(561) 544-7071
Vdinapoli@kwlawfirm.com

Category Archive for: ‘Blog’

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...

Still a Very Real Problem….

The media has recently began to report on positive economic statements. For example, nationally, the country added over 250,000 new jobs in the last report, auto sales in 2014 were the highest that they’ve been since 2006 and the stock market spent several days closing over the 18,000 mark. Surely, these are signs that the recession is getting better. What the media doesn’t report are local and personal statistics. The typical American family hasn’t seen an appreciable increase in household income in years. The challenges that a typical household faced in 2014 have followed them into 2015. Closer to home, Florida continues to rank as one of the states with the highest foreclosure...

‘Homeowner Help’ seminar available to public Oct. 23

By Kristen M. Clark Palm Beach Post Staff Writer LAKE WORTH — Residents are invited to a free seminar Oct. 23 to learn about how modifying their mortgage can help lead to more manageable monthly payments. “Secrets to a Successful Loan Modification” is part of an ongoing “Homeowner Help” series sponsored by the law firm Korte & Wortman, P.A. The seminar is scheduled for 6:30-8 p.m. at Wellington Commons, formerly The Crexent, 8461 Lake Worth Road in suburban Lake Worth. Space is limited. Call to 561-544-7204 to RSVP.

The Good, the Bad, and the Muddy -The new rolling statute of limitations

A recent ruling by the 5th District Court of Appeal has thrown into question longstanding case law that established a five-year statute of limitations on foreclosures, leaving many people wondering if the new ruling could apply to them. In short, the answer is maybe. The ruling pertains to foreclosures with a very specific set of circumstances. But given the number of foreclosures in which a lender files, and then dismisses a case because of faulty or incomplete paperwork, many are likely to have similar situations. Courts previously have relied on case law establishing the five-year statute of limitations, and in 2012, a ruling out of the 3rd District Court of Appeal in Miami, the...
Page 1 of 5212345102030...Last »