Have You Received a Debt Collection Letter From Any Debt Collectors? If so, Please Call us Immediately!

It has been revealed that as many as 85% of all debt collectors have been unlawfully disclosing people’s information regarding debts to third parties. If you have received any type of debt collection letter, then most likely that debt collector has disclosed information regarding your debt to others unlawfully.

If you have received any type of debt collection letter, please reach out to us for your FREE consultation. You likely have a case that can be brought against that debt collector. The best part is that we take these cases on a contingency fee basis, so there are no fees or costs unless we obtain a recovery for you.

Even better, if we are successful in pursuing a case for you, the debt collector will most likely be ordered to pay the costs of our legal fees, not you! Don’t just sit back and allow your rights to be violated, call Loan Lawyers now for your free consultation.

Just because you may have debt does not give that debt collector the right to violate your privacy. Don’t just take it, fight back! Call Loan Lawyers at 1.888.FIGHT.13 right now for your free case evaluation. You have nothing to lose, but a lot to gain, call now.

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Evidence Is Important in Any Foreclosure Case

Recently, the Florida Fifth DCA reversed a summary judgment in a foreclosure case because the lender did not offer sufficient evidence that it followed proper procedures and satisfied certain conditions. After the bank tried to accelerate the mortgage in the case Parkin v. Eagle Home Mortgage, LLC, the homeowner filed affirmative defenses that showed the bank violated paragraphs 15 and 22 of the mortgage loan. This made acceleration of the mortgage improper, so the homeowner was allowed to remain in their home.

The case is an important one. Too often, homeowners will simply accept the fact that they are in foreclosure and walk away from their homes when doing so is not always necessary. Many times, there are defenses available and many of these focus on forcing the lender to prove its case. For the lender to prove their case, they require evidence and many homeowners do not know what type of evidence this is, or how to ask for it or obtain it. This is just one reason why it is recommended that anyone facing foreclosure speaks to a Florida foreclosure defense lawyer first.

Documentation from the Lender

Much of the lender’s case will depend on the documentation they can present to show that the borrower is behind on their mortgage payments. However, they do not only have to prove the homeowner is in default. They must also show that they have standing, or something to lose by the borrower falling behind on the mortgage payments. Many homeowners often think this is a fairly easy argument for the lender to prove, but that is not always the case.

One of the biggest pieces of evidence used when lenders are trying to prove their case is the mortgage note. This is used to show that lenders have standing to file a lawsuit, evict the homeowner from the premises, and potentially even recover the defaulted loan.

Many homeowners assume the lender does have the note when that is not necessarily the case. Lenders bundle home loans very frequently and then sell them off to investors and other lenders. This happens so often that it is sometimes impossible for lenders to keep track of what home loans they hold, and which they do not. When lenders cannot provide the note or title showing that they own the home loan, they cannot provide the proper evidence and so, it can serve as a valuable foreclosure defense.

The bank may have lost other important documents in regards to the foreclosure as well that can prevent them from foreclosing on the home. A foreclosure defense lawyer can advise on what important documents these are, and can force the lender to present them to prove their case.

Other important evidence for the lender includes showing that funds paid towards the mortgage were properly applied to the homeowner’s loan. Again, it is not uncommon for payments to be improperly recorded by the lender and when that is the case, they may think they have grounds for filing a lawsuit, but they do not.

Depositions Serve As Very Useful Evidence

One reason it is so important homeowners work with a foreclosure defense lawyer is because an attorney can help them obtain evidence they otherwise may not have been able to on their own. One of these types of evidence is a deposition. A deposition is sworn testimony of the bank representative that is taken outside of the courtroom.

A lawyer will serve a notice of deposition to the lender requesting their sworn testimony and will file this notice as ‘duces tecum.’ This means that the lender’s chosen spokesperson must not only appear at the deposition, but that they must also bring the files and other documentation the lawyer requests. It is through this documentation the spokesperson brings, and the answers to questions given, that will help the lawyer find holes in the lender’s claim regarding their right to file a foreclosure lawsuit.

Some of the things a foreclosure defense lawyer will look for during the deposition include:

• Whether the person that endorsed the note had the authority to do so;
• Whether the payments were properly credited to the borrower;
• Whether accurate information was transferred from one payment servicer to the next;
• If there are legal gaps in the ownership of the mortgage;
• If the numbers are accurate and if all payments were accounted for and applied appropriately; and
• If the borrower made payments during a trial modification that the lender has not decided not to honor/

The above are just a few of the ways in which a lawyer can help during a deposition. In many cases, though, this meeting is enough to provide a foreclosure defense that allows a borrower to stay in their home.

Evidence Used by Homeowners in Foreclosure Lawsuits

While evidence can be used when defending a foreclosure lawsuit when the lender cannot provide it, homeowners can also use evidence to prove their case. The first is the mortgage loan. As in the most recent case, certain paragraphs of the mortgage loan can show that a foreclosure is improper. Anyone facing foreclosure should let a foreclosure defense lawyer review their mortgage loan to determine if it contains language that makes a foreclosure lawsuit invalid.

Also, any documentation that shows any payments the borrower has made is also helpful in a foreclosure case. It is fairly common practice that lenders do not properly apply payments to an account and when borrowers can show that they did make a payment, it can serve as evidence that will help with their case.

Our Foreclosure Defense Lawyers in Florida Know What Evidence to Collect

If you are facing foreclosure, our foreclosure defense lawyers in Fort Lauderdale can help. At Loan Lawyers, we know what evidence to collect that will serve as useful evidence and prove your case to help you remain in your home. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation and to learn more about how we can help.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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10 Signs Your Credit Card Debt Is Unmanageable

According to a recent report, over half of Americans who took on a new hobby during the pandemic have gone further into credit card debt. For some, this is not an issue. After all, people were forced to stay at home and for those lucky enough to keep their jobs and businesses, the additional time they suddenly had allowed them to start doing things they were unable to before.

Others, though, may be concerned about how much debt they are taking on and may worry that it is becoming unmanageable. So, how do you know if your credit card usage is out of control? The 10 signs explained below can help you determine if that is the case.

Your Credit Cards Are Maxed Out

Perhaps the biggest sign that your credit card debt is out of control is that you simply have no more room to spend on your card. Many people think it is not a big deal to go one or two months without paying their credit cards, but this is not true. Even failing to pay off the balance for a month or two can result in credit cards becoming maxed out, and your debt may get out of control. Additionally, if your balance has gone over and above your credit limit, that is an even bigger sign that your credit card debt is out of control.

You Can Only Afford the Minimum Payment

You are only required to make the minimum payment every month but if you make a habit of doing that, you are going to accrue more interest and owe much more in the end. Not only will only making the minimum payment cost you more, but it is also a sign that your debt is out of control because you cannot afford to make a larger payment.

Your Payments Are Late or Missing

Again, if you are late making your credit payment, or you miss one altogether, it will cost you more in the end due to interest and other fees. If you miss a payment, or are late in making one, it is a sign that you are spread too thin financially. In this case, any credit card debt could be considered bad and a sign that it is getting out of control.

You Go Further Into Debt to Pay Your Credit Cards

Making timely payments on your credit cards is certainly important and if you can do this, it may be a sign that your credit card debt is not out of control. However, if you are going into further debt to pay off your credit card bills, it is a sign that you can no longer manage your credit card debt. Other types of debt used to pay off credit cards include payday loans, repeated balance transfers, and personal loans.

You Use Credit Cards for Everyday Purchases

Using your credit cards for everyday purchases is not necessarily a bad thing. For example, perhaps your credit card allows you to collect rewards or cash back every time you use it to make a purchase. If you are only using your credit card for everyday purchases to earn these rewards, that may not be a sign of trouble. However, if you are using your credit card for necessities and everyday purchases because you have no other choice, it may be a sign that your debt is unmanageable.

Your Credit Score Has Dropped

It is easier than ever these days to check your credit score with the biggest reporting bureaus, such as TransUnion. Many banking apps allow you to check it as many times as you want, and you can always still request a free credit report from the bureaus once a year. It is important to check your credit score regularly so you can see if it has dropped. Your credit score will drop if you are using more than 30 percent of the credit you have available. If yours has taken a hit, it is a sign that your debt is out of control and unmanageable.

You Are Denied for New Credit

Credit card companies are sometimes able to determine that your credit card debt is unmanageable even before you know it yourself. After you apply for a new credit card, the company you are applying with will check your credit report. If they see that you already have high credit card balances, they will take it as a sign that you cannot pay your current debt and will deny you new credit.

You Hide Your Debt

There is never a reason to be ashamed of debt but sometimes people are ashamed, particularly when they cannot afford to pay it. There are many ways to hide your debt, including refusing to open statements from the credit card companies or hiding your debt from your spouse. Regardless of how you hide your debt, if you are doing it, you are probably in over your head.

You Cannot Afford Savings

It is impossible to save money when all of your income is going towards your current debt. If you cannot afford to put any of your money away because you are spending it all on credit card debt, it is a sign that your debt is out of control.

You Worry About Your Credit Card Debt

Everyone worries about their debt to some extent. However, if you are excessively worried about your debt and it is keeping you up at night or you are thinking about it all day while you are at work, it is a sign that your debt has become unmanageable and that it has gotten out of control.

You Need a Debt Defense Lawyer in Florida

If a creditor or debt collector has taken legal action against you, that is another major sign that your debt has become unmanageable. At Loan Lawyers, our skilled debt defense attorneys in Fort Lauderdale can help you defend against these types of lawsuits and give you the best chance of a favorable outcome. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation and find out more about our money back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

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Thinking About a Short Sale in South Florida? Here Are 10 Things to Know

Short sales have become more popular in the last several years, largely because banks want to avoid the expensive foreclosure process. The short sale process is sometimes a long and frustrating one, but the end result can be very rewarding. Once the property is sold, you will no longer have the debt hanging over you and the sale will allow you to start over again with a clean slate. Still, it is important that you prepare for the process so you know what to expect. Below are the top 10 things you should know before starting the short sale process.

1. A Short Sale Is Not a Foreclosure

If you are preparing for a short sale or considering it as an alternative when you cannot afford your mortgage, you may confuse it with a foreclosure. Short sales and foreclosures are not the same things. In fact, a short sale is a very good way to avoid foreclosure. A short sale will affect your credit score, but not in the same way a foreclosure would. It also will not remain on your credit record for as long as a foreclosure would. Lastly, you can also apply for another mortgage in two years after the short sale is complete. With foreclosures in Florida, you typically cannot take out another mortgage for seven to 10 years.

2. Closing Time Is a Long Time

It is not uncommon for short sales to take a long time to close–sometimes four to nine months. In some cases, it may take even longer. The lender will not simply tell you how much they will accept in a short sale. You will have to negotiate the price with the buyer and then get the lender to approve that amount. The approval process itself can take a long time but if the bank refuses the first offer, the process will take much longer.

3. You Must Qualify

Not all homeowners can go through a short sale when they are trying to avoid foreclosure. You have to qualify with your lender first, which means you must:

• Be underwater in your mortgage, meaning there is more left on the mortgage than what the home is worth;
• Prove financial hardship, such as divorce, unemployment, or significant medical bills;
• Explain why you can no longer afford your mortgage payment, such as if your ARM has been changed to a high rate you cannot afford; and
• Not qualify for a loan modification.

4. Multiple Lenders May Be Involved

You may be most concerned with the main lender that holds your mortgage, but remember there may be others, as well. If you have a home equity loan, line of credit or any other liens on the home, the lenders that hold those loans must also approve the short sale.

5. Work with an Agent

No one should ever sell their home on their own, but this is particularly true when you are going through a short sale. When going through a short sale, you will have to deal with a lot of paperwork, enter into negotiations with buyers and the bank, and more. Banks are processing more short sales now than they have in years past and they are more likely to work with you if your paperwork is complete and organized. This is important because if too much time passes, the bank can still foreclose on the property. Always work with a real estate agent during a short sale, and always make sure they have experience with short sales.

6. Frustration Is a Factor

Again, short sales can take a long time. Only about 25 percent of short sales actually close and this is largely because negotiations between you, the buyer, and the bank can quickly go awry. It is not uncommon for buyers to become frustrated and walk away from the process, which will cause additional frustration for you. You cannot always keep this frustration at bay, but you can prepare for it.

7. You Cannot File for Bankruptcy

If you are preparing for a short sale, you likely have other financial troubles as well, including significant debt. For many people in this situation, bankruptcy seems like a good option. It is important to know that even though bankruptcy can help with your debt, it will prevent you from selling your home in a short sale. After you file bankruptcy, creditors can no longer try to collect the debt from you. Technically, a short sale allows the bank to collect on the debt, which violates the rules of bankruptcy in Florida.

8. Lenders Have the Advantage

Lenders do take a loss on short sale properties, but it is still better for them than a foreclosure. The foreclosure process is very expensive for lenders, too–they will have to evict you, maintain the home, and pay taxes, such as property taxes until they can sell the home. A short sale allows the lender to avoid all of that, so do not be afraid to broach the subject with them.

9. Make Whatever Repairs You Can

If you are preparing for a short sale, it is likely because you have fallen into hard times financially. You should still make whatever affordable repairs are necessary to the home, though. Many short sales are sold “as-is,” which means the buyer cannot ask you to make repairs. Still, the better condition your home is in, the faster it will sell and the sooner you will be finished with the process.

10. A Deficiency Judgment Is Always a Possibility

The lender will not recover the full debt during a short sale, so they may try to secure a deficiency judgment against you. If they are successful, you will still owe the remaining portion of the debt once the home is sold in the short sale. It is important to work with an attorney who can help you avoid this and negotiate with the lender to get them to waive that right.

Our Foreclosure Defense Lawyers in Florida Can Help

If you are facing foreclosure and want to avoid it with a short sale, our foreclosure defense lawyers in Fort Lauderdale can help you through the process. At Loan Lawyers, we will negotiate with the lender on your behalf, protect you from deficiency judgments, and give you the best chance of a favorable outcome. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact our experienced attorneys for a free consultation to see how we may be able to help you.

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Understanding Bankruptcy Discharges in Florida

In its simplest form, a bankruptcy discharge occurs once a bankruptcy case is finalized and relieves you from any obligations of repaying your debt. Once your debt has been discharged, creditors cannot take any further action to collect on the debt. Creditors and debt collectors cannot call, send letters, or file a lawsuit to collect on the debt. However, they can repossess certain assets and sell them if they act as collateral on the loan, even once the debt has been discharged.

What Is a Discharge in Bankruptcy?

When a debt is discharged in bankruptcy, it literally goes away. Creditors and debt collectors can no longer try to recover the debt and they must write it off. Debts that are most commonly written off in bankruptcy include medical bills, credit card debts, personal loans, lawsuit judgments, lease or contractual obligations, and other unsecured debts.

Bankruptcy may seem too good to be true to some, but there are some disadvantages. If you receive a discharge in bankruptcy, it will negatively impact your credit score and history, potentially for a long period of time. You must also prove to the court that you need the discharge and that you are not seeking a discharge simply because you do not want to pay the debt. You may also have to take a financial management course, or the court may not approve a discharge.

How Does a Bankruptcy Discharge Work?

If the court approves the discharge, the order is mailed to all of your creditors, to the bankruptcy trustee, and to the bankruptcy trustee’s lawyer. The order will include a statement that creditors are no longer allowed to take any action to collect the debt, or they may be found in contempt of court.

You should also keep a copy of the discharge order with the other paperwork pertaining to the bankruptcy case. Having a copy of these documents can help when you are trying to correct issues on your credit report or when creditors are trying to collect from you.

If creditors still try to collect on a discharged debt, you can send them a letter with a copy of the order asking them to stop the collection activity. If that does not work, you should speak with a bankruptcy attorney. You may have to take legal action, which could include filing a motion with the court to reopen the case. If the court does reopen your case and finds that a creditor is trying to collect on a debt, they can be fined for violating the discharge injunction.

Chapter 7 vs. Chapter 13 Bankruptcy Discharges

The most common types of bankruptcy filed by individual debtors are Chapter 7 and Chapter 13 bankruptcy. During a Chapter 7 bankruptcy, the trustee will seize your non-exempt assets and distribute the proceeds among the creditors you still owe a debt to. Any debt that remains once this occurs is discharged.

During a Chapter 13 bankruptcy, you will enter into a repayment plan that typically lasts three to five years. The plan will restructure your debts so they are more manageable for you to pay back. Any debt that remains once the payment plan is over is then discharged. In some cases, a Chapter 13 bankruptcy will discharge some debts that are not discharged in Chapter 7 bankruptcy cases. Marital debt, with the exception of alimony and child support, condo and homeowners’ association fees, and debts that could not be discharged in a previous bankruptcy can all be discharged in a Chapter 13 bankruptcy.

Limits on Chapter 7 Bankruptcy

While a debt discharge in Chapter 7 bankruptcy has many benefits, there are also limitations on the debt that can be discharged.

Debts that cannot be discharged in a Chapter 7 bankruptcy include:

• Debts outlined in a marriage settlement agreement, including alimony and child support;
• Fines, restitution, and other penalties resulting from a criminal conviction;
• Certain taxes, such as business taxes, property taxes due in the year prior to the bankruptcy, and fraudulent income taxes;
• Court fees;
• Homeowners’ association fees and condo fees you incurred after filing for bankruptcy,
• Loans from retirement plans;
• Debts that were not discharged in prior bankruptcies; and
• Debts you did not list on your petition for bankruptcy

Limits on Chapter 13 Bankruptcy

Just as you cannot discharge certain debts in a Chapter 7 bankruptcy, you also cannot discharge all of your debts in a Chapter 13 bankruptcy. These debts include:

• Alimony and child support;
• Fines, restitution, and penalties resulting from a criminal conviction;
• Business taxes and property taxes you incurred in the three years prior to filing bankruptcy;
• Debts you did not include on your bankruptcy petition;
• Debts that resulted from personal injury or death caused by impaired driving; and
• Debts that were a result of fraud or recent luxury purchases

In addition to the above debts that cannot be discharged in bankruptcy, student loans are also very difficult to discharge as part of a bankruptcy case. In some cases, it is not possible at all.

Drawbacks of a Bankruptcy Discharge

The goal of filing for bankruptcy is to secure a discharge that will free you from your obligation to repay your debt. However, there are still some drawbacks to receiving a discharge. The first is that a discharge will only protect you. If you have loans or other debts a person has co-signed for, creditors can still attempt to recover their debt from that person, and can even file a lawsuit against them if the debt goes unpaid.

Additionally, you will have to deal with the consequences of receiving the discharge for years afterward. A discharge in Chapter 13 bankruptcy will remain on your credit report for seven years, while a discharge in Chapter 7 bankruptcy will remain on your credit report for 10 years.

Our Florida Bankruptcy Lawyers Can Help with Your Discharge

A bankruptcy discharge can help you start over again with a clean slate, but a discharge is not always easy to obtain and there still may be some limitations and drawbacks. At Loan Lawyers, our Fort Lauderdale bankruptcy attorneys can explain the laws on bankruptcy and how they apply to your case so you have the best chance of a positive outcome. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation.

Loan Lawyers in Fort Lauderdale, FL has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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What Will a Foreclosure Defense Lawyer Do for You?

After receiving a notice of foreclosure from your lender or servicer, you may think the situation is hopeless and simply start packing your bags. This is, in fact, the worst thing you can do for your case. You may not know of the several defenses that are available to fight foreclosure, but a foreclosure defense lawyer will. Most people that are facing foreclosure are already in financial hardship and so, they do not think they can afford a foreclosure defense lawyer. However, it is important to find a lawyer that offers free consultations so you can determine if you have a good case, and learn more about their payment structures.

Most people are surprised to learn how affordable foreclosure defense lawyers are, and do not consider what they have to lose if they do not work with one. Below are just a few of the things a lawyer will do while working on your case and helping you to stay in your home.

Explain Your Options

First and foremost, a foreclosure defense lawyer will explain the options you have available to you. Again, too many people think that when they are facing foreclosure, the only option they have is to allow the bank or servicer to proceed with the foreclosure. This is not true. There are many options available to you when facing foreclosure. You could be eligible for a loss mitigation, loan modification, deed-in-lieu of foreclosure, a short sale, or more.

Foreclosure defense lawyers have an incredibly strong grasp of the law in a way that most people do not. Their judgment and experience will save you time, help you avoid mistakes, and give you the best chance of saving your home through one of the available options. An attorney will also explain the pros and cons of all options to help you determine which one is right for you.

Enter Into Settlement Negotiations

Sometimes, there are more options than defending against a foreclosure or allowing the lender to take the home. Foreclosure defense attorneys are skilled negotiators and are often able to settle a case before the homeowner leaves the home.

Reinstatement may be an option in your case, in which you bring the loan current, or the lender may offer a payoff option. While these options are rarely used because the homeowner simply does not have the funds for them, sometimes they are able to collect the funds necessary. In other cases, a short payoff, in which you do not pay the full amount due but still pay a lump settlement amount, is possible. Regardless of the settlement options available, an attorney will enter into negotiations to give you the best chance of being able to use one of these options.

Raise Defenses at Trial

If the lender or servicer is not willing to negotiate with you to reach an agreement that can help you keep you home, your case may go to trial. This is a scary prospect and many homeowners think that when their case gets this far, it is too late and there is nothing they can do to keep a home. This is also not true.

At trial, your lawyer will raise certain defenses that will help you keep your home. For example, if the lender did not have standing to foreclose on the home, this could help you keep your property. Standing means that the person filing the foreclosure lawsuit has something to lose by you not paying the loan. It is easy to assume that lenders who file a foreclosure lawsuit always have standing, but it’s not always the case. If the lender has sold the loan, which is very common, they no longer have standing and cannot file a lawsuit.

This is just one defense available in foreclosure lawsuits. The mortgage assignment may have been unlawful, or you may have been the victim of unfair lending practices. After reviewing your case, an attorney will identify the potential issues in your case and use them as a defense to help you keep your home.

Defend Against Deficiency Judgments

It is not uncommon for homeowners to feel a small sense of relief when their home is foreclosed on. Although the situation is a dire one, homeowners only find themselves in it because they cannot afford to pay their mortgage. The release of that debt is a huge burden off of their shoulders, or so they think. Lenders are still able to obtain a deficiency judgment in court and, when they are successful, they can pursue the homeowner for the remaining amount. This makes a difficult situation almost impossible.

Fortunately, a foreclosure defense lawyer can defend against deficiency judgments, too. A foreclosure defense attorney may negotiate with the lender before or during the trial and have them agree to waive their right to pursue a deficiency judgment, or they may raise defenses against this type of judgment in court, too. Without a lawyer, you may be surprised when a lender or servicer tries to obtain a deficiency judgment. A lawyer will foresee this problem and fight against it before it even becomes an issue.

Help You File Bankruptcy

In some cases, the only defense to foreclosure is filing for Chapter 13 bankruptcy, which may make sense for many homeowners. In a Chapter 13 bankruptcy, your debts are restructured so it is easier for you to pay them. You typically have three to five years to pay off your debts. Fortunately, unlike with a Chapter 7 bankruptcy, a Chapter 13 bankruptcy will allow you to keep your home and other assets, therefore allowing you to avoid foreclosure.

Contact Our Foreclosure Defense Lawyers in Florida Today

If you have defaulted on your mortgage payments, or your lender has already sent you a foreclosure notice, do not take on your case alone. At Loan Lawyers, our foreclosure defense attorneys in Fort Lauderdale know the defenses to help keep you in your home, as well as the other options available to you. Call us today at 954-807-1361 or contact us online to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation to see how we may be able to help you.

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Which Debt to Pay Off First?

If you have a credit card that has accumulated debt on it, you are in good company. According to an Experian report published in the third quarter of 2020, Americans carried, on average, $5,315 in credit card debt. While that number is alarming, it only applies to credit card debt and not additional debts, such as student loans, mortgages, and vehicle loans.

With so much debt being carried month-to-month, it can be difficult to know which debt to prioritize and pay off first. Some say it is best to pay off the debt with the highest interest first, while others suggest paying off the debt with the smallest balance first. When you are deciding which debt to pay off first so you can get rid of debt and even potentially avoid a lawsuit, below are some tips that may help.

Paying Off Debt with the Highest Interest First

It is understandable why people want to pay off debts with the highest interest rate first. That high interest rate is only making it more difficult to pay off the debt, and it continues to accrue over time. Credit cards that have annual percentage rates (APRs) that are higher than average are particularly difficult to pay off. Anyone with a student loan or a mortgage knows how difficult it is to make monthly payments that only pay off the interest and do nothing for the principal amount of the loan.

To eliminate high-interest debt as quickly as possible, it makes sense to pay down your debt with the highest interest rate first. This is often referred to as the avalanche method. You should still continue to make at least the minimum payments on your other credit cards so your account is not closed or worse, so the debt collector does not file a lawsuit against you. However, anything extra you have every month should go towards your credit card with the highest interest rate.

Although focusing on the debt with the highest interest rate is good for many people, it does not work for everyone. If you have many debts you have to pay monthly, or the debt with the highest interest is huge and overwhelming, you may want to explore other options.

Paying Off the Smallest Debt First

You do not always have to focus on the interest rate you are paying when deciding which debt to pay off first. Many people choose to pay the smallest debt first and then work up to paying off the biggest debt. This type of debt repayment plan is known as the snowball method because it starts small and grows over time.

The idea behind the snowball method is that it allows you to pay off the smallest debt quickly, which can provide incentive to continue working towards your goal. Additionally, as you eliminate small debts, it frees up cash flow to put towards your bigger debts. Paying off your smallest debt first and working your way towards your biggest one may cause you to incur more interest, but the psychological benefits are very rewarding when you see how much in debt you are paying off.

When using the snowball method, list all of the debts you are currently paying. Include their balances, and list the smallest debt at the top, then continue listing the rest of your debts, ending your list with the largest debt. Keep making the monthly payments on all of your debt while placing as much extra cash as possible towards your smallest debt. After you have paid the smallest debt, you can then start paying down the next debt on your list until you no longer have any debts hanging over your head.

Consolidate Your Debt

While it is not generally advised that you work with a debt consolidation company that will only charge you a fee, you can actually consolidate debt on your own. You can take out a loan that will allow you to pay off all of your debts and pay off just the one loan instead, or you can use a credit card that will allow you to transfer your balance of all other cards onto it. Homeowners can even use a home equity loan or home equity line of credit to consolidate their debt. When using this approach, you should always try to use an option that will provide a low interest rate, which is why home equity loans and lines of credit, as well as personal loans, are often the best options for debt consolidation.

Using a Balanced Approach

For some, tackling the largest debt first may seem overwhelming. On the other hand, making the largest payments on the smallest debts may not make sense, particularly if other debts have fallen into collections or you fear you are about to be sued over the unpaid debt. In these situations, you may have to take an approach that is more balanced and totally tailored for your circumstance.

For example, if you have debts in which you can deduct the interest from your tax return, such as student loans or a home equity loan, you may not feel as pressed to pay these loans as you are with your credit card debt. Or, you may not want to focus on small debts when you have a large debt that has already been sold to a debt collector. In these cases, you may choose a debt solution that is unique to you and that incorporates one or more debt-paying options.

Call Our Debt Defense Lawyers in Florida Today

The above debt-paying solutions are very effective for some but for others, they may not be enough. When that is the case and you fear a debt collector will take legal action, our debt defense lawyers in Fort Lauderdale are here to help. At Loan Lawyers, we know the defenses available that will give you the best chance of a favorable outcome. Call us today at 954-807-1361 or fill out our online form to schedule a free consultation.

Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation and find out more about our money back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.

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