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All Posts Tagged Tag: ‘court’

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...

Keeping Up with HOA Dues

If you find yourself in an unfortunate financial situation due to job loss, illness or some other unforeseen circumstance, your smaller bills may be the first to get overlooked and pushed aside. One of the bills that this is likely to happen to If you live in a house, townhome, or condominium that is part of a common interest community, is your homeowners’ association (HOA) or condominium association (COA) dues and assessments. You may think that your home is protected from foreclosure if you continue to make your mortgage payments on time, but the reality is that in most cases, the HOA or COA has the power to place a lien on the property if the homeowner becomes delinquent in paying...

Starting Over with a Clean Slate

When faced with foreclosure, as a homeowner you have many different options available to you especially if you have an experienced attorney working on your side. There are several avenues you can take that will most likely save your home, however in some cases, a homeowner would rather walk away with a clean slate than have to go through the stress of dealing with foreclosure proceedings and negotiations. If this is the path you wish to take, you may be able to simply sell your home before the foreclosure sale date. One of our experienced attorneys at Korte & Wortman, P.A. may be able to negotiate a short sale on your behalf with your mortgage company. In this instance, the mortgage...

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...
Mcc Wonderful Life

Florida Judge Invokes Classic Movie in Bank Beat Down

A Florida appeals court judge invoked the classic Christmas movie It’s a Wonderful Life in a foreclosure ruling this week that sent the bank packing. In the two-page judgment issued Wednesday, 4th District Court of Appeal Judge Robert Gross says in It’s a Wonderful Life, George Bailey makes loans to his neighbors in Bedford Falls.

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