Preventing Foreclosure with Roy Oppenheim

Antonio: Trend is developing in recent foreclosure numbers. Fewer subprime mortgages are on the list, what we’re seeing now is an increase in more prime loans. Those are the loans given to the most highly qualified buyers. Second quarter numbers released this month show 12% of all Florida mortgages are in the foreclosure process and 23% are late on payments. CBS4 Chief Consumer Investigator, Al Sunshine, joins us from our foreclosure phone bank with some people that can help. And Al, one in three loans in some sort of trouble. Those are very worrisome numbers.

Al: Antonio, absolutely. Unfortunately, the dynamics are simple. We are facing near record unemployment still nationally. Certainly double-digit unemployment here in South Florida. That’s the problem. What’s the answer? What can you do if you’re facing a foreclosure? With me now is Weston attorney, Roy Oppenheim. Roy, real easy question. At this point, what should somebody be doing if they’re afraid of having a foreclosure action?

Roy: Well, if you’re served with foreclosure papers, means that someone comes knocking on your door, you need to get legal help, whether you go to a lawyer, and there are a lot of lawyers who have good payment plans. Whether you go to legal aid. You need to find someone who can legally assist you with defending the foreclosure.

Al: And isn’t the bottom line, try to defend yourself before you get into the proceeding? What should people do if they’re facing foreclosure, to make sure they don’t actually get the paperwork?

Roy: Well, they should be contacting their bank to either try and do a modification, or in the alternative, they should consider possibly doing a short sale, where they actually sell the home and then thereby they are able to walk away without having a judgment hang over them for the next 20 years.

Al: And do me a favor. What’s the bottom line you sense, is the problem here in South Florida getting better or getting worse?

Roy: I think that we’re probably hitting a peak. I don’t think it’s going to get much better anytime soon, but I don’t think it’s going to get much worse.

Al: Thank you very much. As you can tell, the phones are starting to buzz. If you have any questions about how to fight off a foreclosure, how to find the cheapest loans possible, so-called mortgage modification, give us a call. We’re gonna have our experts here. The number 305-597-4404. And the most important thing is if you’re late on your payments, contact your lender. Contact your mortgage broker. Let them know you need assistance because the good news now is, more than ever, banks are starting to help people stay in their homes. Again, we are going to be here through 6:30. Give us a call. For Your Money, I’m Al Sunshine, CBS 4 News.

Antonio: Thank you, Al.