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We are constantly improving our website. South Florida is an extended urban area, alongside the Atlantic Ocean. We also cover preconstruction properties in Central and West Florida. Our purpose is to provide an intuitive search for Aventura Homes, Miami Beach Condos, Hollywood Condos, Sunny Isles Condos, Coral Gables estates, South Beach Condos, Waterfront South Florida Homes, Palm Beach Luxury Homes, Fort Lauderdale condos and more. But the research you can perform will never be substitute for the expert advice of a knowledgeable realtor. This is when I will prove you the quality of my services, through a careful attention to every call, a dedication of my time and effort to your benefit. The information provided is protected by copyright and intended to be mainly used by my potential clients. If you have appreciated the contents of this website, I will be glad to hear from you and eventually assist you in your purchase or sale of a South Florida Home. Click on 'Locations' to read sensible information, written by local residents, about different cities and neighborhoods in South Florida. Try the 'All Properties Search' tool to search using your own criteria, then send us the MLS #. of the properties you have found; or < Click on 'Condo Buildings Resale' for colorful descriptions and listings of most buildings. Check our 'Single Family Homes' section. Click on our Top Menu to review Preconstruction projects , or Search for a condo listing, clicking on 'Condo Search'. Check Real Estate News or just BLOG on Florida Real Estate Market.
An opportunity in a lifetime. Florida buyers' market offers exciting short sales, pre-foreclosures, opportunities The time to purchase is now. A professional, friendly and honest service will assist you step by step even if you are a first time home-buyer. My experience as a Mortgage Broker is a plus for your financing information. I am fluent in English, French, Spanish. Take your time and browse the MLS to find an Aventura Condo, a Hallandale Condo, a Hollywood Beach Condo, a Sunny Isles Beach Condo, a Fort Lauderdale Condo, Coral Springs Home, a Miami Beach Condo,a luxury Florida waterfront property or any South Florida Home. This incredible Buyers' Market in South Florida is your best and perhaps last chance to own a valuable property in South Florida at a bargain price. Get as much information as needed on this website, then please call me, and I will present you with selections focused on your new gained experience. Delay no longer: this is the time you were waiting for to purchase your Florida Condo or your Florida Home. Our professional, courteous and honest service will meet all your expectations. My ample experience with out-of-town and foreign buyers will provide them a V.I.P. attention and answer all their questions.
BELLA PIAZZA. 8 miles from Disney! Luxury Vacation-style Condos. BELLA PIAZZA. Enchanting community, The charm of a Mediterranean village, everything you love about Central Florida is within your reach. Zoned for short term rentals, a great value for investors, Bella Piazza offers a lifetime investment in a magical environment. BELLA PIAZZA renews the pleasure of visiting Orlando, time after time. Greet the day on your private patio or balcony, relax by the resort-style pool at your oasis in the sun. Large 3 and 4 bedroom units, completely furnished. Recent price adjustment has made Bella Piazza homes a great option.
Why use our services when dealing with developers and builders? These transactions are different from buying a home from a private owner, and you definitely need a professional on your side to be as protected and informed as possible. A preconstruction purchase can have many pitfalls and if you choose our services as your buyer's agent, we will surely have your interests in mind. Our services are free for you. You can use them or you can go it alone, but believe me: you won't get a better deal. In fact, I can make you aware of some bargaining chips that you possibly ignore. Why forfeit all this when negotiating? My experience with developers is at your disposal and it is free!
Tired of waiting to sell your Florida home or investment property? In a tough market, you need to get an outstanding exposure.Why not try the best? In the same way you arrived to our website, thousands of buyers will find your South Florida Condo , your Miami Beach Condo, your Aventura Condo, as they browse the Internet. At condo-southflorida.com we know how to use advanced technology to put your property in the spotlight. Get our professional expertise in determining an optimum but realistic sales value. In today's market, only the most experienced realtors can get results. And it won't cost you any more.
Hollywood Beach has always been a favorite venue of Florida tourism. Canadians, European love the relaxed atmosphere on the boardwalk, with its informal bars, pizzerias, restaurants, right across from the sand. Downtown Hollywood has a great night atmosphere with stores, cafes, bars, restaurants, outdoor music. Among luxury Hollywood single family homes, Hollywood Downtown condos, Hollywood Beach Condos, Did you visit the Radius, the Hollywood Station? On the beach, the Diplomat Residences, the Ocean Palms? Aquarius, Quadomain, and so many other Hollywood beach condos?
On January 29, 2008, a constitutional amendment was approved by Florida voters. It changed substantially the structure of the homestead and 'save-our-homes' exemptions. Here is where we stand now: Homestead exemption. For Florida residents who have filed for this exemption. - $ 25,000 basic exemption . - Additional $ 25,000 for all homes assessed at $ 75,000 or more. This additional exemption does not apply on the school portion of the tax bill. (about 36%) . - Additional $ 25,000 Senior Citizen exemption. Must be at least 65 years old, and their total household income not exceed $ 24,214 (amount yearly adjusted for inflation). This exemption must be renewed annually, including IRS tax return or proof of non-filing.

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Just for reference: some of our favorite Condo buildings in Aventura : At the higher end, we would place the condos at Peninsula I and Peninsula II, the Portovita Condos, The Bella Mare Condos and the Residence du Cap (2600) in Williams Island. We would mention as high luxury Aventura Condo buildings at a bit more affordable level: the Atlantic at the Point Condos, Hidden Bay Condos, the One Island Place, the Hampton South. As a good value, we will mention Terraces at Turnberry Condos, 3030 Aventura Condos, Aventura Marina, The Parc, The Venture Condos, the Alaqua Condos, the Atrium, the Aventi Condos, the Landmark Condos. Good options can also be found at the Mystic Point Condos, Del Vista Condos, Del Prado Condos, Flamenco I and Flamenco II.
Sunny Isles has seen drastic changes in less than a decade. Once a long strip of motels, built in the 50's, it is now home to magnificent high rise Sunny Isles Beach condos. Almost overnight, shops, cafes, restaurants, have made Sunny Isles a fashionable and coveted location. Large condominiums, built in the 70's, such as Winston Towers, Plaza Americas, coexist with the new giant structures: Ocean 1, Ocean 2, Ocean 3, Ocean 4, the Pinnacle, Turnberry Ocean Colony, Acqualina, Jade Ocean, The Meridien, Millenium Condos, Trump Palace, Trump Towers, Sands Point, Sayan, are just a few in the growing Sunny Isles Condos' skyline. More affordable but still very good options are La Perla, King David, Porto Bellagio; across from the beach, the Coastal Towers, Arlen House.
At the Southern end of Miami Beach, a section 25 blocks long, stretches alongside the ocean. In less than 20 years from a long row of run-down hotels, mostly occupied by retirees, it became a prime world tourist destination. Hundreds of nightclubs, restaurants, hotels, luxurious residences are the playground of top jet-set, sports, fashion, and arts personalities. High end South Beach Condos such as The Icon, the Bentley Bay, the Continuum and Continum II, Ocean Five, The Portofino Towers, Apogee, the South of Five, the Murano, the Setai, alternate with more affordable options such as 1500 Ocean Drive, Absolute Lofts, Industry Lofts, the Flamingo Condos and rentals. Decoplage, the Waverly and many more remodeled and updated buildings, offer a wide selection.
BEACH CLUB is the newest development on Hallandale Beach. A large complex with 3 buildings, on nine acres and 800 feet of ocean frontage, with all the modern amenities and luxury features that you could imagine for a Florida vacation: seven pools, a wonderful deck area, a huge modern spa and gym, large social areas, and an atmosphere of fun and refined luxury. Beach Club One and Beach Club Three are twin structures with 44 floors and an average of 10 apartments per floor. Beach Club Two, consists of 51 floors and 12 units per floor. 1, 2, 3 bedrooms are available in several models. Many of the units have either ocean, city or Intracoastal views. Inside the condos, top of the line appliances, European style kitchens, granite counter tops, marble flooring in wet areas, hurricane proof windows, beautiful bathrooms, add to the value of their value. Just for fun, you should pay a visit to the main spa, located in Beach Club II; frankly one of the best in South Florida.
In Hallandale, the three La Mer Condo buildings and the Parker Plaza , right on the beach, have been superbly remodeled. The four Hemispheres buildings on both sides of Ocean Drive are known for a busy social life at the pool deck. Malaga Towers Condos are a well kept luxury complex on Hallandale Beach. 2080 Condos on the beach attract many foreign buyers. Speaking new construction, the BEACH CLUB is the outstanding value: At the Beach Club you will find great amenities, and beautiful oceanfront pool decks. Their main spa (they have three) is stunning. A few blocks away from the Beach, at the Diplomat Shopping Center, the new DUO twin towers are a great addition to Hallandale Condo market. On the Intracoastal canals, at Three Islands and Golden Isles Drive, consider older but affordable and well maintained buildings such as Ocean View Tower Condo. Golden Isles is a waterfront community of luxury million-dollar homes, most of them with a dock and ocean access.
Builders bank on turnaround, buy land.
Builders, including Lennar Corp, KB Home, Hovnanian Enterprises Inc, Meritage Homes Corp., are back buying and developing land. Lennar spent $162 million on new land in the second quarter and will spend at least $200 million more by the end of 2008, KB expects to spend $300 million on land and $400 million on land development this year, wrote JP Morgan analyst Michael Rehaut. Hovnanian announced that it is working on a land development joint venture. And Meritage is "beginning to shift from defense to offense," looking to buy land in the second half of the year, wrote Wachovia analyst Carl Reichardt. In theory, buying land now is a smart move, said Todd Lowenstein of HighMark Value Momentum Fund, which owns 187,000 shares of Pulte Homes Inc. "You have to be a predator in these down markets to position yourself for the upturn," he said. From: Reuters News, Helen Chernikoff (07/10/08)
Conveniently located in Hallandale, Golden Isles is a gated community of 304 single family homes. Most are waterfront lots with deep water docks, on wide canals, and easy access to the Ocean. Amenities in Golden Isles include a park, tennis center, playground. For boaters, Golden Isles waterfront homes are some the best choices in Florida. Golden Isles offers a family neighborhood with superbly landscaped homes, many with beautiful architectural designs. Golden Isles is a short distance from Haulover Cut, and easy access to both Ft. Lauderdale and Miami airports. Aventura Mall is a 5 minutes drive, Hollywood Circle with its dining and entertainment venues, Gulf- stream Racetrack & Casino, Mardi Gras Dog Track/Casino, the shops at Diplomat Mall, are exciting options. And of course: Hollywood Beach boardwalk and the cafes and bars on the intracoastal you can reach by car or with your boat and sip a drink while watching a magnificent South Florida sunset.
Condo-Southflorida.com vous offre un service 'cles-en-main' dans le cadre de votre investissement:immobilier en Floride
Une selection judicieuse de produits soit-ils un condo en Floride, une maison a Orlando, un appartement au Sud de La Floride.
Une expertise professionnelle orientee vers des proprietes d'exception, certaines en pre-construction, avec d'avantageuses.conditions d'achat.
Un parrainage pour l'ouverture d'un compte bancaire et toutes les demarches necessaires dans le cadre d'un achat immobilier en Floride.
Notre assistance pour l'obtention de conditions de financement tres competitives.
Pour les proprietes d'investissement, mise en place du locataire et gestion locative, vous permettant de rentabiliser votre investissement.
Pourquoi investir en Floride?
a) Une diversification de patrimoine.
b) Les Etats-Unis, sont un symbole de stabilite economique et financiere.
c) La Floride est un etat d'un grand dynamisme economique.
d) La forte reevaluation de l'euro, et du dollar canadien par rapport au dollar americain.
e) La pression fiscale en Floride, est relativement faible.
f) Les biens immobiliers en Floride, apres les recents ajustements de prix ont maintenant un excellent rapport qualite/prix.
g) La Floride est toujours une destination unique de vacances.
h) Les 'baby-boomers' du Nord des Etats-Unis, a l'age de la retraite, et les Canadiens Francais, font toujours de la Floride une destination preferentielle, et cela garantit une reevaluation constante de la propriete immobiliere.
Vous faut-il des raisons plus actuelles pour acheter un condo a South Beach, un apartement a Miami, un condo a Hollywood ou un condo a Hallandale?
July 14, 2008 The Federal Reserve Board on Monday approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction.
The final rule, which amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act (HOEPA), largely follows a proposal released by the Board in December 2007, with enhancements that address ensuing public comments, consumer testing, and further analysis.
"The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership," said Federal Reserve Chairman Ben S. Bernanke. "Importantly, the new rules will apply to all mortgage lenders, not just those supervised and examined by the Federal Reserve. Besides offering broader protection for consumers, a uniform set of rules will level the playing field for lenders and increase competition in the mortgage market, to the ultimate benefit of borrowers," the Chairman said.
The final rule adds four key protections for a newly defined category of "higher-priced mortgage loans" secured by a consumer's principal dwelling. For loans in this category, these protections will:
- Prohibit a lender from making a loan without regard to borrowers' ability to repay the loan from income and assets other than the home's value. A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate that it is part of a "pattern or practice."
- Require creditors to verify the income and assets they rely upon to determine repayment ability.
- Ban any prepayment penalty if the payment can change in the initial four years. For other higher-priced loans, a prepayment penalty period cannot last for more than two years. This rule is substantially more restrictive than originally proposed.
- Require creditors to establish escrow accounts for property taxes and homeowner's insurance for all first-lien mortgage loans.
- These changes have made for better rules that will go far in protecting consumers from unfair practices and restoring confidence in our mortgage system," said Governor Randall S. Kroszner.
In addition to the rules governing higher-priced loans, the rules adopt the following protections for loans secured by a consumer's principal dwelling, regardless of whether the loan is higher-priced:
- Creditors and mortgage brokers are prohibited from coercing a real estate appraiser to misstate a home's value.
- Companies that service mortgage loans are prohibited from engaging in certain practices, such as pyramiding late fees. In addition, servicers are required to credit consumers' loan payments as of the date of receipt and provide a payoff statement within a reasonable time of request.
- Creditors must provide a good faith estimate of the loan costs, including a schedule of payments, within three days after a consumer applies for any mortgage loan secured by a consumer's principal dwelling, such as a home improvement loan or a loan to refinance an existing loan. Currently, early cost estimates are only required for home-purchase loans. Consumers cannot be charged any fee until after they receive the early disclosures, except a reasonable fee for obtaining the consumer's credit history.
For all mortgages, the rule also sets additional advertising standards. Advertising rules now require additional information about rates, monthly payments, and other loan features. The final rule bans seven deceptive or misleading advertising practices, including representing that a rate or payment is "fixed" when it can change.
The rule's definition of "higher-priced mortgage loans" will capture virtually all loans in the subprime market, but generally exclude loans in the prime market. To provide an index, the Federal Reserve Board will publish the "average prime offer rate," based on a survey currently published by Freddie Mac. A loan is higher-priced if it is a first-lien mortgage and has an annual percentage rate that is 1.5 percentage points or more above this index, or 3.5 percentage points if it is a subordinate-lien mortgage. This definition overcomes certain technical problems with the original proposal, but the expected market coverage is similar.
One element of the original proposal has been withdrawn. The Federal Reserve Board had proposed for public comment certain requirements pertaining to so-called "yield-spread premiums." During the intervening period, the Board engaged in consumer testing that cast significant doubt on the effectiveness of the proposed rule. As part of its ongoing review of closed-end loan rules under Regulation Z, however, the Board will consider alternative approaches.
In finalizing the rule, the Board carefully considered information obtained from testimony, public hearings, consumer testing, and over 4,500 comment letters submitted during the comment period. "Listening carefully to the commenters, collecting and analyzing data, and undertaking consumer testing, has led to more effective and improved final rules," Governor Kroszner said.
The new rules take effect on October 1, 2009. The single exception is the escrow requirement, which will be phased in during 2010 to allow lenders to establish new systems as needed.
In a related move, the Board is publishing for public comment a proposal to revise the definition of "higher-priced mortgage loan" under Regulation C (Home Mortgage Disclosure), which requires lenders to report price information for such loans, to conform to the definition the Board is adopting under Regulation Z.
May Existing-Home Sales Show Modest Gain
National Association of Realtors, June 26, 2008
Existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of Realtors (NAR)
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 2.0 percent to a seasonally adjusted annual rate 1 of 4.99 million units in May from a level of 4.89 million in April, but are 15.9 percent below the 5.93 million-unit pace in May 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said buyers are seeing value in the current housing market. “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”
The national median existing-home price2 for all housing types was $208,600 in May, down 6.3 percent from a year ago when the median was $222,700.
Lawrence Yun, NAR chief economist, said there’s still a lot of inventory in the market. “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down,” he said. “Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets. Foreclosures and short sales appear to be a larger part of the market, particularly in California, and are creating a drag on current home prices.”
Total housing inventory at the end of May fell 1.4 percent to 4.49 million existing homes available for sale, which represents a 10.8-month supply3 at the current sales pace, down from a 11.2-month supply in April.
Although conditions remain mixed around the country, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Fla.; and Battle Creek, Mich.
“Keep in mind that the volume of home sales is the primary driver of economic activity that is tied to housing,” Yun said. “It’d be premature to say the improvement marks a turnaround. The market is fragile, so a first-time home buyer tax credit and a permanent raise in loan limits would be important steps to get the housing engine humming.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May from 5.92 percent in April; the rate was 6.26 percent in May 2007.
Single-family home sales rose 1.6 percent to a seasonally adjusted annual rate of 4.41 million in May from 4.34 million in April, but are 14.5 percent below the 5.16 million-unit pace in May 2007. The median existing single-family home price was $206,700 in May, which is 6.8 percent below a year ago.
Existing condominium and co-op sales increased 5.5 percent to a seasonally adjusted annual rate of 580,000 units in May from 550,000 in April, but are 24.6 percent lower than the 769,000-unit level a year ago. The median existing condo price4 was $223,400 in May, down 2.1 percent from May 2007.
Regionally, existing-home sales in the Midwest rose 5.5 percent in May to a pace of 1.16 million but are 16.5 percent lower than a year ago. The median price in the Midwest was $165,300, which is 0.7 percent below May 2007.
In the Northeast, existing-home sales rose 4.6 percent to an annual rate of 910,000 in May, but are 15.0 percent below May 2007. The median price in the Northeast was $278,000, down 2.4 percent from a year ago.
Existing-home sales in the West increased 2.0 percent to an annual pace of 1.02 million in May, but are 12.8 percent below a year ago. The median price in the West was $286,600, which is 16.0 percent lower than May 2007.
In the South, existing-home sales slipped 0.5 percent to an annual rate of 1.91 million in May, and are 17.0 percent below May 2007. The median price in the South was $175,000, down 4.3 percent from May 2007.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the geographic composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases (e.g., condos were 9.5 percent of transactions in 1998, 8.5 percent in 1990 and only 6.1 percent in 1982).
Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for June will be released July 24, and the next Forecast/Pending Home Sales Index is scheduled for July 8.
Subprime Crisis
Saying they were tricked, debtors fight back in suits
July 10, 2008 - from Daily Business News
Denise Bennett, like many Americans during the boom times of the housing market, decided to refinance her home.
She wanted to go from an adjustable rate mortgage to a 30-year fixed loan to pull some equity out of the West Park home she inherited from her parents so she could pay off credit card debt.
A few months ago, she was advising a friend how to refinance without getting ripped off. That's when the fine print caught her eye: She wasn't in a 7.6 percent fixed-rate mortgage at all. Instead, her monthly mortgage was scheduled to adjust in November from $1,400 to $1,700.
"I was trying to show her the pros and cons, and I ended up being a conned," Bennett said. "I really felt the fool then."
Confined to a wheelchair, she already is struggling to make her monthly payments. So instead of waiting for the sword of Damocles to fall in the form of foreclosure, Bennett is fighting back.
She sued her lender, Countrywide Home Loans, on June 26 alleging fraud in a case assigned to U.S. District Judge William Zloch in Fort Lauderdale.
Bennett is a plaintiff in one of several suits filed against the troubled lender by the Affirmative Defense Group in Margate. Her attorney, Frank Ingrassia, said he has filed about 70 such suits against a variety of lenders.
"It's an industrywide problem," Ingrassia said. "Some of the clients tried to do workouts and weren't able to do that, and when you are faced with foreclosure it's an issue of striking first or not."
He said the litigation is a "new approach for dealing with unprecedented levels of foreclosures." Nearly all of the lawsuits involve adjustable rate subprime mortgages to high-risk customers. Ingrassia said some of his clients were offered "teaser rates" as low as 1.5 percent that adjusted up within 30 days.
The lawsuits also allege Calabasas, Calif.-based Countrywide and the other lenders falsified paperwork that exaggerated the income of the customers to qualify for the loan.
The Center for Responsible Lending in Durham, N.C., said on its Web site that Countrywide's aggressive subprime lending has made it "synonymous with the mortgage meltdown as its customers face rising defaults and foreclosures, in large part because of the company's lending practices."Countrywide was purchased by Charlotte, N.C.-based Bank of America last week in a $4 billion stock deal. Spokeswoman Shirley Norton said the bank had no comment on pending litigation against Countrywide.
Martin Eakes, CEO of the nonprofit Center for Responsible Lending, has said Bank of America might be the cure for Countrywide's systemic illness. "Bank of America has the resources and the will to begin cleaning up the subprime mess that Countrywide has played such a large role in creating," Eakes said.
Ingrassia's lawsuits seek rescission of his client's mortgages plus damages including the reimbursement of all mortgage payments, finance charges, interest, attorney fees and costs.
The litigation alleges the lender violated Florida's Deceptive and Unfair Trade Practices Act and the federal Truth in Lending and Real Estate Settlement Procedures acts. The lawsuits were filed as state regulators ganged up on Countrywide. Florida Attorney General Bill McCollum sued the mortgage lender in Broward County last week for alleged predatory lending practices. California and Illinois also have filed lawsuits.
"It's nice to know governmental authorities are thinking along the same lines," Ingrassia said.
McCollum's complaint alleges many of the same things cited in Bennett's suit: Countrywide told customers interest rates were fixed when they were adjustable, misrepresented the length of teaser rates and long-term higher rates. "It is unthinkable that a company would try to take advantage of someone's dream of homeownership," McCollum said in a statement.
"Florida homeowners who are trying to protect their homes from foreclosures shouldn't have to worry about their mortgage brokers or lenders unfairly profiting at their expense."
Bennett said she called Countrywide to complain she didn't receive a fixed-rate mortgage, and the loan officer told her she should be happy she "got two out of three," referring to a lower rate and cash back.
"They just wanted to make their bonus and do whatever it takes to get it," Bennett said. "I could have easily shopped around and got a 30-year fixed mortgage. They didn't give me all the information."
Ingrassia said many mortgage applicants didn't notice they were being sold an ARM until they were hit with a sheaf of paperwork at the closing. Some noticed but were faced with losing the deal if they didn't sign on the spot. "Most people have movers lined up and are ready to make a move. It's psychological coercion," Ingrassia said. "They tell them, 'Don't worry about it. You will refinance when the property goes up in value.' But keep in mind many of these mortgages had pre-payment penalties." And, of course, the appreciation stopped and values plummeted. Ingrassia said some of the problems could have been avoided if customers hired a lawyer for their closings. Bennett, like many others these days, just worries about paying her bills in a down economy.
"I'm behind on many of my bills," she said. "I've been neglecting them trying to make my mortgage."

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