A well-known foreclosure defense attorney who is already representing several hundred homeowners in Florida, is to conduct a foreclosure seminar in Tampa Florida, and will give free representation to five Floridians of his choosing.
Mark Stopa, of Stopa Law Firm, will hold the free seminar at 11 am on Saturday, June 25. It will be held at Hyatt Place, 4811 W. Main Street in Tampa, Florida. The seminar will include information on loan modifications, short sales, bankruptcy and other relevant issues. He is holding a seminar so that Floridians can learn more about the foreclosure procedure, their rights, and the benefits of defending a lawsuit with an experienced foreclosure defense attorney.
Stopa says “It’s a shame that, despite extensive media coverage in recent months about foreclosure fraud and robo-signers, most foreclosure cases are unopposed. I want homeowners to understand the rights they enjoy as homeowners.”
The law firm is encouraging all homeowners who are struggling to meet payments to attend the seminar, even if they aren’t chosen for free representation. The seminar will explain the pros and cons of strategic defaults, as these are becoming increasingly common for those who are underwater on their homes. Although this may be a viable option for some homeowners, the majority don’t know how to proceed, nor if it is the best way forward.
A recent report from Fannie Mae found that 27% of homeowners are considering walking away from their mortgages, whereas only 15% would have thought of defaulting a year earlier. Early in 2010 a report by Morgan Stanley found that nearly 200,000 defaults in the previous year were voluntary.
Mark Fleming, chief economist for CoreLogic, says “Strategic defaults can be a financially sophisticated thing to do.” He sees more and more people treating their mortgage in the same way they would an investment portfolio, and making financially ruthless choices.