Seven Tips to Ensure Short Sale Success in South Florida

A short sale is an option many homeowners pursue when they owe too much on their mortgage and they cannot afford to pay it off. While a short sale is a great way for homeowners in South Florida to avoid the foreclosure process, not every short sale is a success. If you are facing foreclosure, the chances are good that you just want to put the whole process behind you, which may include going through with the short sale. To ensure the process goes smoothly, and that it is as successful as possible, follow the seven tips below.

Know Who to Ask

Unfortunately, you cannot unilaterally decide to sell your home through a short sale. You must first ask your lender if you can put the property up in a short sale, and they must approve your request. This is one reason it is so important to work with a South Florida foreclosure defense lawyer when you cannot afford to pay your mortgage. A lawyer can tell you what the lender will ask you, and what they will expect, to give you the best chance of having your request approved.

Many homeowners may immediately think of one lender they have to obtain approval from when they are considering a short sale. However, there is a very good chance that you have to obtain permission from more than just one lender.

Make a list of every lender that has a claim to your property, which may include:

• The lender that holds your first, second, or third mortgage
• The lender that holds your home equity loan
• Your condominium association, or homeowners association
• Any contractor that may have placed a lien on your home

Create a full list and contact all lenders and contractors as soon as possible. Ask what documents they will need to consider a short sale, so you can start preparing them.

Assemble Your Team

When going through a short sale, you will need to work with many different professionals. Find a real estate agent that has experience with short sales, a foreclosure defense lawyer in South Florida, and an accountant, if you do not already have one. Interview at least three people for each professional you need to work with and ask them about how successful they have been with past short sales and the amount of experience they have.

Gather All Necessary Documents

There is a lot of paperwork involved with a short sale and it is important to have your documents ready before you start the process. If you have to delay the sale unnecessarily simply because you were not prepared, it could put the entire sale at risk. When speaking with your mortgage lenders and creditors, ask them what documents they will need and make a list so you do not forget any important details.

You will likely have to provide your listing agreement that outlines the asking price for the home and other details associated with the sale. You should also draft a hardship letter, which will detail the reasons you need the short sale, which a South Florida foreclosure defense lawyer can help you prepare. Lastly, you should also collect documentation that outlines your income, as well as copies of your state and federal tax returns for the previous two years.

These are just a few of the important documents and records you will need when putting your home up for sale through a short sale. Always speak to everyone involved in the sale and inquire about what documentation they will need.

Expect Delays

Short sales can take a long time. Federal law does stipulate that lenders that participate in the federal Making Home Affordable loan modification program must reply to short sale requests within ten days. Still, not all lenders participate in this program and even those that do are not always compliant with the law. There is a possibility that it could take weeks, or even months, to hear back from your lender about whether or not they have approved your short sale request. If you have to negotiate with multiple lenders or lien holders, that amount of time may be even longer.

It is also important to note that the above timeframes apply only to hearing back from your lender. If they do not agree to your terms or they make a counteroffer, you can expect even more delays.

Expect Demands

Lenders and lien holders may have certain demands when you ask for a short sale. For example, they may want you to sign a promissory note to pay the remaining balance on your loan once the sale is complete. Not being prepared for these demands can make them unsettling when they arise. A foreclosure defense lawyer in South Florida will help you anticipate what demands you can expect, and ensure they are reasonable.

Understand the Tax Implications

If your lender agrees to forgive a portion of your mortgage, it may have serious tax implications for you, as the forgiven amount is considered income by the IRS. Speak to a lawyer that can advise on whether you can exclude the amount on your tax returns under the Debt Cancellation Act or the Mortgage Forgiveness Debt Relief Act.

Understand How Your Credit will be Impacted

Many people choose to go through a short sale because they do not want a foreclosure negatively impacting their credit score. However, if the lender reports the short sale to the credit reporting bureaus, your credit score will still take a hit, so it is important to ask if they will notify the agencies.

Call Our Foreclosure Defense Lawyers in South Florida Today

If you are facing foreclosure and believe a short sale is the best option for you, speak to our South Florida foreclosure defense lawyers today. At Loan Lawyers, our skilled attorneys can prepare you for the short sale, and help ensure yours proceeds as quickly and smoothly as possible. Call us today at 954-807-1361 or fill out our online form to request a free consultation with one of our knowledgeable attorneys.

 

People Also Ask:

• How do short sales work in Florida?
• How long does a short sale take in Florida?
• What should I know when buying a short sale?
• How do you buy a short-sale property in Florida?

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Florida Governor DeSantis Signs New Telemarketing Law

It was on June 29, 2021 when Florida Governor Ron DeSantis signed CS for SB 1120 (2021) into law, which has made substantial changes to the current state laws governing telemarketing in the state. Under the law, telemarketers are prohibited from using automated dialing systems or recorded messages in text messages, sales calls, and direct to voicemail transmissions.

The new law also creates the right to civil action if telemarketing companies violate the do-not-call laws, or if they use pre recorded messages and calls. The changes are already in effect, as the amendments went into effect on July 1, 2021, meaning that millions of consumers in the state are already protected.

A Look at the New Law

The new law includes many changes and amendments to the laws that govern telemarketing in Florida. Some have called the new law a mini version of the Telephone Consumer Protection Act (TCPA) of 1991. The bill further restricts the actions of telemarketers and allows parties to seek civil damages in the event that a telemarketer violates the law. When a telemarketing company has violated the new law, consumers can go through civil litigation to claim between $500 and $1,500 in statutory damages, as well as their attorney’s fees.

It is important that not only telemarketing companies are familiar with the new law, and the action they must take to remain in compliance with it, but that consumers are, as well. This is the only way to know if there has been a violation.

Changes Made to the Old Law

There has been some confusion regarding the new law passed by DeSantis, as Florida law already regulated when a telemarketer could engage in telephonic sales calls such as text messages, phone calls, and voicemail transmissions used to obtain information that may or will be used for the purpose of soliciting a sale. Under this law, it is illegal to make such telephone sales calls using an automatic system or a system that automatically dialed phone numbers, or played a recorded message after a connection to a consumer had been established. This limitation placed on telemarketers is definitively broader than the definition provided in the TCPA.

The Florida Bill, as it is being called, furthers the amount of limitations placed on telemarketers in a variety of ways. One of the ways in which the Florida Bill differs is that it has removed many of the exceptions to the recorded message and automatic dialer restriction. Under the old law, the exceptions included calls made in response to a call from another party, call that violate the Florida Department of Agriculture and Consumer Services no-sales call list, calls to phone numbers that are unlisted, and calls regarding services or goods already purchased by the party being phoned.

Moving forward, telephonic communications can only be made if the called party has previously provided written consent. To prove that the called party has consented to the telephonic communications, the telemarketer must provide evidence of a signed document, which can include a signed signature, and that is in compliance with the legal statute.

Under the old law, telemarketers were also allowed to call between 8:00 a.m. and 9:00 p.m., but this provision has changed under the law, as well. Telemarketers were also prohibited from calling someone over three times in one 24-hour period. Now, telemarketers can only call a person between 8:00 a.m. and 9:00 p.m. The changes also make it illegal to use any type of technology that displays a different number on the caller identification system.

Enforcement of the Provisions

The new Florida Bill also allows for more enforcement of the provisions included within the law. Under the new law, individuals that were the victim of non-compliance with the law of a telemarketer can file a civil action to recover up to $500 in statutory damages. If a telemarketer knowingly and willingly violated the law, consumers that were harmed as a result can file a civil action seeking up to $1,500 in damages, as well as their attorney’s fees.

The bill also allows for a rebuttable presumption to be made that when a phone call is made including an area code in the Sunshine State, or to a person in the state at the time of the phone call, is presumed to be a resident of the state. The right to civil action does not only apply to recorded messages and numbers called automatically, either.

Rather, it is applicable to any violation under the legal statute, including the limitations already placed on a telemarketer’s ability to call a person that is registered on the state’s do-not-call list, or that directly asked the telemarketer to stop calling them. Calls that do not transmit the seller’s or caller’s original telephone number that can be redialed also fall under the right to civil action.

The Florida Bill is an important expansion of the telemarketing laws within the state. With so many new provisions telemarketing companies must follow, including debt collection companies, there is no doubt that some companies will refuse to comply with them, and face multiple lawsuits, including class actions, as a result. If you are being harassed by a telemarketer or a debt collection company, it is crucial that you know your rights under the new law. And, if someone violates those rights, that you exercise them by contacting a debt defense lawyer and pursuing the civil action the new law specifically states you are entitled to do.

Call Our Debt Defense Lawyers in South Florida Today

The new law is very broad in the protections it offers consumers. If a debt collection company has violated your rights, our South Florida debt defense attorneys at Loan Lawyers can help. We know the law, and the rights you are entitled to under it, and we are prepared to fight for you. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation.

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When Do You Need a South Florida Foreclosure Defense Lawyer?

It is no secret that many. homeowners in South Florida are in trouble as the federal moratorium on federally-backed mortgages comes to an end. The moratorium on federally-backed mortgages was first set to expire at the end of June, but the Biden Administration extended it to July 31. Considering that is just a matter of weeks away, it does not look as though it will be extended once again. Once the moratorium officially expires, it is said that thousands of homeowners will face foreclosure in South Florida.

As the extension on the moratorium is about to come to a close, many people may be wondering when they need to speak to a South Florida foreclosure defense lawyer. If you are in this situation, there are some guidelines on when you should contact a lawyer.

As Soon as Possible

If you have already missed several mortgage payments, you may want to speak to a foreclosure defense lawyer as soon as possible, even if your lender has not threatened you with foreclosure action. Lenders typically will not start the foreclosure process until you have missed two or three mortgage payments. Still, if you have missed even one, you likely know that you are in financial trouble, and there is a chance that you will miss upcoming payments, too.

While you can hire a foreclosure defense lawyer in South Florida at any time during the foreclosure process, it is always best if an attorney can start working on your case from the very beginning. When a lawyer has been working a case from the very start, they do not have to waste time getting caught up on the details of the case, and they can provide the best legal advice from the very beginning. All of this benefits you, and the attorney, so you are much more likely to secure a positive outcome in your case.

When You Receive a Default Notice

If you have already received a default notice from your lender, it is crucial that you speak to a foreclosure defense lawyer as soon as possible. It is at this point that you likely have the most options in your foreclosure case, such as paying a lump sum payment to get caught up on your payments. By speaking to an attorney right away, you will learn of your options, that do not necessarily always include losing your home.

If your lender has already sent you a notice of default, it also means that they are ready to take legal action and start the foreclosure process. Florida is a judicial state, which means your lender must file a lawsuit against you in order to foreclose on the home. Any time you are facing legal action from another party, you are always advised to work with an attorney, and that advice is perhaps never more important than when your home is at stake.

You are Considering Refinancing

Refinancing is often a great way to stop the foreclosure process. When you refinance your mortgage, you are essentially getting a whole new mortgage. Refinancing was an option many people turned to during the pandemic because it allowed them to refinance a loan that had better interest rates, better terms, and even different principal balances.

You can enter into refinancing negotiations with your lender on your own, but foreclosure defense lawyers are skilled negotiators. They know how to work with the biggest and smallest lenders to not only successfully get your loan refinanced, but under very favorable terms, as well.

You are Considering a Loan Modification

A loan modification differs from refinancing your mortgage. Through a loan modification, you can change many of the same terms you can with refinancing, but you are not left with an entirely new home loan. Just as a foreclosure defense lawyer can help you negotiate with the lender during refinancing, they can also help with a loan modification. Foreclosure defense lawyers negotiate loan modifications on a regular basis, so they have the necessary experience to negotiate very good terms for your loan modification, too.

You are Going to Let the Foreclosure Happen

Many people facing foreclosure assess their situation once the foreclosure process has started and realize that they simply cannot afford to keep their home. In these cases, homeowners sometimes decide to simply pack their bags and walk away without disputing the foreclosure. Although this is always an option and for some, a good one, it is still important to work with a South Florida foreclosure defense lawyer.

It is a common misconception that if you walk away from a home in foreclosure, you do not owe anything to your lender. Sadly, this is not always the case. If you walk away from the home, the lender will likely sell the home during a short sale, in which they will not recover the full amount of the loan. To recoup that remaining balance, the lender may pursue a deficiency judgment against you. If they are successful, you will still be legally responsible for paying that amount if the lender is successful with their petition.

A foreclosure defense lawyer will know how to help you avoid this deficiency judgment even if you do not plan to fight the foreclosure. Deficiency judgments can add up to thousands of dollars and if you could not afford to make your mortgage payments, you will likely find a deficiency judgment burdensome as well. The help of a foreclosure defense lawyer in this instance is often invaluable.

Call Our Foreclosure Defense Lawyers in South Florida Today

Whether you have just missed one or two of your mortgage payments, or the lender has already started the foreclosure process, you should never go through it alone. Our South Florida foreclosure defense attorneys at Loan Lawyers can provide the sound legal advice you need, and advise you of your options depending on the facts of your case. Call us today at (954) 523-4357 or fill out our online form to request a free consultation with one of our skilled attorneys.

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Guide to Being Sued by Cavalry in South Florida

Cavalry is one of the biggest debt collection companies out there and if you have received notice that they have filed a lawsuit against you, it is easy to panic. However, it is important that you do not. Panic often leads to ignoring the problem, which is the worst possible action to take in this situation.

The chances are good that Cavalry does not have the documents necessary to demonstrate that you owe them money, and they are counting on you to ignore the lawsuit, making it easier for them to recover money they may not be entitled to. If you live in South Florida and have been notified of a lawsuit being filed by Cavalry, below is a guide that will tell you everything you need to know before you proceed.

What is Cavalry?

Cavalry is a debt collection company, but they are not just any debt collection company. They are one of the biggest buyers of debt in the country. The company purchases old debt from anyone such as retailers to credit card and smartphone companies. For example, if you had a credit card with Wells Fargo and have not made payments in 120 days, the bank will write off the debt and sell it to a debt collection company. Cavalry is one of the biggest ones they use. Along with your debt, the bank will also sell other debts in a bundle, getting rid of many debts at once.

Cavalry goes under many different names, including Cavalry Portfolio Services and Cavalry SPV. If you see any of these names within the lawsuit package, you are being sued by Cavalry.

What is the Amount Cavalry Pays for the Debt?

People are shocked to learn how little the bank sold their debt to a collection company for. When people say that debt collectors purchase old debt for very cheap, they are not lying and it is not an exaggeration.

Companies such as Cavalry typically pay three percent of the total debt when they purchase old debts from big banks. That means they make approximately one dollar for every three cents they invest. Of course, these companies incur attorney’s fees too, when they are pursuing the debt, but they also do not pay those. Instead, they include them in the demand amount outlined in the lawsuit, so you actually pay their attorney’s fees to sue you.

This is why it is so important to fight back when a debt collector threatens to take legal action against you. Most of the time when debt collectors purchase old debts from big banks, they receive only a minimum amount of information. This information includes your name, contact information, and the final balance you owe. This is not enough for them to prove their case. However, they are hoping that your case never gets to that stage because you ignored the lawsuit.

What to Do After Cavalry Takes Legal Action

The number of people that ignore a lawsuit filed by Cavalry is shocking, and includes approximately 96 percent of people that are sued by the company. The problem is that if you ignore the lawsuit, you cannot take the necessary action to protect yourself.

In order to be successful with their lawsuit, Cavalry has the legal burden to prove:

• They have the right to file a lawsuit against you, which means they are the owners of the debt,
• You owed the debt to begin with, and
• The total amount owed

The easiest way to defend against a lawsuit filed by Cavalry is to force them to prove their case. To do this, you must file an answer to the lawsuit that is considered legally sufficient. You only have a limited amount of time to file your answer to the lawsuit, and the deadline for filing your answer will be outlined in the summons. Just by filing an answer, you can give yourself a better chance of being successful in your case against Cavalry.

Lawsuits such as this are usually resolved in one of three ways. The first is that your case gets dismissed by a judge. The second is that you may be able to settle your debt for a one-time payment that is equal to one-quarter to three-quarters of the amount demanded by Cavalry.

If you use a qualified attorney when answering the lawsuit, you will give yourself a much better chance of settling your case for an amount that is less than what you currently owe. There are evidentiary problems Cavalry usually runs into, even if they have the necessary documents to support their arguments. For example, if the company tries to introduce any account balances or credit card balances, they must have a records custodian present that can provide testimony about where the information came form, and how the records were processed and compiled.

A debt defense lawyer can stop any lawsuit from proceeding by showing:

• Cavalry cannot prove you owe the debt
• The time limit to file a lawsuit has expired
• Cavalry cannot prove how much you owe
• Cavalry cannot prove that it has the legal right to file a lawsuit against you
• Evidence is inadmissible
• Documents were robe-signed
• There are false affidavits pertaining to the debt
• Cavalry violated the Fair Debt Collection Practices Act

After fully reviewing the facts of your case, a debt defense lawyer will advise on the defenses available, and how they apply to your case.

Our Debt Defense Lawyers in South Florida Can Help with Your Case Against Cavalry

If Cavalry has filed a lawsuit against you in an effort to collect their debt, our South Florida debt defense lawyers can help with your case. At Loan Lawyers, we have helped hundreds of clients fight these lawsuits, and we want to help you, too. Call us today at (954) 523-4357 or contact us online to schedule a free consultation with one of our skilled attorneys and to learn more about how we can help with your case.

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Top Myths About Filing Bankruptcy in Broward County You Should Not Believe

It is never easy to file bankruptcy, but believing the many myths out there can make the process even more difficult. Your friends may have their own opinions and if they have been through the process before, they may even offer advice. However, bankruptcy laws do change and depending on the type of bankruptcy you are filing, what applied to their case may not apply to yours.

If you are considering filing bankruptcy, you need real legal advice. This is why our Broward County bankruptcy attorneys have broken down the biggest myths about filing bankruptcy, and the actual facts behind them.

Filing Bankruptcy Means You Failed with Your Money

This is perhaps the most harmful myth about bankruptcy. Bankruptcy protection literally helped form this country, with the founding fathers including it in the U.S. Constitution. Additionally, many studies over the past decade have shown that the majority of bankruptcies are the result of factors outside of a person’s control. The main causes of bankruptcy are job loss, medical debt, and divorce.

Most people that file bankruptcy do not need to do so because they mismanaged their money. Even when that is the case, it in no way indicates that a person is a failure. In fact, it shows they learned a lesson and are now on the path to correct their issues.

I Will Lose Everything when Filing Bankruptcy

If you file Chapter 7 bankruptcy, there is a chance that you may lose some property. However, you will not lose all of your belongings. Whether you are a couple or individual, the law provides exemptions for certain possessions, up to a specific value. Using these exceptions, fewer than five percent of bankruptcy cases result in a person giving up property. Generally speaking, you can exempt one vehicle, retirement savings, household goods, and equity in your home.

All of My Debts Will Go Away After I File

Bankruptcy does provide a way to discharge your debt and you are not responsible for repaying that debt if you are successful with your case. There are caveats to this, though.

If you want to completely get rid of most of your debt, you will have to file Chapter 7 bankruptcy. If you have a significant amount of credit card debt, you can likely get all or most of it discharged through a Chapter 7 bankruptcy. A Chapter 13 bankruptcy may eliminate some of your debt, but you will have to repay the majority of it. Even when filing Chapter 7 bankruptcy, there are some types of debt you cannot get discharged. These include recent income taxes, student loans, and obligations for domestic support, such as alimony and child support.

I Will Never Be Eligible for Credit Again

It is easy to assume that because you just filed bankruptcy, creditors will view you as a high risk borrower that cannot manage their money and so, they will not provide you with credit in the future. In fact, the opposite is true.

Weeks after your bankruptcy case is over, you will start to receive credit card offers. While creditors will not view you as low risk, they will view you as a lower risk than before you filed bankruptcy. This is because you no longer have as many debt obligations, and you are barred from filing bankruptcy again for a certain period of time. They will offer you a credit card at a higher interest rate, knowing they can pursue legal action if you become delinquent with the debt.

While you will pay more to use the credit card, it is usually worthwhile because it will help you rebuild your credit score faster. Once you do that, you can then obtain credit that has a lower interest rate and is more affordable to repay.

I Cannot Purchase a Home After Filing Bankruptcy

There is some truth behind this common bankruptcy myth. The majority of lenders, including the Federal Housing Administration (FHA), and Fannie Mae and Freddie Mac will require you to wait at least two years once your debt is discharged before applying for a home loan. You will still need good credit when you apply, so it is important to rebuild it during that two-year period.

If I File Bankruptcy, I Will Lose My Job

The bankruptcy laws make it illegal for government and many private employers to discriminate against employees that file bankruptcy. Still, most employers do not consider a bankruptcy filing when making hiring or firing decisions, unless the position involves handling large amounts of money. Even when they do, they will likely consider a bankruptcy a more responsible financial decision than if your finances are in shambles.

I Cannot File Bankruptcy Because My Income is Too High

If you file Chapter 7 bankruptcy, you will have to pass a means test. This test is to determine whether your income is enough to repay your debts. Even if your income is considered high enough to handle your debt, you can still file Chapter 13 bankruptcy.

Bankruptcy is Too Expensive

Filing bankruptcy can cost thousands of dollars if you use an attorney and it seems counterproductive that you have to pay this amount when you are in financial trouble. However, you must consider the years of money, frustration, and stress you are saving yourself in the future. Most Broward County bankruptcy lawyers offer free consultations, at which they can advise on how you can pay for bankruptcy. Also, working with a lawyer will help you avoid some of the costly mistakes that are often made during the process.

Call Our Bankruptcy Lawyers in Broward County Today

If you are suffering from a lot of debt and are considering discharging it through bankruptcy, our Broward County bankruptcy attorneys at Loan Lawyers are here to help. We have helped thousands of people get out from under their debt, and we want to put our experience to work for you, too. Call us today at (954) 523-4357 or contact us online to schedule a free consultation so we can review your case.

People Also Ask:

 

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Guide to Applying for a Personal Loan in Fort Lauderdale

Enormous and unexpected expenses can come up at any time, and you may find yourself considering applying for a personal loan. While a personal loan can bring some much-needed relief, it can also become a very stressful part of your life. To ensure that you do not default on your loan in the future and face legal action from the lender, you need to be prepared for it.

Before you even fill out a personal loan application in Fort Lauderdale, knowing what to expect can help relieve some of your stress. Additionally, it is also important to know some tips that can help with your chances of having your application approved.

Decide How Much to Ask For

Before doing anything else,  you must determine how much you are going to ask for. The way to do this is by first deciding how much you can afford to repay every month. Then, choose a number that is slightly less than the number you come up with, which will leave some room in your budget.

It is important to be realistic when coming up with the amount you are going to ask for. If you request too small of an amount, you will not be able to fully cover your expenses. If you request an amount that is too high, you will pay much more in interest and run the risk of not being able to pay it back. Calculate your debt carefully and make sure you are prepared to pay it back without getting in over your head.

Determine the Type of Loan Right for You

You have many options when it comes to personal loans. The most common types are unsecured and secured personal loans, medical loans, and debt consolidation loans.

An unsecured personal loan is one that can be used for whatever expense necessary and that does not involve collateral. Secured loans can also be used for any purpose, but the borrower puts up collateral in the event that they do not repay the loan.

Debt consolidation loans and medical loans are loans that are provided for specific purposes. A debt consolidation loan allows the borrower to repay other debts, while medical loans are specifically used for medical and dental procedures. It is always important to ask lenders what types of personal loans they offer.

Choose a Lender

You should compare several different lenders, and the personal loan packages they offer, before making your final decision. While you are comparing their interest rates, fees, and other terms, you should also determine what other qualities are most important to you. If customer service is important, you may want to apply for a personal loan with a bank or credit union. However, doing so can take a bit longer. On the other hand, if you apply for a personal loan online, the process is much quicker. Determine what your priorities are in a lender, and go from there.

Check Your Credit Score

Before applying for a personal loan, it is important to check your credit score with a reporting bureau such as TransUnion or Equifax. Any lender you apply for a personal loan with will check it, and it is important that you know your score before they do. There are many different systems used to calculate credit scores, but FICO is the most commonly used.

Your credit score will fall into one of the following four categories under FICO:

• A credit score under 579 is considered poor
• A credit score between 580 and 699 is considered fair
• A credit score between 670 and 739 is good
• A credit score above 740 is considered excellent

Before approving you for an unsecured personal loan in Fort Lauderdale, most lenders will check to confirm that you have a good credit score and at least one year of credit history.

Check Eligibility Requirements

While you are comparing lenders and different loan packages, you should also compare eligibility requirements. Lenders will generally determine if you are eligible for a loan by looking at:

• Your credit history
• Your credit rating
• Your annual income
• Your debt-to-income ratio

Read the Fine Print

Before completing any personal loan application, you should always read the fine print. A personal loan is a contract and you will be legally bound to the terms, so you must know what you are getting into before signing on the dotted line. Also, if you do not read the fine print, you may not know about certain terms, such as late fees, until it is too late.

Collect Your Documents

The process of filling out a personal loan application will go much more smoothly if you already have the required documents ready. Already having the necessary documents gathered will also help you get approved faster. You should always ask the lender what documents you need before filling out an application but generally speaking, you should have:

• Government-issued identification
• Social security number
• Employer’s contact information
• Proof of employment
• Bank statements

Get Pre-Approved, if Possible

Many personal lenders pre-approve borrowers before the loan is official, and this can be very helpful. Pre-approvals can give you an idea about what to expect with the loans, including potentially the interest rate attached to them. This makes it easier to compare the different loans side by side before determining which one is right for you.

A pre-approval will also help protect your credit score. Lenders do not perform a hard credit pull when drafting pre-approvals and so, it does not affect your credit score. However, lenders will do a hard credit search before finalizing the terms, so it is important to remember that pre-approvals are not final and the hard credit search may affect the terms.

Our Debt Defense Lawyers in Fort Lauderdale Can Help if You Fall Behind on Payments

Personal loans are a great way to deal with unexpected expenses, but they can also cause people a great deal of stress when they fall behind on payments. If a lender or debt collection company has threatened to take legal action against you, our Fort Lauderdale debt defense attorneys at Loan Lawyers can provide the sound legal advice you need. Call us today at (954) 523-4357 or contact us online to schedule a free consultation and to learn about the defense we can provide.

People Also Ask:

• What is the easiest way to get a personal loan?
• What is the best reason to give when applying for a personal loan?
• What is the easiest loan to get approved for?

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As Foreclosures Climb in Florida, Know What to Expect During the Process

Throughout all of last year it seems, people could not wait to put the pandemic behind them and get back to normal life. Now that Florida has been reopened for a couple of months and ‘normal’ is looking more realistic than it has in the past 18 months, people are facing another challenge. With moratoriums on foreclosures and evictions expiring, they now face losing their home, which was protected at the height of the pandemic. As foreclosure activity continues to increase around the country, it is crucial that all homeowners in Florida know what to expect from the process.

The Pre-Foreclosure Period in Florida

During the Great Recession, there were numerous reasons why millions of people lost their homes to foreclosure. One of these reasons was because lenders simply did not give homeowners adequate notice of the foreclosure. They simply started the foreclosure process and ended it as quickly as they could, pushing people out of their homes as they did.

To prevent this from happening again in the future, the federal government enacted the Dodd-Frank Act, which gave homeowners the protection of knowing they had a chance to get back on their feet financially before they would lose their homes. In most foreclosure cases, the servicer cannot start the foreclosure process until the homeowner is at least 120 days delinquent. After that time, the servicer can start the foreclosure process, unless there is a loss mitigation application pending.

Serving the Complaint

Foreclosures in Florida begin when the lender files a lawsuit and serves it to you. Once you are served with the foreclosure complaint, you must file your response with the court within 20 days. It is crucial that you file an answer. If you do not, the lender will likely seek a default judgment. Default judgments essentially allow the lender to win by default, and they may even seek a fast-track foreclosure if you do not respond or attend the court hearing.

Several defenses are available in foreclosure cases, and you should include these in your answer. A Florida foreclosure defense lawyer can advise on these defenses and which one is most suitable for your case. Still, even when defenses are included in your response, the lender may still file a motion for a summary judgment. When the lender files this type of motion, they are asking the court to rule in their favor without the need for a trial or other legal proceedings.

To avoid a summary judgment, you must raise legitimate defenses so your case can proceed to trial. It is also important to work with a foreclosure attorney in Florida that can argue those defenses for you during the trial. After the judge has heard from both sides, they will then determine if the lender has the right to foreclose on the home. If the court does find in favor of the lender, they will then order the home to be sold at a foreclosure sale.

You May Be Able to Reinstate Your Mortgage

Some states have enacted laws that allow borrowers to reinstate their mortgage by paying a lump sum payment that includes all delinquent payments and other costs and fees. When borrowers are able to do this, the lender must stop the foreclosure action.

In Florida, there is no such reinstatement law. However, most home loan contracts do allow for it. In these cases, borrowers can typically reinstate their mortgage right up until the point the court enters a judgment. It is important to work with a foreclosure attorney that will carefully review your home loan and determine if you can reinstate your mortgage. If your contract allows reinstatement, it will also outline how much time you have to reinstate it.

Even if your mortgage does not specifically allow for reinstatement, many lenders will allow it, again up until the court issues a judgment. It is critical that if you do reinstate your mortgage, that you continue making your regular mortgage payments to avoid falling into foreclosure again.

You May Be Able to Redeem the Home

Redeeming your home is different than reinstating your mortgage. Instead of just paying the past due amounts and other fees, you must pay off the entire loan. Like when reinstating your mortgage, you will also have to pay all other costs including late fees, interest, and attorney’s fees.

It is not uncommon for homeowners that have defaulted on their mortgage to not have the resources to redeem a property. If you do, it is important to know that Florida law allows you to do so within a certain period of time. You must redeem your home before the certificate of sale is filed or until the redemption period outlined in the judgment of foreclosure expires.

The Foreclosure Auction

There is a good chance that when your home is sold in a foreclosure sale, the lender will purchase the home back. These properties are known as real estate owned (REO). Lenders may bid the amount of debt owed, or they may bid less. If the lender bids less than the total amount owed, they can then seek a deficiency judgment against the borrower.

Eviction

In most cases, the lender will get the right to possession in the foreclosure judgment after the certificate of title is filed by the clerk. The court will then likely issue a writ and the sheriff will execute it. If you do not vacate the property, the sheriff can then take action to force you out of the home.

Call Our Foreclosure Defense Attorneys in Broward County Today

If you have fallen behind in your mortgage payments or a lender has already started proceedings, our Broward County foreclosure defense lawyers can help. At Loan Lawyers, our seasoned attorneys can advise on the foreclosure process and give you the best chance of keeping your home throughout it. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

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Credit Card Tips Every College Student in South Florida Needs to Know

According to a recent report released by Sallie Mae, the average American college student carries five different credit cards, and the average balance students carry is $1,423. Approximately six percent of college students carry over $5,000 on their credit cards in debt. For students that graduate with high student loans, credit card debt only adds to their burden once they graduate.

It is not surprising that so many college students graduate with high credit card debt. Credit card companies often set up booths on college campuses and otherwise target college students in an effort to get them to apply for a card. Creditors bank on the fact that students will eagerly accept the card and they will profit off of it through interest and fees. Sometimes, the schools even receive a certain percentage as a kickback for allowing creditors to advertise on the property.

Unfortunately for college students, the thought of having a credit card is tempting but when the debt becomes too high, creditors will take action. No one needs to deal with wage garnishments or other types of judgments while they are in school, or afterwards.

As such, below are some tips pertaining to credit cards all college students in South Florida should know.

1. Do Not Choose a Card Based on Incentives Alone

Credit card companies will offer you many incentives in the hopes that you will choose their card over a competitor’s. However, you should never apply for a credit card based on these incentives alone. Only choose a card after you have thoroughly read the conditions and terms, and learned about the interest rate and fees. You should also compare these terms between several different credit cards before selecting the one that is right for you. The top credit cards for students come with low credit limits, low interest rates, and no annual fees.

2. Choose Just One Card

It is tempting to sign up for every credit card offer you come across, but doing so is usually a mistake. Every time you apply for another credit card, it actually lowers your credit score because creditors will consider you a higher risk as you take on more debt. Also, the more credit cards you own, the more likely you are to take on more debt than you can financially handle.

3. Do Not Charge what You Cannot Afford

It is not uncommon for college students to think that credit cards are for buying things they cannot afford. In fact, quite the opposite is true. Using your credit card for things you cannot actually afford to buy is the fastest way to get in over your head with debt. If you charge something you cannot pay for right away, you may end up paying five times as much for that pizza.

4. Pay Your Balance Off Every Month

All credit card companies will allow you to make only a minimum payment instead of paying off the full balance. This seems like a convenient option and it is, but it is also one that is more expensive. Paying your minimum payment every month will keep your credit score from dropping, but you will also still incur interest and late fees on the remaining amount until you pay it off. Again, that will only result in your debt climbing to an amount you cannot pay off.

If you are only charging things you can afford, you should also be able to pay your full balance off every month. It is very important you do, so you start with a clean slate every month and do not end up paying too much for the debt.

5. Do Not Take Out Cash Advances

Again, one of the more convenient options that comes with a credit card is that you can use it to take out a cash advance, just as you do with your bank card. It is always better to just use your credit card to charge the purchase rather than taking out a cash advance. Cash advances usually start adding interest from the day you take it out, and you will likely pay a finance charge between two and four percent. Using your credit card to take out cash will only increase your debt load and make it harder to pay off.

6. Do Not Loan Out Your Credit Card

It may seem like the nice thing to do to loan your credit card to your friend that is a little strapped for cash. This is one of the biggest mistakes you could make with a credit card. You never know what your friends will purchase on your credit card and if they do not repay you for them, you are still responsible for that debt. Additionally, the actions of your friends could also lower your credit score and make it more difficult for you to get credit in the future. If you and your friend become involved in a dispute about the debt, it could also negatively impact the personal relationship.

7. Do Not Spend Over Your Credit Limit

Most people do not intend to spend over their credit limit, but they end up doing so by mistake. Fees the creditors will charge when you are over the limit are very expensive, and they are also very difficult to get rid of. Due to the way payment dates and billing cycles are set up, you may think you are bringing your balance back under the limit, but you are soon over again due to fees and finance charges. The best way to ensure you do not spend over your credit limit is to stay within 10 to 30 percent of the credit limit.

Speak to a Debt Defense Lawyer in South Florida if a Creditor Threatens Legal Action

The above tips are useful, but college students still incur more debt than they can handle, and creditors still take advantage of them. If a creditor has threatened to take legal action, or has already filed a lawsuit, our South Florida debt defense attorneys at Loan Lawyers can defend the claims against you. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

People Also Ask:

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Have You Received A Demand Letter Or Claim Of Lien From Your Condominium Or Homeowners’ Association Attorney?

If so, we would love to speak with you.  Homeowners’ and condominium association attorneys often commit debt collection violations when sending collection letters, demand letters, and claims of lien to struggling homeowners.

We have seen these lawyers sue people over being delinquent over a few hundred dollars and then run up many thousands of dollars in legal bills, therefore burying unsuspecting and struggling homeowners with excessive legal fees that usually dwarf the amount of the debt to the association in the first place.

These condo and homeowners’ association lawyers know that homeowners have no choice but to pay them whatever they charge or they will foreclose on the home. We often see all kinds of bogus fees and charges being charged by these lawyers and it is not right.

Just like they demand that homeowners follow the rules to the tee, and will jump to sue at the first opportunity, at Loan Lawyers, we hold the association lawyers to that same standard.

If we uncover any debt collection violations, we may be able to sue that lawyer on your behalf.  It does not matter whether you are truly behind on the association dues, these lawyers have to play by the rules either way.

Most association attorneys are considered debt collectors under the Fair Debt Collection Practices Act, and thus must follow all of the rules the Act sets forth.

If you have received a demand letter or claim of lien from the attorney for your condominium or homeowners’ association, don’t take it lying down.  Call Loan Lawyers for your free consultation and let’s talk about how we may be able to help you with the debt owed to the association and we can discuss holding their lawyers accountable for any debt collection violations.  Call us now at 1-888-FIGHT-13 for your free consultation.

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Thinking About Buying a House At a Florida Foreclosure Auction? Think Again

Buying a house at a Florida foreclosure auction is a risky business.  We have been speaking to many people every week who have bought homes that went up for auction only to find out that there were additional liens on the property and now the property is in foreclosure.

When you buy a property at a foreclosure auction, you will get the title and be the owner of the record, but that does not mean that you have free and marketable title.  When you buy a property at a foreclosure auction, you are buying it subject to any liens that were superior to the lien that was foreclosed on in the foreclosure case.

The most common scenario that we see is clients who buy a house at a foreclosure auction from a homeowner’s association foreclosure.  These properties typically can be purchased at a foreclosure auction for a steep discount.

You may able able to find a property worth $500,000 that sells at a homeowner’s association foreclosure for $20,000.  That sounds like a great deal, but I can assure you that it is not.  The reason the property Is not selling for more is because there are other liens on that property that could easily exceed $500,000.

Even though you paid $20,000 and are the owner of a record, those other liens can still be foreclosed on and you most likely will lose the house and you can kiss that $20,000 (plus whatever other money you spent on the property) goodbye.  At some point, the lienholders will foreclose on that property and the house that you purchased for $20,000 will again be sold at auction to someone else.

If someone is losing their home for not paying homeowner’s association dues, that means they likely have not paid their mortgage for many years.  The balance on the mortgage is usually higher than the value of the property after years of nonpayment.  When you buy a house at a homeowner’s association foreclosure, you will need to pay off any mortgages and liens that still exist on the property or will be in foreclosure even though it’s not your mortgage.

So while the mortgage company cannot demand money directly from you, they can still foreclose on the home to get paid because that mortgage was attached to the property before you took ownership. In other words, the mortgage company’s interest in the property is superior to your ownership interest.

To make matters even worse, if you bought the property at an auction for less than what the previous owner owed to the association, you are now liable for that difference as the new owner.  So let’s say the previous owner owed the association $50,000 and you bought the property for $20,000.  Guess what, you are now on the hook for the additional $30,000

It is heart-wrenching when people call us who find themselves in this situation.  We see hard-working people spend their life savings buying a property at a foreclosure auction and fixing it up only to find themselves in foreclosure a year later for an old mortgage that was still on the property.

We have been getting calls like this for more than 10 years, but for some reason, we have been inundated with these calls over the last few months.  There is usually not much that can be done other than negotiating a settlement with the bank that is now foreclosing, however, that will usually cost hundreds of thousands of dollars, and not many people have that kind of cash laying around.

Please do not fall into the trap.  If something is too good to be true, it probably is.  Unless you have experience in real estate investing and have a title search that shows there are no other liens on a property, it is a huge risk to buy a property at a foreclosure auction.

As always, we are here to give you a free consultation.  Call us 1-888-FIGHT-13.

People Also Ask:

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Examining the Biggest Foreclosure Misconceptions in Florida as Starts Rise Again

In the early days of the pandemic, federal and state moratoriums were placed on foreclosures in Florida, bringing much relief to homeowners in the state that had lost their job or otherwise could not make their monthly mortgage payments. The predictions at the time were that while foreclosures may have temporarily stalled in Florida, and throughout the rest of the country, they would eventually bounce back and start to increase again. As it turns out, that prediction was true.

Have Foreclosure Starts Increased Over the Past Year?

Now that the moratoriums have expired, the rate of foreclosures are starting to increase again. According to ATTOM’s U.S. Foreclosure Market Report in May of 2021, foreclosure starts were down eight percent from the previous month, but they had also increased 23 percent from one year ago.

The good news for this in Florida is that unlike past trends, no city in Florida was named in the top five of cities with the highest foreclosure starts. The Sunshine State also did not make it into the top five list of states with the highest starts. Still, as moratoriums are likely to not be renewed, it is important for all homeowners to have a basic understanding of the foreclosure process, which starts with understanding the myths behind it.

You Can Stop Foreclosure By Filing for Bankruptcy

Bankruptcy seems like a quick fix for some people, while others give the decision to file the thorough thought it requires. Filing for bankruptcy will not always allow you to keep your home. Whether or not you can save your home by filing bankruptcy will largely depend on what type of bankruptcy you file.

Through a Chapter 7 bankruptcy, you can have many of your debts discharged so you are no longer legally responsible for them. However, the assets you do own are sold by the bankruptcy trustee, in an attempt to repay a portion of the debt you owe. If you own a home, there is a good chance it will be sold to help repay your creditors during the Chapter 7 bankruptcy process.

A Chapter 13 bankruptcy, on the other hand, restructures your debt into a more manageable repayment plan. While the trustee is restructuring your debt, your mortgage loan can be worked into it, allowing you to save your home from foreclosure. If you breach this agreement and do not make the scheduled payments, you can still lose your home to foreclosure.

You Cannot Refinance Once the Foreclosure Process has Started

Refinancing your home is actually one of the best ways to stop a foreclosure from happening because it gives you a whole new mortgage loan. When you refinance your mortgage, you will have to examine the pros and cons for your specific situation. For example, if you refinance your loan, you may have to pay a higher interest rate because the lender will view you as a higher risk. If you choose to refinance, you can speak to your current lender about your options or, you can even choose a new lender to refinance your loan.

Foreclosure Permanently Damages Your Credit

It is true that a foreclosure will negatively impact your credit score. However, the situation is a temporary one. Generally speaking, a foreclosure will remain on your credit report for seven years. The seven-year mark starts with your first missed mortgage payment. Still, there are several things you can do to improve your credit score during this time.

Make sure you pay other debt on time and create a budget to ensure you will not overspend. Even making sure you are on time with your utility bills is a good way to improve your credit score. The more you can do to increase your score, the less of a negative impact the foreclosure will have on your score.

You are Barred from Home Ownership in the Future After Foreclosure

Many people believe that you get one chance at a mortgage loan and if you default on it, no lender will ever offer you a chance at homeownership again. This is untrue. If a lender forecloses on your home, you will not be able to buy a new one right away. You will have to wait seven years if you apply for a conventional conforming loan for Frannie Mae or Freddie Mac backed loans. With either of these options, you may be able to shorten that length of time, but only if there are documented extenuating circumstances.

You Must Leave Your Home Immediately

Missing a mortgage payment or two is a very serious matter, but it does not mean you will automatically lose your home. Generally, lenders do not even start the process of foreclosing on a home until the borrower has missed several payments. Even then, the foreclosure process could take months and borrowers are not required to vacate the premises until the process is over. Even still, many times borrowers need more time to remain in the home and when they contact the lender and inform them of their circumstances, lenders do sometimes allow for it to happen.

Foreclosure is Never a Good Idea

Losing your home is a traumatic experience and so, it is natural to think that it is never a good idea. This is not always the case. Foreclosure is a great help to people that want to reassess their priorities and perhaps put their money towards something else, such as other debt. If you do not have a lot of equity in your home that you would lose during the foreclosure process, and you do have other priorities, losing your home may be worthwhile for you.

Our Foreclosure Defense Lawyers in South Florida Can Provide the Answers You Need

If you are behind on mortgage payments, or you have already received your Notice of Default, our South Florida foreclosure defense lawyers can answer your questions about the process. At Loan Lawyers, we have helped thousands of people keep their home, and we will put our experience to work for you, too. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation.

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