Roy Oppenheim, a residential foreclosure attorney and a partner at Oppenheim Pilelsky, is exposing a defect in Florida foreclosures proceeding by demanding that banks and lenders show proof of true mortgage ownership.
This is a way for Oppenheim to help homeowners who are facing the threat foreclosure. In Florida, one in every 10 homeowners are delinquent or in some form of foreclosure, with 95 percent of foreclosures not represented by a counsel.
According to Oppenheim, this defect in the foreclosure process may be the reason why an increasing number of homeowners have prematurely or unnecessarily lose their properties. His firm, along with the Florida Bar and other law firms, is working to expose this defect to help reduce the number of foreclosed homes in South Florida.
Oppenheim said that most often, banks and mortgage lenders cannot show proof of true mortgage ownership. He pointed out that homeowners of distressed properties have the fundamental right to demand for banks and mortgage lenders to show proof of ownership of the property of which they are attempting to foreclose.
He added that most of the time, banks and mortgage lenders cannot show proof of ownership because they have lost their documents, sold the mortgage loans or converted them into investments. Banks that cannot show the necessary documents could no longer establish ownership of a property, according to Oppenheim.
However, despite the absence or lack of proof of true ownership, banks are successfully filing foreclosures on homes in South Florida. This is because, according to Oppenheim, distressed homeowners cannot afford to hire a lawyer to represent them in court.
Because of the overwhelming number of filings, the judicial system in Florida lacks the capacity to mandate lenders and banks to prove ownership.
Oppenheim warns of a possible rebellion if distressed borrowers find out that banks and mortgage lenders have violated their right for due process.
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