Industry News

Proposed Florida law targets ‘foreclosure vultures’

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The Florida Supreme Court suspended Miami real estate attorney Terry Rosenberg Jan. 7 as a result of a lawsuit against him by the Florida Bar. The suspension prompted lawmakers to quickly draft a bill to protect homeowners from "foreclosure vultures," Daily Business Review reported Friday. Broward County Circuit Judge Robert Rosenberg issued a scathing order and sanctions in December against Rosenberg in a foreclosure case in Judge Rosenberg's court, according to Daily Business Review. The Florida Bar accused lawyer Rosenberg of engaging in a scheme to defraud as many as 300 Floridians whose homes were foreclosed, Daily Business Review reported. Miami lien company Global Heir and Assets and its principals Manuel Rosado Sr. and Manuel Rosado Jr., and two out-of-state banks were also said to have participated in the alleged scheme. Rosenberg and his associates allegedly identified foreclosure cases that had surplus funds, collected them supposedly on behalf of the former homeowners bu...