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Taking On a Second Mortgage to Pay the Foreclosure Lawyer

Taking On a Second Mortgage to Pay the Foreclosure Lawyer


By DAVID STREITFELD
Published: November 6, 2010

For some Florida residents, the price of getting out of foreclosure will include taking on a second mortgage — payable this time to their lawyers.

The new mortgage, which takes effect only if the foreclosure is dismissed and the homeowner’s debt to the bank is reduced, is controversial among defense lawyers, some of whom call it “creepy” and “crass.” Yet even they acknowledge it offers a solution to a vexing question: How do they get paid?

After recent revelations that banks were sloppy in processing many foreclosures and in some cases lack standing to seize a house, potential clients seeking to challenge their lenders are flocking to lawyers. But while these distressed homeowners might have a case, they generally lack the resources to pay legal fees. Being in foreclosure usually means being broke.

“We thought, ‘Why don’t we use a bit of ingenuity to find an affordable way to represent them?’ ” said Peter Ticktin of the Ticktin Law Group in Deerfield Beach, Fla. “It’s a new model, a new paradigm.”

Foreclosure defense is a new legal specialty whose strategies and techniques are still being worked out. Mr. Ticktin, who has some 3,000 foreclosure clients, says his plan to collect fees by taking another mortgage on his clients’ properties has already been copied by other firms.

The Ticktin mortgages resemble the loans that the clients originally got from Countrywide, GMAC and other lenders. Each will be a contractual obligation with the law firm, labeled as a mortgage and structured like one, too, with the client paying a certain sum every month and using the house as collateral.

Unconventional payment structures are becoming popular in the foreclosure hotbed of Florida. Whether they yet have caught on elsewhere is unclear. Certainly, Mr. Ticktin is far from the only lawyer being forced to innovate.

“We can put in $100,000 of our time but over the length of a case be paid only $6,000 in monthly fees,” said Thomas E. Ice of Ice Legal in Royal Palm Beach.

Mr. Ice, Mr. Ticktin and many other Florida foreclosure lawyers typically receive a few hundred dollars a month from each client. To supplement that, they seek legal fees from the banks they successfully challenge as well as contingency fees.

Contingency fees are standard in cases in which the client has little money but there is the possibility of a large payout. A slip and fall on a store’s wet floor or a medical malpractice claim are classic contingency cases. If the plaintiff wins, insurance companies ultimately foot the bill.

In foreclosure cases, however, the client pays the contingency fee. While such an approach is sometimes used in commercial litigation, this is a first for consumer cases, said Lester Brickman, a professor at Cardozo Law School in New York.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (3)

1st Annual Mortgage Foreclosure Defense Symposium (FL) 8/27

1st Annual Mortgage Foreclosure Defense Symposium (FL) 8/27


Friday, August 27th   Pricing & Registration

8.5 General credits or 8.5 Real Estate credits – Florida Bar Approved Course: 7687-0

Friday, August 27th, 2010   8:30 am – 5:30 pm     (8:30 check-in, 9:00 start)
PGA National Resort & Spa, Palm Beach Gardens, FL
Map and Directions

Co-sponsored by the Legal Aid Society of Palm Beach County

This seminar is designed to update mortgage foreclosure practitioners with the latest case law and practice pointers on how to defend a home secured mortgage foreclosure, and give them some insight into their local court’s practice and procedure for foreclosure cases.

A $100 refund will be given to any attorney who signs up for a pro bono case while at the seminar or before the seminar with evidence that they have taken a case.

Special Offer – Escape & Play from $139! Learn more
A special package for symposium participants is available at the PGA National Resort & Spa, including:

  • unlimited golf for 2
  • Spa access for 2
  • breakfast for 2
  • 2 for 1 drinks, plus more…Learn more about this great package!
  • ___________________________

    COURSE HIGHLIGHTS

    · Foreclosure Defense from Initial Client Interview, Preparing for Litigation, the Summons Complaint, Motion Practice, Pleading Answers, Affirmative Defenses and Counterclaims, Discovery, Motions to Strike, Summary Judgment and Trial – James A. Bonfiglio, Esq.
    · Mortgage Foreclosure & Mediation Issues – Hon. Walter N. Colbath (Ret.)
    · Local Practice and Procedure – Circuit Court Judge (Tentative)
    · Mortgage Foreclosure Defense in a Bankruptcy Context – Tom Abrams, Esq.
    · Foreclosure Defense Mortgage Assignments & Fraud Issues – Lynn E. Szymoniak, Esq.
    · Litigating Mortgage Securitization issues – Lynn E. Szymoniak, Esq.
    © 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



    Posted in foreclosure, foreclosures, Lynn Szymoniak ESQComments (1)

    FLORIDA JUDGE DISMISSES FORECLOSURE COMPLAINT FILED BY BANK OF NEW YORK AS TRUSTEE FOR A SECURITIZED MORTGAGE LOAN TRUST FOR FAILURE TO COMPLY WITH SUPREME COURT RULES REQUIRING FORECLOSURE COMPLAINTS TO BE VERIFIED AND FOR FAILURE TO PROPERLY ALLEGE CHAIN OF TITLE FROM ORIGINAL LENDER TO FORECLOSING PLAINTIFF

    FLORIDA JUDGE DISMISSES FORECLOSURE COMPLAINT FILED BY BANK OF NEW YORK AS TRUSTEE FOR A SECURITIZED MORTGAGE LOAN TRUST FOR FAILURE TO COMPLY WITH SUPREME COURT RULES REQUIRING FORECLOSURE COMPLAINTS TO BE VERIFIED AND FOR FAILURE TO PROPERLY ALLEGE CHAIN OF TITLE FROM ORIGINAL LENDER TO FORECLOSING PLAINTIFF


    May 27, 2010

    In an extremely significant ruling, a Florida Circuit Judge today dismissed a residential foreclosure Complaint filed by the Bank of New York as trustee for a securitized mortgage loan trust for failure to comply with the Supreme Court of Florida Order amending the Rules of Civil Procedure to require that all residential mortgage foreclosure Complaints be verified and as the Plaintiff also failed to properly allege the chain of title from the original lender to the foreclosing Plaintiff as required by recent Florida case law. The Supreme Court of Florida rule amendment and the recent case law requiring proof of chain of title in order to be able to foreclose were both previously reported on this website.

    The original lender was Taylor Bean & Whitaker, which failed and was taken over by the government for fraudulent lending practices. There was no assignment or other evidence showing how the loan went from TBW to the Bank of New York. The Complaint was filed on February 12, 2010, the day after the effective date of the Supreme Court Order requiring verification of all residential foreclosure Complaints.

    The ruling is extremely significant, as it ratifies the effect of the Supreme Court Order requiring that ALL residential mortgage foreclosure complaints filed in Florida after February 11, 2010 be verified and that such Complaints also allege the proper chain of title of the note and mortgage from the original lender to the foreclosing Plaintiff, and that if the Complaint does not do both, the Complaint is subject to dismissal.

    The borrower is represented by Jeff Barnes, Esq., who filed the Motion to Dismiss and argued the matter at a hearing this morning.

    Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com

    Posted in bank of new york, concealment, conspiracy, dismissed, foreclosure, foreclosure fraud, noteComments (0)

    Choosing an Attorney who understands Foreclosure Defense

    Choosing an Attorney who understands Foreclosure Defense


    Remember you only have one case to look after…as attorneys may possibly have hundreds. You may be lost!

    Choosing an Attorney

    The hiring of an attorney is an important decision that should not be based solely upon advertisements.  Before you decide, make certain you review their qualifications and experience. In making your decision, you may want to consider the following factors:

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    © 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



    Posted in foreclosure fraudComments (1)


    GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
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