ST. PETERSBURG, Fla.– With the resumption of foreclosure actions by the two largest lenders taking part in the recent moratorium, a Tampa Bay law firm focused on foreclosure defense urges consumers in danger of losing their property to learn their rights to protect their futures.
“These are not decisions to be pursued without fully considering the ramifications,” said Shawn Yesner, a partner in the Yesner & Boss law firm, with offices in Tampa, St. Petersburg and Sarasota. Both Bank of America and GMAC announced they are resuming foreclosure actions after suspending them earlier this month to address irregularities in legal certification of foreclosure documents.
With such wild swings in the foreclosure landscape, Yesner advises property owners in foreclosure danger to seek legal advice to plan their best options. And they need to move quickly because with the resumption of foreclosure actions by BoA and GMAC, other lenders likely will follow as soon as they can.
“First consumers need to keep up with the foreclosure stance of their lenders, and regardless of the moratorium, they should continue to pay their mortgages on time if they have the means to do so,” Yesner said. “But if they can’t make the mortgage payments for other reasons, such as illness or layoffs, there are things they can do to help themselves. They can use funds available to them to pay down other bills or to find places to rent before foreclosures wreck their credit.”
Borrowers considering “strategic default” also need legal counsel. In this scenario, those who can afford to pay their mortgages choose not to because of negative equity – the real estate crash has left their homes worth less than they owe their lenders.
“Strategic default borrowers need to understand banks are inclined to pursue deficiencies based on tax returns and paystub information,” Yesner said. “These are not decisions to be pursued without fully considering the ramifications.”
According the latest figures from RealtyTrac, which compiles national foreclosure rates, Florida ranked fourth in the nation in foreclosure actions in the third quarter of 2009 with nearly 157,000 foreclosure actions, up more than 23 percent from a year earlier. And realtors in many parts of the state say the situation has not improved in recent months.
Yesner & Boss also
offers the full range of legal practice, including personal injury law, property insurance disputes, civil litigation, bankruptcies, business law, family law, wills, trusts and probate, residential and commercial real estate closings, foreclosure defense and short sales.