Upside Down Mortgage

Posts Tagged ‘broward’

Attorney Loan Modification Florida

MSNBC reported on August 4, 2009 that home loan modifications were progressing at a snails pace. And as of July only about 9 percent of eligible borrowers have seen their mortgage payments reduced.  Indeed, Bank of America who received far more in taxpayor funded bailout money than other banks is among the slowest to modify a mortgage.

In August 2009 more than 200,000 Americans lost their jobs! What will become of them and the millions more like them? Is it possible for them to lose their homes. We see hints that the economy maybe improving but it doesn't necessary mean that the jobs will come back immediately. In fact I recently saw a headline that said the job market will not improve until 2014. After all if you don't have a job you usually cannot pay the mortgage.

So what should you do if you get behind on your mortgage? First, try not to panic. The lender will probably not start foreclosure proceedings until you are at least 3 months in arrears, sometimes even more. You probably should call the lender and see what can be done. Perhaps your lender has a loan modification program already in place. Yes, it is gathering paperwork. Yes, it is talking to individuals over the telephone. But you can do it! But you say you don't want to. Then I suggest you contact a reputable attorney to help you. Yes, it will probably cost you money. But it may be money well spent. Yes, you will still need to provide paperwork to the attorney who in turn will forward it to the lender. But it will be the attorney and his staff who are dealing with the lender.

Just don't delay too long! Remember, in these tough times food, clothing and shelter come first. Not credit card payments. Those days should be over for you. The balance on your cards can be modified. Go to consumer credit Counseling Service or to a lawyer who can assist you. I would suggest that you stay away from large corporations when it comes to spending money. Shop local. Try the local green market. Try a Thrift Shop for your clothes. Do you have a skill you can barter? Post adds in the local coffeshop, internet cafe, laundry mat etc.

About the Author:

Mr. Foster holds a B.A. in Political Science, a B.A. in Legal Studies and a J.D. in Law. Mr. Foster is a member of The Florida Bar and practices in the areas of criminal defense with a special emphasis on defending D.U.I.s, Family Law, loan modifications,credit card balance issues, contracts and consumer issues. He is also a Reiki Master.He maintains office space at 818 US HWY 1, Suite 2, North Palm Beach,Fl. Feel free to visit his blog at http://floridaduidefense.blogspot.com and his websites www.duilawyerofpalmbeach.com and www.expungemyfloridaarrest.com.

Article Source: ArticlesBase.com - Has the Mortgage Crisis Hit You Yet?

Florida Real Estate Attorney - Preventing Home Foreclosure

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Loan Modification Broward

Can a real estate agent effectively represent the homeowner in negotiations with the bank or review the paperwork with respect to deficiency and loan forgiveness?

The answer is NO. In today’s market of surging foreclosures, the need for an attorney that concentrates in foreclosure defense has become irrefutable. Many analysts have spent countless hours discussing why foreclosures have hit record numbers over the last few years, but the reasons are irrelevant. For consumers affected, it is imperative to begin to rebuild and repair, time better spent controlling the damage set forth. And, the important thing to remember is that this can be achieved; by hiring an attorney to fight foreclosure status and/or identifying potential alternatives, such as short sales or loan modifications on behalf of their clients.

Although each foreclosure situation is different, an attorney will begin any foreclosure procedure by researching any violations or discrepancies written in your mortgage contract; this will strengthen your defense in the foreclosure proceedings. Banks are much more likely to negotiate a deal after an attorney advises them of the violations to the law found within your mortgage contract. The information is used as leverage in defending your case and negotiating an apt settlement.

As mentioned above, there are options to just giving your home up in foreclosure. The term "short sale" has been tossed around quite a bit, but many are unfamiliar with its definition. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate that is ‘short’ of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer. Payments for the remaining balance are negotiated and must be agreed upon by both the lender and borrower.

Loan modifications, on the other hand, do not require selling the home; and allows the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. The most common loan modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, forgiveness of payment defaults & fees, or any combination of these. A loan modification can help homeowners who can not refinance or afford their current mortgage payments.

There are several other alternatives that may also be appropriate, based on an individual’s situation. An experienced Foreclosure Defense Attorney will be able to advise their clients of these options.

KALIS & KLEIMAN is a Foreclosure Defense law firm serving clients in Davie, Ft. Lauderdale, Hollywood, Plantation, Weston, Lauderhill, Hallandale, Pembroke Pines and all of Broward and South Florida. Kalis & Kleiman also serves clients in Ocala, Gainesville and Central Florida. Together Neal and Scott have more than 50 years of combined experience and have participated in thousands of transactions, settlements and trials. Kalis & Kleiman have earned a reputation of legal excellence and a history of successfully managing Foreclosure Defense cases. Headquartered in Davie, Florida, at 7320 Griffin Road, Suite 109. Attorney Neal Kalis and M. Scott Kleiman can be contacted at (954) 791-0506. Additional information about the law Firm of KALIS & KLEIMAN may be obtained from the firm's website at www.kaliskleiman.com.

About the Author:

Article Source: ArticlesBase.com - Surging Foreclosures… Need For Foreclosure Defense Attorney Irrefutable

Miami Loan Modification Help - Stop Foreclosure