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Category Archive for: ‘Blog’

A Big Mortgage Misconception

Many people believe that after getting a default status notification in the mail, they will have to pay off their entire home loan in order to avoid foreclosure. This is because the letter will usually contain an acceleration clause that states something to the effect that the mortgage balance is now due in full. When a mortgage is written, the client agrees to pay off the loan after a certain period of time, usually 30 years, by paying a certain amount each month. If even one payment is missed, then the borrower has broken their promise, and the lender has the right to use the acceleration clause and begin the foreclosure process. Sometimes the lender can invoke the acceleration...

Deed in Lieu of Foreclosure

If you are facing foreclosure and your lender has denied your request for a repayment plan, forbearance, or loan modification (or if you are not interested in any of those options), there are other avenues you can take in order to avoid foreclosure. One of these options is a deed in lieu of foreclosure. A deed in lieu of foreclosure allows you to transfer title to your property back to your lender or mortgage company voluntarily. This will not save your home, but it will protect your future. This process will also help you avoid the sometimes lengthy legal process of a formal foreclosure. It is important to note though that a deed in lieu of foreclosure may not be an option for you if...

You Have Options

When faced with foreclosure, it’s extremely important to not throw in the towel and give up hope at the first sign of trouble. Many mortgage companies are willing to work with borrowers on alternate solutions, such as a loan modification, mortgage forbearance or a deed in lieu of foreclosure. If working from your first late payment, there are at least 10 or 20 different ways to resolve the situation. The longer you wait, however, the more some of these options will become unavailable. The absolute worst thing you can do is to ignore foreclosure action. If you do so, the bank will be entitled to an immediate default judgment which means that you have admitted to all of the allegations...

Guiding You through a Stressful Time

When an individual buys a home and begins to set down roots, it’s not only a physical investment, but an investment in family, community, and security. That is why it is so scary, stressful, and overwhelming when you are faced with the possibility of foreclosure. Whether it’s because you have let debt accumulate or have been faced with other unforeseen circumstances, the best thing to do is be proactive and talk with an experienced attorney to learn your options. At Korte & Wortman, P.A., a consultation with one of our professional foreclosure advisers is always free. We will evaluate your foreclosure situation and inform you of the costs for any additional services your...

First Steps of Foreclosure

When most people are faced with foreclosure, they assume the worst - that they will be immediately forced out of their home. But in Florida, there is a pre-foreclosure process that banks must adhere to before they can file a foreclosure action. Initially, the notice of default must be sent by the bank informing the borrower that they are in default. The bank must also outline the borrower’s available options. One of these options is to reinstate your mortgage by bringing your payments current. This will of course include principal, interest, late fees and if applicable, court costs and attorneys fees. If you do not reinstate your mortgage in a timely manner, the bank can require you to...

Loan Modification May be an Option

Did the bank say that you’re not eligible for a loan modification agreement or you can’t even get a response? You should call Korte & Wortman, P.A. We may be able to help you work out a deal with your lender to avoid going through the debilitating process of losing your home. A loan modification is a negotiation between you and your lender that permanently changes some or all of the terms of your loan and allows the loan to be reinstated. The purpose of the agreement is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income. So for example, if you earn $4,200 a month, then...

Surprising Facts about Foreclosure

Although most foreclosures happen during economic recessions, you may be surprised to discover that homes are lost through foreclosure during the best of times as well. It may also be surprising to learn that many people lose their property, not because they knowingly take on more debt than they can handle, but because there are many circumstances that may occur that can cause a property owner to get behind on his payments. Some of which include an illness or death in the family, loss of a job, adjustable rate loans, divorce, credit card debt, and gambling and substance abuse problems. One of the common misconceptions among many homeowners is that they are fine if they miss a few...

Mortgage Forbearance

The possibility of losing your home because you can’t make the mortgage payments can be terrifying, but there are many options a foreclosure attorney can assist you with to make life less stressful and reduce the economic impact to your family. One of the options that may be available to you is Mortgage Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions. Lenders may agree to combine your Forbearance...

Make a Resolution for a Debt-Free New Year

Most Americans associate the beginning of the New Year as a time for a fresh start, but that can be difficult for many due to worries about the bills that have piled up from overspending during the holidays and throughout the past year. It can be especially difficult for families to curb their spending when they have young children at home and are determined to fulfill everything on their wish-lists. According to a survey by BMO Harris Bank, the average American family planned to spend more than $1,100 over the 2014 holiday season and nearly two-thirds admitted that the total would include some “impulse” purchases. Unfortunately, one in every three consumers say they regret...

Time is of the Essence

Nothing quite stings like the words that inform you that you're being laid off -- especially today, with job opportunities so few and far between. If you're a homeowner, the devastating news of a job loss can be even worse. In an ideal situation, one might hope to have saved enough money over the years to cover the cost of the mortgage, credit card bills, electricity, or other bills in the case of job loss. However, this is not the social norm. Many Americans who have suffered job loss cannot keep up. This results in several problems, including defaulting on your home loan, falling into debt, and in many cases being foreclosed on by your mortgage lender. If you find yourself in the...
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