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All Posts Tagged Tag: ‘banks’

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The Importance of Verification

  The Florida courts have previously passed legislation and changed the very rules of Florida Civil Procedure to order a surplus prerequisite prior to a bank filing a foreclosure deed. Florida Rules of Civil Procedure 1.110 requires the banks or their servicer to authenticate the statistics suspected in their criticism. More specifically, the statute states: "Under penalties of perjury, I declare that I have read the foregoing, and the facts alleged therein are true and correct to the best of my knowledge and belief". Some courts have found that confirming the complaint after the depiction of this law is considered a circumstance pattern to filing a foreclosure action and that if...
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What Not to Do When You Miss Mortgage Payments

It can all happen so quickly. Maybe you suddenly lost your job or have to deal with an unexpected illness in the family, or maybe you are facing a divorce or have gotten in over your head with credit card bills. These are all very common reasons why homeowners can get behind on their mortgage payments. If you do find yourself in a situation where you are missing more than one mortgage payment, the one thing that you don’t want to do is ignore the phone calls and letters from your lender. You should take this matter very seriously and work to resolve the problem as quickly as possible. Make sure to keep track of all correspondence you receive for later reference. It is also important...
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Is Your Foreclosure Allowed?

There once was a time that when you borrowed money for a mortgage from a bank, you made your mortgage payment to that bank. Eventually, the banks decided it was a great idea to package and sell off your mortgage to other banks, or to loan servicers. So although you may have borrowed money from your local bank, a new company may have stepped in and directed you to start making your mortgage payment to them. Although it is not entirely illegal, when your mortgage is passed around from one entity to another, the paperwork behind all of those transactions could be a little chaotic, making your mortgage a hazard. It’s when the paperwork gets sloppy that short cuts are taken. However, just...
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Tips To A Clean Credit Report

  One of the greatest impacts on your life is your credit card score. Everything from purchasing a home to even getting a rental car can depend on the state of your credit report. For that reason, it is vital for everyone to review their credit statement at least one time a year so that you can clean up any incorrect or outdated information. Tidying up your credit report doesn’t have to be a challenging procedure. The three major credit bureaus, Equifax, TransUnion, and Experian, allow everyone to access his or her complete report every 12 months. Thoroughly look through each notation cautiously after receiving your credit report. Most credit reports contain inaccurate...
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Bankruptcy and Your Credit

If you have reached the point where you are close to foreclosing on your home and you have explored all other options, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by several months. Some people may also be able to save their home by filing for Chapter 13 bankruptcy. The type of bankruptcy you will need to file for is determined on a case by case basis. Although filing for bankruptcy may be able to keep you in your home, it's important to know what effects it will have on your credit score and credit report. You may be wondering when you will be able get another mortgage, car loan or credit card. The damage to your credit score...
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How to Keep Your Home in the New Year

If one of your New Year's resolutions for 2016 is to keep your home despite some financial setbacks from this past year, Korte & Wortman, P.A. can help you achieve your goal. One of our experienced foreclosure attorneys will review your case and develop a strategic plan that will get you on the track to financial stability in the New Year. When facing foreclosure, one of the most important things you can do is to be proactive. The further behind you become, the harder it will be to reinstate your loan and the more likely it will be that you will lose your house. And contrary to popular belief, mortgage lenders want to work with homeowners to resolve these types of problems. The...
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Curbing Holiday Credit Card Debt

This holiday season, Millennials will potentially spend $63 billion, which would be more than they spent last season. The average spending per person is expected to reach $805, with more than half of shoppers planning to splurge on non-gift items for themselves. Many people get swept up in the spirit of the season and tempted by alluring sales, forgetting to spend within their means. This results in worrisome credit card debt in the New Year. When holiday debt is combined with existing credit card debt, it can be a very overwhelming situation. The New Year usually signals a fresh start, but for consumers facing mountains of bills, it can be anything but. Although it is advisable to...

The Benefits of a Short Sale

The foreclosure process is a frightening situation. Not only can it be a long, drawn out process, it can also be severely damaging to a homeowner's savings, assets and credit. In today’s day and age, it's tempting for some homeowners to just throw in the towel in defeat and allow the bank to seize their home in order to avoid the embarrassment, stress and social stigmas that are associated with foreclosure. There are other options though, such as a short sale, that provide more benefits to a homeowner than they would get by simply walking away. A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what's owed. The borrower finds an...
The Dodd Frank Act

The Dodd Frank Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (known by the common term of the Dodd-Frank Act) has had a profound effect on lending practices here in Florida, particularly since the Mortgage Reform and Anti-Predatory Lending Act section (Title XIV) was enacted early in 2014. This groundbreaking piece of legislation is meant “to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable, and not unfair, deceptive or abusive,” according to its creators. A provision of the Dodd Frank Act assists homeowners who attempted any loss mitigation assistance with their...

How Can Loan Modification Affect Your Credit?

A loan modification is a great solution for a homeowner who wants to stay in their property, but can’t afford the payment to adjust upward, or can’t quite afford the current mortgage payment. In that situation, a mortgage pay rate reduction is ideal because it will lower the monthly mortgage payment to a manageable amount. Loan modification is also a solution when the payment has not been made for a while, but the borrower can now afford to start making payments again. If you decide to go down the loan modification path, you may be wondering how your credit will be affected. If your credit score is on the low side and you’re already behind on mortgage payments, the impact may be...
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