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Monthly Archive for: ‘November, 2015’

Holidaycard

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...