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Author Archive for: ‘Korte and Wortman, P.A.’

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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...
Fast Cash Loans

Right of Reinstatement

The majority of mortgages in the state of Florida give you or your defense attorney the right of “reinstatement.” This means that at any time during the foreclosure process if the borrower comes up with the money for the late payments or can make a deal with the bank, then they should be able to reinstate their mortgage. Reinstating a loan stops a foreclosure because the borrower is allowed to catch up on payments in default, but it is important to note that there are potentially other costs involved with reinstatement such as past-due fees and penalties incurred as a result of the default. Once the mortgage has been reinstated, the borrower must resume making regular payments on the...
Chapter 13 Bankruptcy Lawyer20161

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...

Getting Past the Foreclosure Stigma

There are many stigmas that have been associated with the word foreclosure: some being “irresponsible,” “careless” or even “un-American.” But what many people don’t realize is that there are several reasons why people go into foreclosure and many of them don’t have anything to do with poor money management. It is highly unlikely that any American has gone into buying a home with the mindset that one day they will foreclose on their property. During tough economic times, even valuable employees can get laid off with nowhere to turn. Finances can change at the drop of a hat due to an illness or death in the family, and going through a divorce can cause significant changes...

Preparing for Holiday Spending

With the holidays only a few months away, many people have already started worrying about overspending on gifts for friends and family during the upcoming season. Finances are usually stretched thin this time of year and watching credit card debt pile up seems to be just as much of a tradition as baking cookies and decorating the tree. According to Forbes.com, fifty seven percent of American adults with children say they’re willing to take on debt to make their children happy. Fortunately, there are many things that you can do as early as October to prepare for holiday spending so you won’t be faced with sky-high credit card bills in the new year. First and foremost, you need to set...
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