Time Change
A Banker’s Dozen is not necessarily the same as a Borrower’s Twelve Months. To simplify math in calculating interest, banks have a dozen months, equally divided into 30 days, giving them a 360-day year by which to divide interest on a home loan. But they charge for 365 days each year. The calculation is fine as long as both borrower and lender are aware of where the numbers come from. Mathematically, this is 1.014% more than the annual amount. So if a person were to pay $100 in interest over a year, they would pay $101.39. It does not seem like much, but if the loan amount were $100,000.00, the difference is almost $208.33 the first year. If you are still struggling with the time change to spring forward with your next mortgage payment, you may want to consider your choices. Depending on your circumstances, you may be able to negotiate a forbearance, mortgage modification, or short sale. Or you may be eligible for Florida’s Hardest Hit Fund. If you have received a foreclosure summons, your time is limited. You only have 20 calendar days to make a proper response. Seek competent legal counsel to pursue an outcome best suited [...] Read More
NOT Government Secrets
These are not government secrets. The following are a handful of website links to consumer and homeowner information the government wants you to know from the national, state, and local levels. Sorry for the lack of mystery and intrigue. Debt Collection FAQs: A Guide for Consumers – Federal Trade Commission – http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm Talk to a Housing Counselor – U.S. Department of Housing and Urban Development – http://portal.hud.gov/hudportal/HUD?src=/i_want_to/talk_to_a_housing_counselor Bankruptcy Basics – U.S. Courts – http://www.uscourts.gov/video/bankruptcybasics/bankruptcyBasics.html Florida Hardest Hit Fund – https://www.flhardesthithelp.org/ Foreclosure Intervention Program – St. Johns County Government – http://www.sjcfl.us/ForeclosureHelp/index.aspx These are useful resources for background information; however, consult competent legal counsel to address your specific situation. Read More
Short Sale & Alternatives
Short Sale is not for everyone. Each homeowner distress is different, and depending on your circumstances, you may be better off to seek forbearance, or in an extreme case, bankruptcy…or you may find better living through chemistry. A Short Sale is a real estate transaction where the lender agrees to accept less than the mortgage balance owed. Alternatives to Short Sale include: Refinance Forbearance Florida’s Hardest Hit Fund Mortgage Modification Winning the Lottery Inheritance from a Rich Relative Foreclosure Bankruptcy Insanity And Cardiac Arrest Obviously some alternatives are more desirable than others. The goal is to find a resolution that best fits your unique situation. Often a Short Sale is the optimal choice for a homeowner on an upside down property. A Short Sale brings the most money for the property at the time, and is not as bad on your credit score as a foreclosure or bankruptcy. Seek competent legal counsel to find out if a Short Sale will bring you the best benefit, or which alternative may be better suited for your circumstances. Read More
Bankruptcy, Not the Only Answer to Foreclosure
Why did the Homeowner cross the Bankruptcy Road? To get to the other side of Foreclosure. Question is, did he look both ways? Bankruptcy is just a tool in my toolbox, and it can be the best thing. And it can be NOT the best thing, depending on the situation. Sometimes there are no solutions in Foreclosure, but typically there are choices. Alternative routes include short sale, loan modification, forbearance, and Florida’s Hardest Hit Fund. With good legal counsel, you can make choices toward the best benefit for your financial future. Look both ways before you cross the Bankruptcy Street; see what legal avenues are available. Bankruptcy is not the only answer. Read More
Do Not Go Gentle Into Foreclosure
The answer is always ‘No’ if you do not ask. Are there options to foreclosure? Do I have rights even if I am behind on my mortgage payments? Foreclosure proceeds on a ‘Don’t ask—Don’t tell’ basis. If the homeowner does not ask, then the lender does not have to tell whether or not he has authority to foreclose…and the homeowner does not have the opportunity to pursue foreclosure alternatives. Homeowners have rights. Just because you are behind on payments does not mean foreclosure is your only option. Foreclosure Defense asks the Lender to prove his case. This has two positive results. 1. The Lender has to prove he has the right to foreclose. That is no small detail in the confusion of mortgage bundling in mortgage-backed securities. To attain the Lender’s proof also helps to keep the chain of ownership clean for future owners of the property. 2. While the Lender is busy proving his authority to foreclose, the Homeowner has the opportunity to purse alternative resolutions. Often a Short Sale is best for the universe. It gives the bank at least some money, it gets the homeowner out of an upside down situation, and it helps to maintain property [...] Read More