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.

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.

Fannie Mae begins efforts to educate homeowners facing foreclosures?

Fannie Mae begins efforts to educate homeowners facing  foreclosures?

In a recent article by Donna Gehrke-White published in the sunsentinal.com, Ms. Gehrke reports that “Fannie Mae is partnering with NBC and its Miami affiliate, WTVJ-Channel 6, to get the word out on the options available if people are having trouble making their house payments, said Andrew Wilson, spokesman for Fannie Mae, a giant in the secondary mortgage market.”  http://www.sun-sentinel.com/business/blogs/money-sense/sfl-fannie-foreclosure-campaign-20110914,0,714925.story

What does this new awareness means for the homeowner? What type of help can the homeowner expect from the government or in this case from an agency backed by the government? First one needs to determined if the loan one has is a Fannie Mae loan. If it is, the second step is to contact Fannie Mae by phone or fill out an online form at their website http://www.knowyouroptions.com/ . After that one needs to gather financial documents, for example: Pay stubs, Last year’s tax return, bank statements, Monthly mortgage statement, Credit card statements balances, Monthly payment amounts on other debts (such as school or car loans). The final step will be a Fannie Mae representative calling you an giving you advise as to your options.

One word of caution for the homeowner is to remember that at the end of the day they are taking to the bank, as such the banks interest may be at play and only those options more convenient to the bank may be offered. I suggest that homeowners informed themselves with all available material and then seek the help of an attorney knowledgeable in the area of real estate.

Written by: Hector A. Pena, Esq.

A Rise in South Florida’s Foreclosure Rate!

A Rise in South Florida’s Foreclosure Rate!

In a recent article by TOLUSE OLORUNNIPA published in the Miami Herald, OLORUNNIPA reports that “The foreclosure rate in Miami-Dade County rose to 18.8 percent in June, up from 17.6 percent a year earlier. In Broward, 14.6 percent of mortgage loans were in foreclosure in June, compared to 13.4 percent in June 2010.” Also, “South Florida’s foreclosure rate remains much higher than the national rate of 3.5 percent. In Miami-Dade, 25.6 percent of loans are more than 90 days overdue, down from 27.5 percent last year. In Broward, the 90-day delinquency rate dipped to 20.8 percent, from 22.3 percent last year.”

See http://www.miamiherald.com/2011/09/08/2397341_south-floridas-foreclosure-rate.html#storylink=addthis%23ixzz1XVLT29sE#ixzz1XYkAZxEB

What does this rise in foreclosures mean to the South Florida Consumer? First, it’s a clear sign that the banks are working through their respective legal issues, many are settling claims with the governments and local state governments. The most important thing for consumers is to be informed and be able to get competent advise if facing foreclosure.

First, homeowners have options; the legal documents should be reviewed by an attorney experienced in this type of litigation. It is important that the banks follow the law and procedure when filling suits against homeowners. Also, even in foreclosure there are many options available to home owners. For example, modification of the existing loan, mediation with the bank, deed in lieu of foreclosure, short selling the property and others. Homeowners should take an active role in deciding what steps to take in order to bring a solution to their respective problems.

Hector A. Pena, Esq.

www.247alawfirm.com

Burt Reynolds Home on The Block

A recent Blog reported that Burt Reynolds’ home might be foreclosed by the bank in order to collect on the debt owed. Mr. Reynolds case illustrates the frustration a lot of homeowners are feeling. It is my opinion that the new wave of foreclosures may come from what is called a strategic foreclosure. Basically, a strategic foreclosure is a decision by a homeowner to stop paying for the property even if they possess the economic means to continue to pay for it. The decision is an economic one as the property has lost so much value and the homeowner does not see a reason or way out of the situation. Many homeowners in this situation see making the mortgage payment as throwing good money after bad. This may be the case for Mr. Reynolds, as he may no longer wish to keep a property he believes would not appreciate in value. At the core of these economic decisions emotions are at play and economist looking at only the hard data may miss that population of individuals not willing to throw good money after bad.

http://www.miamiherald.com/2011/08/17/2363782/bank-aims-to-foreclose-on-burt.html


Written by: Hector A. Pena, Esq

Is there a Foreclosure Backlog in Florida?

In a recent article by TOLUSE OLORUNNIPA published in the Miami Herald the foreclosure numbers are crunch for the south Florida region. The article states that the amount of foreclosures in the South Florida regions as has dropped. 

Specifically that “In Miami-Dade County, the backlog dropped from 75,326 last year to 44,278 this year. In Broward, the backlog fell from 48,675 last year to 27,748 this year. See “http://www.miamiherald.com/2011/08/18/2365528/foreclosure-backlog-down-in-florida.html#ixzz1W8I583dg, however this number can be deceptive as the large drop in recent foreclosure cases is mostly due to the Banks dismissing cases that can be re-filed at their leisure. Any home owner in distress should be cautious in not thinking the banks have given up. In fact the opposite could be different as Banks are reviewing their paperwork and complying with new rules established by the Supreme Court of Florida in foreclosure cases.

Written by: Hector A. Pena,Esq.

24/7 A Law Firm, P.A. Announce the Opening of New Location in Hialeah, Florida.

Hector A. Pena & Eduardo D. Fons of 24/7 A Law Firm, P.A. Announce the Opening of New Location in Hialeah, Florida.

Hector A. Pena, Esq. and Eduardo D. Fons, Esq., of 24/7 a Law Firm, P.A. of Miami, Florida, focusing on commercial and civil litigation, bankruptcy, real estate and contractual disputes, as well as handled cases in banking, insurance, manufacturing, construction, and real estate lien matters. Specific matters include product liability claims, corporate shareholder disputes, and residential foreclosures among others. 

“We have opened our new location in Hialeah to better serve our clients and be more accessible” says Hector A. Pena, Esq. This Location is in Central Hialeah easily reached as its near Okeechobee Blvd (State Road 27) and West 4 Ave, 395 West 10 St. Suite 1, Hialeah Fl 33010. Tel: 305-888-4404

The Hialeah law Firm Location will have the same services as the Kendall, Florida office. 24/7 a Law Firm, services include Traffic Ticket Violation, DUI, Car Accidents, Bankruptcy, Foreclosure Defense, Loan Modifications, Evictions, Real Estate and Commercial Litigation.

247 Law Firm, P.A. Services:

Traffic Tickets Citations	Foreclosure Defense	Real Estate
Car Accidents	Bankruptcy	Evictions Services
Personal Injury	Loan Modification	Commercial Litigation

24/7 A Law Firm, P.A., is a full service law firm visit our website for more information on all our services www.247alawfirm.com . It is our goal to establish and maintain a hands-on approach to legal representation, matching the needs of industry managers and our every growing clientele. We work with our clients to develop policies and procedures which ensure that our client’s goals are met, as well as personalize each step of the legal process to meet our client’s criteria. High standards are set and maintained, while providing legal services at the most professional and efficient level.

http://www.prlog.org/11632695-247-law-firm-pa-announce-new-hialeah-location.html

What if my Florida Driver license is suspended

Having your License suspended can put you at risk of arrest if you are caught driving and affect your driving record and establish a criminal record that may impede employment and revoke immigration status. If your are late in payment on your traffic tickets, a notice to tallahassee to suspend your license within 30 days of no action taken on most traffic violations. If your late in taking action on your citation there is still a chance to take the ticket to court. Even though your late it does not mean you have to agree to a “guilty plea.” Hiring an Attorney to clear your your suspension and help you get a D6 clearance with the state will expedite clearance of your drivers license. If your ticket is more than 60-90 days, this may mean that your license is suspended already and we recommend you take action quickly before the cost of getting your license valid again will be longer and more costly.

Driving with a suspended license knowingly is a criminal infraction and can have serious consequences on your driving record. You can check online to make sure your license is Valid at Florida Drivers Even if you are unaware that your license may be suspended, you may be ticketed under a civil infraction, and it can still affect your license, driving records and insurance rates. It is important that you clear any suspensions in order to assure that your are driving with a valid drivers license.

Check your Florida drivers license online here:
Florida Driver License Check - Florida DMV

Dade county Clerks Office - Traffic Online - Public Search
Browards county clerks office Traffic and Misdemeanor Fine Payments Search
Palm Beach County Clerks - Traffic Violations

If you have an issue in Florida it should come up here, with the information you may get there you may then call an attorney to represent you in the case and be a bit more knowledgeable on your case.

Bankruptcy Eliminates Medical Bills as tuition prices rise.

Bankruptcy Eliminates Medical Bills as tuition prices rise.

A recent article on msnbc.com by Allison Linn reports that the cost of Health Care, although higher than most essential expenses, is being surpassed by the cost of Tuition and Fees to go to College. In 2009 a study revealed that more than 60% of individuals who filed for Bankruptcy protection under Chapter 7 or Chapter 13 of the Bankruptcy Code, filed because they had rising medical bills that could not be covered and fell into default. Out of the 60%, more than 75% of those individuals who filed for Bankruptcy protection under Chapter 7 or Chapter 13 of the Bankruptcy Code, fell into more debt, as they missed payments on their mortgage, maxed out their credit limits on their credit cards, and fell behind on car payments to try to pay off their medical bills. Most of those individuals had medical insurance.

With the high costs of insurance, more and more people live uninsured, or underinsured, and are unfortunately burdened with high medical bills.

Although medical bills can be discharged under the Bankruptcy code, most student loans are exempt from discharge under the Bankruptcy Code.

This may not afford relief to those currently enrolled in college, and as noted by Allison Linn, “The folks at Moody’s Analytics crunched some government numbers and found that the cost of tuition and fees has more than doubled since 2000. That’s a bigger percentage increase than, well, pretty much anything else.”

More importantly as well, “The Moody’s paper notes that student loan balances also have risen steadily in recent years, leaving many students starting out their careers with a hefty chunk of money to pay off.”

All in all, treating ones illness is as essential as obtaining a good education. Although there is more leeway in trying to resolve the costs associated with getting in a healthier state than paying back student or education loan obligations.

As these essential expenses rise, and the economy fails to rise with it, more people are left wondering what is their way out. Filing for bankruptcy may be a very viable option for the individuals who are left with no money to pay off their medical bills, due to high tuition costs, high mortgage payments, or high car payments. Filing for Chapter 7 or Chapter 13 Bankruptcy to eliminate debt other that student loans, may free up needed funds, for one to continue making payments on their student and education loan obligations, as well as free up necessary funds to pursue an education and degree.

More Bankruptcies by Woman then Men

By: Eduardo D. Fons, Esq.

More Bankruptcies by Women then men says Orlando Sentinel.

Women are seeking debt and credit counseling more than Men, according to Credit Counselors, as reported in a recent article in the Orlando Sentinel.

Part of the credit counseling may include debt consolidations plans, lump sum settlements, and possibly Bankruptcy. 

The Orlando Sentinel article reports that:

"Women top men by a wide margin in Florida when it comes to getting professional help for debt problems, according to new figures from some credit-counseling operations that have clients throughout the state.

From single mothers and divorcées to those who became family breadwinners when their husbands lost their jobs in the recession, women have outnumbered men in the credit-counseling line for much of the past decade, the agencies say. ...Many of the women we see are heads of household, trying to pay off debt, keep their heads above water, maintain the house, raise children and — oh, by the way, work, too — all at the same time," said Richard Schram, the agency's top executive. "That puts tremendous pressure on them."

That pressure, while apparently around for years, intensified during the 2007-09 recession, which wiped out 4 million jobs in the historically male construction industry alone. Such massive job losses among men created a new generation of female breadwinners, with all the accompanying financial stress.”

Statewide, more than 870,000 family households were led by single women in 2009, a 14.6 percent increase from 2000 and nearly three times the number of family households led by single men, according to the latest U.S. census data. With the economic instability that engulfed many households in late 2007 until now, household income decreased while expenses may have increased.”

Although Women may be more apt to confront the issues the household may have with debt control, under the Bankruptcy Code, all income coming into the household must be considered if one is deciding to file for protection under Chapter 7 or Chapter 13 of the Bankruptcy Code. 

For the Women led households, that means one income to consider if the spouse is unemployed, or the household consists of only one income grossing individual. Women and men dealing with debt issues may have to ultimately consider filing for protection under Chapter 7 or Chapter 13 of the Bankruptcy Code if debt and credit counseling outside Bankruptcy does not afford a viable solution.

247 A LAW FIRM, P.A.

Eduardo D. Fons, Esq.

Hector A Pena, Esq.

24/7 A Law Firm, P.A., is a full service law firm. It is our goal to establish and maintain a hands-on approach to legal representation, matching the needs of industry managers and our every growing clientele. We work with our clients to develop policies and procedures which ensure that our client’s goals are met, as well as personalize each step of the legal process to meet our client’s criteria High standards are set and maintained, while providing legal services at the most professional and efficient level.

247 Law Firm, P.A. Services:

Miami Traffic Tickets
Foreclosure
Real Estate
Car Accidents
Bankruptcy
Evictions
Loan Modification
Commercial Litigation


Our attorneys, Hector A. Pena, Esq. and Eduardo D. Fons, Esq., have an excellent record of developing innovative programs to help clients. In addition to the practical aspects of representation, we also maintain an active interest in the academic aspects of our work. All of our attorneys exceed the Florida Bar continuing legal education requirements. We maintain clear focus on the changes in the law that pertains to the aspects of law that our firm deals with and its effects on our clientele.

Hector A. Pena, Esq., Attorney Pena graduated law school in 2006, he attended Saint Thomas University in Miami, Florida. Mr. Pena, attended Florida International University where he obtained his Bachelor of Science in Criminal Justice, he was awarded the distinction of Magne Cume Laude at graduation. He has worked drafting and arguing legal memoranda and pleadings, trial and appellate briefs as well as appellate argument in front of the Third District Court of Appeals for Miami- Dade County Florida and 11th circuit court of appeals  for the Southern District of Florida. Also Mr. Pena has been involved in case development related to civil litigation and pre- litigation, document preparation and trial preparation, legal research, contract dispute and negotiation, commercial contract enforcement, class action litigation.

RECENT MATTERS

Successful appeal against LaSalle Bank National Association,  Washington L. Sanchez, Appellant, vs.
LaSalle Bank National Association, etc., Appellee.
Wrote appellate brief against Ocean-Yachts, Inc.,  Ocean-Yachts, Inc., a New Jersey Corporation, Appellant, vs. Florida Yachts International, Inc., a Florida Corporation, Appellee.
 Successfully, has defended consumers in matters concerning real estate litigation.

BUSINESS LITIGATION

Mr. Pena has experience in general commercial litigation. In addition to his special focus on the real estate and contractual disputes, he has handled cases in banking, insurance, manufacturing, construction, and real estate lien matters. Specific matters include product liability claims, corporate shareholder disputes, and residential foreclosures among others.


Eduardo D. Fons, Esq. Attorney Fons graduated from Atlanta’s John Marshall Law School. While at John Marshall, Mr. Fons was part of the John Marshall Mock Trial team, and graduated in the top ten (10) percent of his class.  Mr. Fons, attended Florida International University where he obtained his Bachelor of Arts in English, and minored in Finance. He became a member of the Florida bar after graduation. He has worked drafting and arguing legal memoranda, pleadings, and trial for courts located in  Miami-Dade, Broward and West Palm Beach County Florida. Also Mr. Fons has been involved in case development related to civil litigation and pre-litigation, document preparation and trial preparation, legal research, contract dispute and negotiation,  and commercial contract enforcement. Mr. Fons has had vast experience in Bankruptcy cases, preparing Chapter 7 and Chapter 13 cases, attending 341 Meetings, and participating in Adversary Proceedings. Mr. Fons is licensed to practice in the United States Bankruptcy Court for the Southern District of Florida, as well as the United State Southern District of Florida. Alongside Mr. Hector A. Pena, Mr. Fons is a founding member of 24/7 A Law Firm, P.A., focusing his practice on Bankruptcy, Commercial and Civil Litigation.

We are confident that we can provide the highest standard of legal representation and provide an exceptional level of service to our Clients. For more information please visit our Website www.247alawfirm.com or send us an email to info@247alawfirm.com