modification and forbearance to delay and reduce payments while the husband sought new employment. If the bank was unwilling to agree to forbearance and/or modification then suspending mortgage payments due to the hardship would financially be a better move than depleting their retirement savings.
The only time a homeowner should use retirement savings to make mortgage payments is when the homeowner has substantial equity in the property. If your house is nearly paid off and is worth far more than you owe then taking money from retirement accounts to protect your hard earned equity makes good financial sense. An upside down homeowner lives in a house that belongs to the bank and essentially owns “less house” than a homeless person. Squandering retirement savings, that the bank could not otherwise touch, is not a worthwhile exchange for minor or temporary interest rate concessions that do nothing to address the homeowner’s negative equity problem.
When borrowers are upside down and the lender is looking at loosing 25% to 50% of the loan balance in a costly protracted litigated foreclosure the homeowner has FAR MORE leverage than they realize. We have seen loan modifications made for homeowners who had no hardship and six figure incomes but simply stopped paying their mortgage because they were upside down and wanted reasonable interest rate concessions from the bank.
If the bank asks you to deplete your 401k in order to get a loan modification it is time to fight back and get professional help. When the representative of the lender or servicer says they cannot approve you because you have assets in your 401k obtain the name and E-mail address of the person you are dealing with and confirm the conversation in writing by e-mail.
There are some homes that could be saved but an essential step in the analysis is whether it is in the homeowners best interest to save their home and at what price is the home worth saving. Detached, objective professional advice is essential part of what we at Shuster & Saben do. Florida homeowners from Dade, Broward, Palm Beach, Collier, Lee, Martin, St. Lucie, Indian River, and Brevard counties can e-mail our firm at foreclosuredefenselaw@gmail.com
In the meantime hold on to your IRA, 401k, 529, and Florida Prepaid College accounts. You will need these in the future.
If a homeowner owes more than their house is worth and has insufficient income to afford both their monthly mortgage payment and basic living expenses then taking money out of the homeowner’s IRA or 401k is a mistake.
We have heard from several of our clients that the servicer would not approve loan modification because the homeowner had money in a 401k or IRA and that the owner would have to deplete their retirement savings before the loan modification could be approved. In most cases this is bold faced lie. For an upside down homeowner to raid their retirement saving is a always a huge financial blunder.
Florida Statute 222.21(2)(a) provides that any money or other assets payable to participant or beneficiary in a qualified retirement or profit sharing plan such as an IRA or 401k is exempt from all claims from creditors of the beneficiary or participant. Florida Statutes specifically include under the protection umbrella pension plans designated for teachers, county officers and employees, state officers and employees, police officers, and firefighters. In other words even if the lender filed for foreclosure, was able to win its case, took possession of the property, sold it for a loss, obtained a deficiency judgment and attempted to collect on the deficiency the lender STILL could not get its dirty hands on homeowner’s IRA or 401k. The only way the lender can get money out of the homeowners 401k is if the homeowner is DUMB ENOUGH to give it to the lender voluntarily. Further, with proper foreclosure asset protection planning, other assets can often be protected from the homeowner's creditors.
One family that consulted with us had household income of over $150,000 when they bought an $800,000 home in 2006. While the couple put over $80,000 down today their Broward home is worth only $560,000. After the husband was laid off in 2008 the family’s income fell to less than from $150,000 to $50,000 a year. Following the husband’s layoff the couple used their 401k to pay their mortgage of over $5,000.00 per month. They thought the husband’s unemployment would be short lived. Today, nearly one year later, their retirement savings are gone. They have negative equity in their home and have nothing to show for the payments they made since the layoff. If spending $5,000 a month on rent after losing your job is foolish, spending $5,000.00 in mortgage payments when you are not building equity and will not have equity anytime soon is also a poor financial decision. Unfortunately, many homeowners make poor business decisions about their homes due to emotional attachment to the home, ego, and pride. This family paid a huge price because they attempted to handle the problem themselves.
A better solution for this homeowner would have been a short sale that would likely eliminated the negative equity that continues to burden family. In the alternative the homeowner should have sought loan modification and forbearance to delay and reduce payments while the husband sought new employment. If the bank was unwilling to agree to forbearance and/or modification then suspending mortgage payments due to the hardship would financially be a better move than depleting their retirement savings.
The only time a homeowner should use retirement savings to make mortgage payments is when the homeowner has substantial equity in the property. If your house is nearly paid off and is worth far more than you owe then taking money from retirement accounts to protect your hard earned equity makes good financial sense. An upside down homeowner lives in a house that belongs to the bank and essentially owns “less house” than a homeless person. Squandering retirement savings, that the bank could not otherwise touch, is not a worthwhile exchange for minor or temporary interest rate concessions that do nothing to address the homeowner’s negative equity problem.
When borrowers are upside down and the lender is looking at loosing 25% to 50% of the loan balance in a costly protracted litigated foreclosure the homeowner has FAR MORE leverage than they realize. We have seen loan modifications made for homeowners who had no hardship and six figure incomes but simply stopped paying their mortgage because they were upside down and wanted reasonable interest rate concessions from the bank.
If the bank asks you to deplete your 401k in order to get a loan modification it is time to fight back and get professional help. When the representative of the lender or servicer says they cannot approve you because you have assets in your 401k obtain the name and E-mail address of the person you are dealing with and confirm the conversation in writing by e-mail.
There are some homes that could be saved but an essential step in the analysis is whether it is in the homeowners best interest to save their home and at what price is the home worth saving. Detached, objective professional advice is essential part of what we at Shuster & Saben do. Florida homeowners from Dade, Broward, Palm Beach, Collier, Lee, Martin, St. Lucie, Indian River, and Brevard counties can e-mail our firm at foreclosuredefenselaw@gmail.com
In the meantime hold on to your IRA, 401k, 529, and Florida Prepaid College accounts. You will need these in the future.
Sunday, September 13, 2009
We are now available for consultation in Boca Raton
For Immediate Release:
Shuster & Saben, LLC, in an effort to better serve its rapidly growing list of clients in South Palm Beach, is now availbale for consultation in Boca Raton, Florida. Palm Beach County homeowners facings foreclosure can meet with an attorney of the law firm of Shuster & Saben, LLC at 595 South Federal Hwy Suite 600, Boca Raton, Florida. We are available for consultation at this location by appointment only.
Shuster & Saben, LLC is law firm of five attorneys with offices in Miami and in Plantation / Fort Lauderdale. This Fall Shuster & Saben will open a third office in Satellite Beach, Florida (Brevard County). Shuster & Saben, LLC defends homeowners in foreclosure. Lawyers in our firm have been featured in or quoted by Time Magazine, Univision, and the Daily Business Review. Shuster & Saben offers free consultation with an attorney and defends homeowners in foreclosure for $495.00 per month on loans under $500,000. Treasure Coast residents can reach us toll free at 877-511-STAY.
For More Information about Shuster & Saben, LLC, please see our website www.attorneyforeclosuredefense.com
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