Hector A Pena and Eduardo D Fons, Live on La Poderosa 670 AM

Attorneys Hector A Pena and Eduardo D Fons of
 24/7 A Law Firm, P.A. will be interviewed on La Poderosa AM Radio and will
also be announcing the start of a Live Program that will air on
 670 AM La Poderosa spanish radio in Miami, Ft. Lauderdale and Palm Beach.

The Live on the Air Radio Show will cover topics ranging from Foreclosure


Litigation, Loan Modification, Bankruptcy and Short Sales

For more information tune in live every Monday Morning at 9:30 AM starting
January 16, 2012 or Call.

24/7 a Law Firm, P.A.


13 De enero de 2011 a las 10 am, abogados Héctor A Pena y Eduardo D Fons de
24/7 A Law Firm, P.A. será entrevistado en Radio 670 AM de La Poderosa y
También se anuncia el inicio de programa en vivo de radio que saldrá al aire en
670 AM La Poderosa radio en español en Miami, Fort lauderdale y Palm Beach.

Vivo en el Show de Radio de aire cubreran temas como demandas hipotecaria, modificación de préstamo, Bancarrota y venta corta.

Para más información sintonizar en vivo cada mañana lunes a las 9:30 a partir
16 De enero de 2012 o llame a nuestra Oficina.

Fees for Bankruptcy have increased as more individuals are looking to file for Bankruptcy protection

Fees for Bankruptcy have increased as more individuals are looking to file for Bankruptcy protection. Effective November 1, 2011, the court fees associated with filing under Chapter 7 and Chapter 13 of the Bankruptcy code will increase from $299.00 to $306.00 and from $274.00 to $281.00 respectively. The new fees are as follows:
Fee Increases Effective November 1, 2011.
Petition Fees:

Chapter 7: $306

Chapter 9:    $1,046

Chapter 11: $1,046

Chapter 12: $246

Chapter 13:  $281

Chapter 15: $1,046

By: Eduardo D. Fons, Esq.

$40 Million Dollar Mortgage Fraud Scheme

As reported in the Miami Herald by Toluse Olorunnipa, “Twenty South Floridians have been charged with participating in a $40 million mortgage fraud scheme, according to an indictment released Thursday by U.S. District Attorney Wifredo Ferrer.” The scheme allegedly included individuals from nearly every level of the real estate industry — a bank professional, mortgage brokers, a title agent, a home appraiser and several sales agents.
According to the article the indictment charged two individuals for “fraudulently obtaining home equity lines of credit and mortgage loans for homes and condos throughout Miami-Dade County. A Regions Bank manager helped approve the loans.” Many of these transactions involved misrepresenting the essential documents used to determine eligibility for a mortgage loan. Documents evidencing borrowers’ income statements, employment status, personal assets and debts were being falsified by the co-conspirators.

“Even by South Florida fraud standards, today’s prosecution is shocking,” Ferrer said in a statement released by his office. These schemes involved many individuals in the field of real estate and financial institutions. Many of the loans procured in this manner led to the burst of the real estate market, as individuals who really did not qualify for the loan amount being borrowed were granted large loans without proper due diligence from any party involved in the transactions. The banks looked the other way as their loan officers pushed through fraudulent documentation.

The 20 defendants are charged with conspiracy to commit bank fraud, bank fraud and other mortgage fraud charges. If convicted, they face maximum sentences of 30 years in prison on each count.

Why are Republican Candidates not up to speed on Foreclosure?

In a recent article titled The GOP Candidates on Foreclosures: A Study in Mush
Written By David Weigel and Posted Wednesday, Oct. 19, 2011, on Slate online, GOP candidates could not come up with a proper answer to the foreclosure crisis facing the country. In a recent debate when asked direct questions about the issue, most could not articulate a solution or at least realize were the problem is coming from.

It’s a sad day in politics when the number one problem facing our economy is not completely understood by potential future administrators of the largest economy in the world. Our elected officials need to have a firm understanding of the current situation before they can even attempt to fix it.

Our current economic climate is a result of over inflated expectations as to future gains in the real estate market. The source of the problem stems from not regulating how loans were issued and issuing loans to individuals that were not qualified. In the latter part of the real estate meltdown bankers became even more bold and made even riskier loans such as (no income no asset) NINA and (stated income stated asset) SISA loans. These methods of qualifying individuals for loans backed fired and in great part gave rise to the ballooning in home pricing.

Where are we today and how can we move forward from here? It’s really simple, most economist agree that the best way to resolve these issues is to sell off the inventory and create a floor for home pricing. Government can help by making laws creating an incentive for banks to fire sale homes and get rid of the inventory. Streamline the process for loan modifications and short-sales should also create more stability in the market.

Written by: Hector A. Pena, Esq.

Dawn of new construction vs. looming shadow inventory

Two recent articles in the Miami Herald show how Miami is a melting pot, not only when it comes to culture, but in regards to its economic status and recovery.  As new construction is set in place, a looming inventory of shadow properties (property not for sale in the market and being held either in foreclosure or already repossessed by lenders) may hinder the boost that the new construction may bring to the real estate market in Miami.

As reported in the Miami Herald “South Florida, with some 200,000 homes […] already owned by lenders or headed for foreclosure, has one of the nation’s largest collections of unseen inventory. The number of shadow homes dwarfs the 30,000 or so that are listed on the active market. Even as prices have shown signs of stability this year, an impending wave of foreclosures threatens to keep real estate values deflated in South Florida and across the country.” As these shadow inventory* continues to rise, the values of homes may continue to fluctuate, and accurate assessments of a property’s value may seem less feasible.

*Shadow inventory can be broken into three categories:
• Properties lenders have repossessed, but have not put up for sale. These homes are referred to as real-estate owned, or REOs.
• Properties caught up in the clogged foreclosure process.
• Properties that are severely delinquent in loan payments — almost certainly headed for foreclosure — but have not yet entered the process.”

Lenders are continuing to hold on to these properties for various reasons, including not wanting to take these properties of their books and hopelessly hoping that the value of these properties would increase to a respective amount that may cover losses incurred through the foreclosure and default of the borrower. With this amount of withholding continues an unrealized market of property that seems to sit there and gather dust. Some property still harbors the borrowers who defaulted on these properties since lenders are not willing to prosecute on the foreclosure and request a final sale. Many of these borrowers have applied and subsequently been denied mortgage loan modifications by the lenders. Instead of accepting loan modifications that would create income for the lender and convert the loan to a performing loan, lenders seem to be content sitting on their properties.

Although lenders have looked for alternatives as the Miami Herald reports, “Given the grim outlook, lenders have begun to consider new alternatives to foreclosure. Short sales have increased this year, and real estate agents say the once-onerous process of selling a home for less than what’s owed on it has become more streamlined.

Banks are also cutting deals with homeowners who agree to hand over the keys to a house, rather than go through a legal battle. In some cases, lenders are forking over wads of cash to convince troubled borrowers to leave their homes amicably[,]” these alternatives dwindle in comparison to the inventory that is still lying dormant and without resolution.

On the other side of town, new and fresh construction may bring new life to the Miami real estate market. New construction in Brickell is sprouting new life in to the market; yet the majority of potential buyers may not be the much needed Miami investors, instead foreign buyers looking to secure their spot in burgeoning Brickell.

As the Miami-Herald reports, “Miami’s first new condo high-rise since the housing bust is set to begin construction next spring, developer Newgard Development Group announced Monday.

Called Brickell House, the $170 million project is part of a new wave of condo towers planned for downtown Miami, which saw development grind to a halt after the building frenzy that lasted from 2003 to 2008.”

The juxtaposition of the rising shadow inventory and new construction seem to embody the economic melting pot that is Miami.  Seemingly, looking to forget about the past real estate market crisis, while trying to build new, bigger and better buildings to attract foreign investors. The formula seems creative – as Miami flourishes from the tourist dollar. But for those who are still struggling to pay or modify their mortgage, the current market is not yet forgotten in the shadows. Instead their best bet may be to post a “For Sale only to Foreign Investors” sign and see if the Brickell strategy pays off.

In my opinion, lenders need to be more realistic with their expectations of these properties. A performing loan makes the lender money, as a non-performing 18 month, litigious property, creates headaches. Although it is refreshing to see that new construction is on the horizon, the shadow inventory that continues to loom may make it harder on the resurrection of the floundering real estate market in Miami.

Eduardo D. Fons, Esq.

Foreclosure filings seem to be ramping up again in Miami Dade County

As reported in the Miami Herald by Toluse Olorunnipa, foreclosure filings seem to be ramping up again in Miami Dade County.

As reported, “New reports from two industry trackers indicate that lenders are beginning to speed up their home-repossession practice, which has been hampered due to last year’s “robo-signing” scandal. Third-quarter foreclosure filings rose 13.2 percent to 9,170 in Miami-Dade County, compared to the previous quarter, according to data released Thursday by real estate research firm RealtyTrac.”

Foreclosure filings were slowed down when information surfaced that many lenders and law firms were not properly reviewing the documentation needed to properly prosecute foreclosures. Many lenders were using what eventually came to be known as “robo-signers,” essentially people who were signing away important legal documents without having the proper knowledge or conducting a proper investigation into the contents of the documents they were signing. 

Under Florida law, a bank can only repossess a home after they have filed a foreclosure complaint and presented the proper documentation supporting their allegations that the bank is the holder or owner of the promissory note, that the borrower is in default, and any other supporting documentation that may be required under the law. Once they receive a final judgment of foreclosure, a foreclosure sale will be conducted in where the bank can bid for the defaulted home.

As the Miami Herald reports, “According to data from RealAuction.com, which hosts the county foreclosure auctions for Miami-Dade and Broward, October auctions are up more than 200 percent from September. In Miami-Dade County, for example, the number of scheduled auctions jumped from 667 in September to 2,077 in October.”

As more foreclosure filings are seen in court, more oversight is needed in order to ensure that the lenders and law firms are properly producing and filing the correct documentation. Further, with more foreclosure filings come more cases on the court’s dockets that may eventually add to the already backlogged dockets in Miami-Dade county courts.

As the Miami-Herald reports, help is on the way, as on “On Wednesday, Gov. Rick Scott approved a $45.6 million loan for the state courts system, funds that can be used to help whittle down the large backlog of foreclosure cases stuck in court. The court funding, combined with more aggressive lenders, could lead to faster foreclosures going forward.” Money should also be placed in ensuring that Plaintiff’s, i.e. lenders, and their attorneys are following the proper procedure in foreclosure cases. This in essence would also alleviate the backlog as filings will be prosecute with the proper amount of due diligence.

Eduardo D. Fons, Esq.

SOME FACTS ABOUT A DUI THAT YOU SHOULD KNOW

Driving or actual physical control of a vehicle while impaired by alcoholic beverages, chemicals, or controlled substances can result in various charges.  These offenses vary in severity of punishment, but, except for commercial vehicle cases, require proof that the accused (1) drove or was in actual physical control of a vehicle, (2) was under the influence of an alcoholic beverage, a chemical substance listed in Fla. Stat. 877.111, or a controlled substance listed in Florida Statutes, Chapter 893; and (3) was impaired or had a blood or breath alcohol level of .08 or higher.  Such conduct is unlawful even on private property.  And officers have the authority to make DUI arrests on private property.  David A. Demeres, Florida DUI Handbook (2009-2010 Edition).

Generally, the offense involves the operation of vehicles with motors.  It may however, involve the operation of other vehicles.  A DUI may be committed in or on any device used to transport or draw person or property on a highway, except for those used exclusively on stationary rails or tracks.  This includes bicycles.  On the other hand, the Implied Consent Law, which establishes procedures for securing and testing samples, applies only to motor vehicles or boats.  Thus, one riding a bicycle while impaired may be convicted of DUI, but has not consented to provide a breath or urine sample, and does not face the consequences of refusal.  David A. Demeres, Florida DUI Handbook (2009-2010 Edition).

When you are pulled over for a DUI, you will be asked by the investigating officer to submit to field sobriety tests.  Those tests include the finger to nose, walk-and-turn, one-leg stand, the reciting of the alphabet backwards, horizontal gaze nystagnius test and other physical tests.  YOU HAVE THE RIGHT TO REFUSE THESE TESTS!  Anything you say during a DUI investigation can and likely will be used against you.  Most officers are required to fill out a DUI Detection Evaluation and list the signs of impairment during a DUI investigation.  If you are ever charged with a DUI you will be provided a pamphlet in the Discovery process that will go over the following items:
Initial Observations: while exiting the vehicle the Defendant: was normal, unsteady, staggering, falling, & needs help.

Walk to roadside: while walking to the roadside the Defendant: was normal, unsteady, staggering, & falling, needs held.

Conditions at the scene of your clothing: orderly, clean, torn, disarranged, bloody, & soiled.

Breath:strong odor of alcohol emitting from breath, moderate, faint, & none.

Attitude: polite, cooperative, carefree, talkative, sullen, sarcastic, cocky, insulting & profane.

Color of face: normal, flushed, & pale.

Eyes: normal, bloodshot, & watery in color.

Pupils: normal, dilated, contracted, & unequal.

Poor reaction to light: yes or no.

Speech: good, slurred, mumbled, confused.

Unusual actions: hiccoughing, belching, crying, laughing, & none.

Then the DUI Packet will discuss the conditions at the scene including: the roadway, lighting, traffic, and the area.

As you can see, every single move that you make is being evaluated and recorded by the officer investigating the DUI.  THEREFORE, ANYTHING YOU SAY AND DO WILL LIKELY BE USED AGAINST YOU.

You will be evaluated and your every movement will be used against you at trial when you perform the horizontal gaze nystagnius test, walk and turn, one legged stand, and finger to nose.

There is even a portion in the packet that allows the officer to give his opinion relating to your degree of impairment: extreme, obvious, or slight.

You have the right to refuse a breath test but you are subject to the implied consent statute in the state of Florida.  Basically, any person who accepts the privilege extended by the laws of this state of Florida of operating a motor vehicle within this state shall, by so operating such vehicle, be deemed to have given his or her consent to submit to an approved chemical test or physical test for the purpose of determining the alcoholic content of his or her blood or breath, and to a urinetest for the purpose of detecting the presence of chemical substances or controlled substances if the person is lawfully arrested for any offense allegedly committed while the person was driving or was in actual physical control of a motor vehicle while under the influence of alcoholic beverages, chemical substances, or controlled substances.

Your refusal to submit to such a test will result in the suspension of your privilege to operate a commercial motor vehicle for a period of one year for a first refusal or permanently if your driving privilege has been previously suspended as a result of a refusal to submit to such a test.  Your refusal to submit to a chemical, physical, or urine test upon the request of a law enforcement officer shall be admissible into evidence in any criminal proceeding arising out of the DUI offense.

In summary, you have the right to refuse all tests except the requirements of the implied consent law.  However, you may choose to not blow but you will be subject to a mandatory drivers license suspension and the refusal could be used against you at a later proceeding.  This article is written so that each and every one of you know your legal rights and how to exercise those rights.  The best advise I can give you is to not drink and drive, but if you decide to, KNOW YOUR RIGHTS!