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The banks invocation of the ‘Wall Street Rule’

Part II: Five Year Statute of Limitations Series “The banks invocation of the ‘Wall Street Rule”



In part two of this video series Roy Oppenheim discusses the banks invocation of the “Wall Street Rule” when it comes to foreclosure and the statute of limitations. Discussing the legal fiction that is “de-acceleration” and how it is being enforced by some lower courts in Florida. Explaining the motivation behind the courts decisions, specifically the threat by the American Legal and Financial Network that if the courts if the court side with the homeowners it would “discourage lenders from lending.” Roy Oppenheim reviews the hijacking of the legislative function and the current state of statute of limitations litigation in Florida.



EXTRA! EXTRA!: New York Times puts foreclosure statute of limitations front and center

Part 1: Burning Issues Regarding the Foreclosure Statute of Limitations and Who it Affects

Housing foreclosures Issues

In part one of his two part video series Roy Oppenheim discusses the burning issue regarding the foreclosure statute of limitation and who it affects. 

Citing to a recent New York Times article which brought the uncertainty about the statute of limitations to national headlines, Roy explains how the statute of limitations was meant to be applied. Explaining that the statute begins to run when the bank sends an acceleration letter or when they file a foreclosure lawsuit. Exploring the different cases to which the five year statute of limitations will apply, such as cases which are interrupted by a bankruptcy or a dismissal. Roy Oppenheim is putting people on notice about how the statute of limitations may affect their foreclosure.






4 Astonishing Reasons We've Lost America's Trust in the United States Judicial System

The transformation of the United States from a democratic-republic to an oligarchy where the wealthy elites yield most of the power.

Pay attention to the candidates in the US election 2016 and not your affiliated party

Roy Oppenheim examines the 4 reasons behind the sudden decline of trust in the in the judicial system. Citing recent articles from the New York Times, Gallup Poll results, a Readers Digest survey, and a study conducted by Princeton University, this video highlights the transformation of the United States from a democratic republic to an oligarchy where the wealthy elites yield most of the power. Mr. Oppenheim introduces people to the Wall Street Rule, the new version of the Golden Rule in the United States. What is the Wall Street Rule? It’s simple—Wall Street rules.

He further discusses how the shift in power from the many to the few has been evidenced by high rates of nepotism in American politics. Mr. Oppenheim’s goal is to show the average American that they can regain power through the judicial system and electoral process. Watch video, here.

 Gallup Poll Gap in Trust in Congress4 Issues to Consider:

NY Times—Just How Nepotistic Are We?

Princeton Study—Princeton Study: U.S. No Longer An Actual Democracy

Gallup Poll—Americans’ Trust in Executive, Legislative Branches Down

Readers Digest—The 100 Most Trusted People in America


United States Supreme Court Strays from the Pack with a Crucial Ruling for Borrowers

Roy Oppenheim, foreclosure and real estate defense attorney. Legal blogger and founder of the South Florida Law Blog.

Oppenheim Law Firm – 

Real estate and foreclosure defense attorney Roy Oppenheim passionately defends Florida homeowners and investors from foreclosure, arranging short-sales, loan modifications, mortgage advice, commercial litigation, and business related matters.  Roy is also the original creator of the South Florida Law Blog, named the best business and technology blog by the Sun-Sentinel. Share your comments and thoughts on the Oppenheim Law digital media social networks.


More Short Sale and Modifications A-Comin’

More Short Sale and Modifications A-Comin’  Aunt Fannie and Uncle Freddie May Cause a New Round of Strategic Defaults

Aunt Fannie and Uncle Freddie May Cause a New Round of Strategic Defaults

Having gotten over moral hazard, Fannie Mae and Freddie Mac may be encouraging borrowers to participate in strategic default. In recently published guidelines, the Federal Housing Finance Agency (FHFA) announced new requirements for the sale of non-performing loans (NPL) by Freddie Mac and Fannie Mae, which make foreclosure a last resort. The FHFA believes that these regulations will result in favorable outcomes for borrowers in default, allowing them to keep their homes. While this may be true, another result of this regulation will be strategic defaulters; homeowners who could potentially afford to pay their mortgage but owe more than what the property is worth. The relevant FHFA requirements include:

Bidder qualification

This will require the buyers of NPLs to identify their servicing partners at the time of qualification, and require that they demonstrate a record of successful resolution of loans through alternatives to foreclosure.

More Short Sale and Modifications A-Comin’  Aunt Fannie and Uncle Freddie May Cause a New Round of Strategic DefaultsModification requirement

This will require that the new servicer of the loan evaluate all pre-2009 borrowers for the U.S. Department of the Treasury’s Making Home Affordable Program, and all post-2009 borrowers for a proprietary modification. The proprietary modification must provide a benefit to the borrower with the potential for a sustainable modification.

Loss mitigation waterfall requirement

This will require that the servicer evaluate borrowers for a “waterfall” of resolution tactics, including loan modifications and short sales, before considering foreclosure as a final option.

Reporting requirements

This will require NPL buyers and servicers to report loan resolution results and borrower outcomes for four years after the NPL sale. The borrower outcome reports will be used to help determine whether an NPL buyer and servicer continue to be eligible for future sales.

More Short Sale and Modifications A-Comin’  Aunt Fannie and Uncle Freddie May Cause a New Round of Strategic Defaults

The Wall Street Journal reports that these changes come after years of outcry from housing advocates who have complained about investors treating homeowners roughly after buying loans formerly owned by the government.  The goal of these requirements is to ensure that the investors and servicers make various attempts to keep borrowers in their homes before considering foreclosure as an option. While these regulations were created to benefit homeowners who cannot afford to pay their mortgages, they will certainly have an appeal to those borrowers who may be able to continue making payments but owe more than their home is worth. With these regulations as an ace in the pockets of homeowners, strategic defaulters will have new support from good  ol’ Uncle Freddie and Aunt Fannie.


Zombie Foreclosures Never Die

Zombie Foreclosures Continue to tie up the Housing Market

Zombie Foreclosures Continue to tie up the Housing Market

If you thought they were gone, think again. The foreclosure phenomenon known as a ‘zombie foreclosure’ has proven that it is here to stay. A zombie foreclosure occurs when homeowners leave their homes when they receive a notice of foreclosure only to find out years later that the bank decided not to foreclose on the property; leaving title in the homeowner’s name.

A recent article in the Sarasota Herald-Tribune found that 25% of all the zombie foreclosures within the United States take place in Florida. Even more frightening is that the tri-county area of Miami Dade, Broward, and Palm Beach counties ranked as the area with the second highest number of zombie foreclosures in the United States according to RealtyTrac here.  The severity of these statistics, played out against the backdrop of a healing housing market and growing economy is enough to send chills down anyone’s spine.

South Florida Zombie Foreclosures Still Exist

Source: RealtyTrac

Those homeowners, who face zombie foreclosure, could potentially have to pay past due fines, property taxes, homeowner association fees, and local government citations. Not to mention the effect these unpaid debts will have on the homeowners credit score, which has already been affected by the foreclosure. This is truly a living nightmare for homeowners who thought they had buried foreclosure behind them, only to see it rise again.

As one of the first firms to realize the emergence of this phenomenon we have been tracking it since 2011.

Video Interview: Roy Oppenheim on Florida Real Estate Double Dip
The American Horror Story winds down in Florida as cases become involuntarily dismissed by judges

Beware of Zombie Foreclosures! Cases Dismissed Months Ago are Now Back from the Dead

Dawn of the Dead (Mortgage): Zombie Foreclosures are Back!

Zombie foreclosures continue: Zombies aren’t after us, they’re in charge of us

What are zombie titles?