How to Negotiate Your Credit Card Debt in Broward County

People in Broward County are facing more financial insecurity today than in many years past and knowing how to negotiate your credit card debt is becoming more and more important. Debt settlement companies may offer to do this for you, but they charge a fee that is unaffordable for many that are already facing financial difficulty. Also, just by knowing some simple tips, it is quite easy to negotiate your credit card debt on your own.

The below tips can help you negotiate a settlement that is more manageable for you, and that will help you get out of debt faster.

Know Why Creditors are Willing to Negotiate

Before you have your first conversation with your creditor, it is important to know what motivates them to negotiate with you. Too many borrowers think the creditor is working against them, and that they will not be open to settling the debt. Fortunately, this is not true.

Credit card companies are often owned by banks, and the first priority for any company is to generate profit for the parent company and the shareholders. Once it becomes evident that you will not be able to pay your credit card balance, the priority of the company shifts slightly. Instead of focusing on recovering the entire debt, their concern is to recover as much as they can from you. The company will also become concerned with the prospect of you filing bankruptcy, which would result in them not being able to recover any of the debt.

If the company does not recover any debt from you, they must write it off, which results in the value of stocks decreasing, reduced dividend payments to shareholders, and even executives receiving fewer bonuses. To avoid these ramifications, the creditor will be willing to negotiate with you to recover at least a portion of the debt.

Understand Your Negotiation Options

Before negotiating a settlement with a creditor, it is important to know the options you have for an agreement.

When creditors are willing to negotiate with borrowers, they will likely want to enter into one of the below arrangements:

• Lump sum agreements: Just as the name implies, this type of agreement requires you to make a one-time lump sum payment for an amount that is lower than the total debt. This type of agreement only works, of course, if you can afford to pay the lump sum. Depleting your entire savings is generally not recommended to pay off debt, but a lump sum agreement may work if you just received an inheritance, a large tax refund, or a bonus at work.
• Workout agreement: A creditor may make many moves in a workout agreement, including lowering your interest rate, waiving or reducing the minimum monthly payment, or removing late fees. A workout agreement will lower the total amount of debt you owe, allowing you to pay it off in a shorter period of time.
• Hardship agreement: If you are having trouble paying your credit card bill due to a temporary situation, such as a job loss or illness, you may be eligible for a hardship agreement. This can include lowering interest rates and minimum monthly payments, but may also involve your credit card payments being suspended for a certain period of time.

Document Everything

Your negotiations with the credit card company will start when you first phone them, but it will not end there. You will likely have to speak to many different people on multiple occasions. Before making that first phone call, ensure you know the exact amount you owe, the amount of interest you are paying, and any other important details pertaining to your account.

Start the conversation by stating that you cannot afford to repay the total amount of the debt, but you want to pay something so the creditor recovers at least a portion of the debt. If you are thinking about filing bankruptcy, also mention this to them, as it will motivate them to negotiate a settlement with you.

There is a chance that the conversation will not go the way you had hoped, but it is important to note give up. As you speak to different people at the company, document everything that was said, as well as who you spoke to. If you do negotiate a deal, make sure the terms of the agreement are put into writing in the event that a dispute arises in the future.

Know the Potential Disadvantages

While negotiating a settlement for your credit card debt can help you start off with a clean slate, there are some disadvantages you should be aware of. The first is that negotiating a settlement can have a negative impact on your credit score. Even before a settlement is reached, the company may close or restrict your account and prohibit you from using credit in the future. You may also not have as much access to capital from other borrowing sources because you will be viewed as a bigger risk.

If you are given access to credit, you will also likely have to pay a much higher interest rate on the debt. This is also because you will be viewed as a higher risk. Even expenses such as your auto insurance premiums may increase.

Lastly, if the creditor forgives more than $600 in debt, the creditor will issue a Form 1099-C, Cancellation of Debt for personal tax return. According to the IRS, forgiven debt is considered taxable income. You should not take any steps to avoid filling out the 1099-C form and attaching it to your taxes. The creditor will contact the IRS and if you try to avoid paying taxes, you will face very serious consequences.

Our Debt Defense Lawyers in Broward County Can Negotiate On Your Behalf

It is possible to negotiate a debt settlement agreement on your own, but the thought is very intimidating to some people. If you are suffering from debt, our Broward County debt defense lawyers at Loan Lawyers can negotiate on your behalf to help you obtain the best agreement possible. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

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How Long Will a Foreclosure Take in Florida?

If you have missed several mortgage payments and are in fear of foreclosure, or if your lender has already sent you a default notice, you may think it is time to start packing your bags. Fortunately, even if your lender has started the foreclosure process, the situation is likely not that urgent yet.

Foreclosures do not happen automatically in Florida and there is a very specific procedure that must be followed. The procedure takes time and during that time, you may even be able to save your home. If you fear that your lender may start the foreclosure process soon, our Florida foreclosure defense lawyer outlines below how long it may take.

The Pre-Florida Foreclosure Process Timeline

Florida is a judicial foreclosure state, which means that before your lender can foreclose on your home, they must file a lawsuit against you and be successful with it. A lawsuit begins with filing a complaint with the court, and your lender will likely file that complaint within 30 to 90 days after your first missed mortgage payment.

Before the complaint is even filed with the court, your lender will likely send you a default notice 30 days after your missed payment. The default notice will notify you that you have missed a mortgage payment, and give you a chance to get caught up. If you receive a default notice, it is a warning sign that you may be headed towards foreclosure. However, lenders will rarely file a foreclosure lawsuit immediately following the default notice. They will usually wait 60 days after sending the notice before proceeding with the case.

Filing and Serving the Lawsuit

After the bank files a lawsuit and receives a case number, they will then serve you with the lawsuit. In most cases, they have to try multiple times to serve you with the lawsuit and if they still cannot reach you, they will use service by publication. This part of the process typically takes about 15 days.

Responding to the Complaint

After you have been served with the complaint, you must respond to it by either accepting or denying the allegations the lender made in their complaint. You can also file an affirmative defense. You must file your answer within 20 days of being served with the lawsuit. After the lender has heard your defenses, they will likely file a motion to strike, which they may or may not be successful with.

The Discovery Phase

Any trial will include a discovery phase, and that includes trials involving foreclosures. The discovery phase is an opportunity for both sides to request information from the other. That information can either help one party build their case, or defend against arguments made from the other side.

The discovery process may include a number of steps, such as:

• Interrogatories: These are written questions that are sent to the other side. The answers to these questions are also written and are given under oath.
• Request for production: A request for production is simply asking the other side to produce certain documents. After a request for production, the side being asked for information is required to provide it.
• Request for admissions: A request for admissions is a list of written statements that the other side is required to accept as true, or deny.

The discovery process will usually take between 45 and 90 days. When working with a Florida foreclosure defense lawyer, you may not even be aware that the discovery process is ongoing, but it is an important step.

The Final Hearing

If the lender believes they have a strong case, they may file a motion for a summary judgment. They are much more likely to be successful with this motion if you do not fight the foreclosure and do not attend the hearing. A summary judgment states that there are no facts or issues of the law that would interfere with a judgment being made. The lender must produce the note and mortgage during the hearings and if you raise any defenses, they must refute and defeat them.

If you are successful with your case at the final hearing, the foreclosure case is over and the process stops immediately. However, if the lender is successful with their case, the judge will likely enter a sale date within 35 to 120 days. The final hearing should take place anywhere between 60 and 90 days after the discovery phase.

The Impact of the Pandemic on Foreclosures

The COVID-19 pandemic has wreaked havoc on Florida, the entire country, and the rest of the globe. It has also had a significant impact on the schedules of the court. The courts are currently experiencing a great backlog, and it is estimated that it will take three years to clear that backlog. That being said, while the above timeline is a good guideline of how long a foreclosure may take, it may currently take a bit longer as the courts continue to try and clear their schedules.

The Statute of Limitations on Foreclosures in Florida

Like all civil cases, foreclosures in Florida are governed by a statute of limitations, or a time limit in which the lender must file the lawsuit. In Florida, this time limit is five years from the date of default. The statute of limitations usually runs consecutively, but certain actions may toll or extend the time limit. For example, if you file bankruptcy, it will likely toll, or suspend, the statute of limitations.

Call Our Foreclosure Defense Lawyers in Florida Today

If you have missed mortgage payments or have been served with a lawsuit from your lender, our Florida foreclosure defense lawyers can help with your case. At Loan Lawyers, we know that there are defenses available to foreclosure and we will use them effectively to give you the best chance of a favorable outcome in your case. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation and to learn more about your legal options.

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FAQs Surrounding Bankruptcy in Fort Lauderdale

If you have made the decision to file for bankruptcy, your life is already filled with questions. You are likely concerned about your future, and you are most definitely worried about how you are going to pay for your daily expenses. While dealing with all of these concerns, you also probably have many questions about the actual process of filing for bankruptcy. Most people that file for bankruptcy have not done so before and so, they have no idea what to expect.

Before you actually file bankruptcy, you need the answers to your most pressing questions. It is for this reason our bankruptcy lawyer in Fort Lauderdale has compiled a list of the most frequently asked questions surrounding the process, and the answers to them.

How Long Does Bankruptcy Take in Fort Lauderdale?

It is natural to want the bankruptcy process to be over as soon as possible. After all, once your debt is discharged you can start off with a clean slate, and you probably want that to happen sooner rather than later.

The length of your bankruptcy case will largely depend on what type of bankruptcy you file. In a Chapter 7 bankruptcy, you can have most of your debt discharged, meaning you are no longer responsible for paying it. After filing Chapter 7, your debts will likely be discharged within three to five months. If you are filing a ‘no asset’ case, your case will close at around the same time your debt is discharged. If you are filing an asset case, your debts will still be discharged within three to five months, but your case may take up to one year to close.

If you are filing a Chapter 13 bankruptcy, your bankruptcy case will take a little longer. During a Chapter 13 bankruptcy, you may have some of your debts discharged, but the majority of them will be restructured. This means they will be organized into a payment plan, which you will have to three to five years to repay. Your bankruptcy case will not close until you have followed through with that repayment plan.

What is the Biggest Bankruptcy Myth?

There are many myths surrounding the bankruptcy process but of all of these, there are two that are by far the biggest. They both surround Chapter 7 bankruptcy.

One predominant myth about Chapter 7 bankruptcy is that when a borrower is successful with their case, their debt is discharged and they do not suffer any consequences, other than perhaps paying a small filing fee. Unfortunately, this is not the case. After filing Chapter 7 bankruptcy, the bankruptcy trustee will value your assets and some of them may be sold off. The proceeds from these sales will go towards repaying as much of your debt as possible. Although state and federal law do provide some exceptions to the assets that can be seized during the bankruptcy process, you will likely still lose some assets.

Another prevailing myth about Chapter 7 bankruptcy is that everyone is eligible. Again, this is not the case. To qualify for Chapter 7 bankruptcy, you must first pass a means test. This test will consider your income and your debt to determine if you have the means to repay the amount you borrowed.

If you do not pass the means test, it does not mean you cannot still file for bankruptcy. However, you will have to file for Chapter 13 instead, which will mean that you will have to repay a significant portion of the debt back. Additionally, Chapter 13 has debt limitations, which means that if you have too much debt, you may not be eligible to file Chapter 7 bankruptcy.

What are the Benefits of Filing for Bankruptcy?

Many people turn to bankruptcy as a last resort, and bankruptcy is not often spoken about positively. However, filing for bankruptcy has many benefits. A bankruptcy will immediately stop the issues you are facing from debt collectors, including wage garnishment, debt collection lawsuits, and even potential foreclosures. After these problems are dealt with, you will feel a great sense of relief and can start evaluating your options for addressing your debt.

The second benefit of filing for bankruptcy is actually resolving your debt. The way you resolve your debt will depend on the type of bankruptcy you file, and show the debts are dealt with during the bankruptcy process. No matter what type of bankruptcy you file though, or how long the process takes, you will reap the benefit of your debt being behind you and starting over with a clean slate.

Can Bankruptcy Eliminate All of My Debt?

Perhaps one of the main questions our bankruptcy lawyers in Fort Lauderdale are asked is whether bankruptcy will eliminate all of a person’s debt. Again, a Chapter 13 bankruptcy will not totally wipe out all of your debt, although you may still be able to discharge a portion of them.

However, regardless of the type of bankruptcy you file, there are some types of debts that are considered non-dischargeable. These debts include child support, debt related to taxes, alimony, student loans, and debt obtained through fraudulent or improper means. If you have these types of debt, you likely cannot discharge it during the bankruptcy process. Still, eliminating other types of debt may help you pay off the debt you cannot discharge through bankruptcy.

Call Our Bankruptcy Lawyers in Fort Lauderdale Today

When filing for bankruptcy, you have a lot of questions. At Loan Lawyers, our Fort Lauderdale bankruptcy lawyers can answer any question you have, tell you what to expect during the process, and give you the best chance of a successful outcome. We have helped hundreds of clients through the process, and we want to help you, too. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation with one of our experienced attorneys and to learn more about how we can help with your case.

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Why is Velocity Investments, LLC Suing Me in South Florida?

If you have received a notice from Velocity Investments, LLC, you are likely very worried. You may not even know who the company is, or why they have filed a lawsuit against you. You may even think of the worst case scenario, the company securing a judgment against you to garnish your wages or levy your bank account.

Fortunately, the chances of this happening may not be as great as you think. It is common for Velocity Investments, LLC to file a lawsuit when they have no legal grounds to do so. If you have been notified of a lawsuit filed against you by Velocity Investments, LLC, our debt defense lawyers in South Florida can provide the legal defense you need.

Who is Velocity Investments, LLC?

Velocity Investments, LLC, is a buyer of junk debt in South Florida, and throughout the country. They are located in New Jersey and have been in business since 2003. On its own website, the company claims that it uses a “comprehensive collection strategy” that attempts to convert “distressed receivables to cash.” This essentially means that Velocity Investments, LLC, mainly focuses on recovering debt from old car loans, usually after repossession has taken place.

If you have received notice of a lawsuit from Velocity Investments, LLC, it is important to take it seriously. The company is legitimate, even though it may have several complaints filed against it. If you ignore the lawsuit because you think it is not legitimate, it will greatly hurt your case.

Why is Velocity Investments, LLC Suing Me?

Velocity Investments, LLC will sue you for one of two reasons. Either you actually owe the debt, and they actually own it or, and the far more likely reason, they are trying to collect a debt that you are not responsible for.

The company will hire a very experienced legal team to represent them during the case, but even though these firms have experience, it does not automatically mean the lawsuit is legitimate. These firms are highly experienced when it comes to these debt collection lawsuits and they have been around for years. It is crucial that you have a debt defense lawyer in South Florida that is just as experienced represent you.

Is Velocity Investments, LLC Violating the Law by Suing Me?

The answer to that depends on the facts of your case, but it is very common for Velocity Investments, LLC and other debt collectors like them, to try and collect on a debt that they do not own. In the case of Velocity Investments, LLC specifically, the debt will likely change many hands before it lands in the hands of the company.

For example, you purchase a car from a dealership and they offer to finance it for you. This is known as a “sale of a good” under the law. The dealership will sell that debt to another company, such as Cap One Auto or Citi. Once this second company has owned the debt for some time, they will then sell it to another company, such as Santander, one of the biggest car loan companies in the country. Santander will likely keep the debt for one or two years, and then repossess the vehicle if it is still left unpaid.

Once the repossession happens, you will still owe the remaining balance of the debt. The value of vehicles depreciates quite quickly. If you originally owed $20,000, and Santander recovered $8,000 of that value through the repossession, they will then argue that you owe the remaining $12,000. Santander will try to collect on this debt for some time but once they stop trying, they will sell it to Cascade, and then Cascade will sell it to Velocity Investments, LLC.

It is at this point that Velocity Investments, LLC will try to come after you for the debt. They will tell you that they now own the debt, but that is often not true. You have no way of knowing whether that is the truth or not, until Velocity Investments, LLC can prove they do. You would be surprised to learn how often they are unable to do that. Even more, not only does Velocity Investments, LLC have to prove that they own the debt, but they also have to be able to trace the sale of the debt back to the original car dealership.

It is Critical to Respond to the Lawsuit

There is a very good chance that Velocity Investments, LLC cannot prove they own the debt, or that you actually owe it. They are hoping that you will ignore the lawsuit. If you do, they can take the matter to court and secure a default judgment against you. At that point, they can start to garnish your wages and take other measures to collect on the debt. If you respond to the lawsuit though, you can defend it and raise the argument that you do not owe the debt, or that the company does not own it.

The Statute of Limitations May Have Passed

Another common tactic Velocity Investments, LLC often uses is to try and collect on debt when they have no legal right to do so. They often do this by filing a lawsuit against you after the statute of limitations has passed. This is the time limit for filing a debt collection lawsuit and in South Florida, that time limit is four years from the date of your last payment. If Velocity Investments, LLC does not file their lawsuit within this time, they have no legal right to try and collect on the debt.

Our Debt Defense Lawyers in South Florida Can Advise on Your Case

If you have received notification of a lawsuit filed against you by Velocity Investments, LLC, do not ignore it. At Loan Lawyers, our South Florida debt defense attorneys know how to defend against these lawsuits to help secure your financial future. Call us today at (954) 523-4357 or contact us online to schedule a free consultation and to learn more about how we can help.

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What Homeowners Should Know About Mortgage Forbearance

For many Florida homeowners, a slight change in their job or finances can turn everything upside down. Paying the bills alone can be a challenge. Add in the mortgage, and the financial strain can be overwhelming. If you’re in this position, don’t give up. A mortgage forbearance could be the answer to your problems.

Reach out to Loan Lawyers today. Our Fort Lauderdale foreclosure defense attorneys can explain how a mortgage forbearance may relieve your burdens during this challenging time. With our firm’s exclusive focus on foreclosure defense, debt defense, and bankruptcy law, Loan Lawyers can propose solutions to help you keep your home, obtain financial relief, and restore your peace of mind. Call or get in touch with us online today for a free consultation.

What Is a Mortgage Forbearance?

Mortgage forbearance is an option that enables homeowners to stop making payments on their homes temporarily. This can be a powerful tool to help you get back on track and start moving towards financial security. Depending on the situation you’re facing and the type of mortgage you hold, you may qualify for different types of forbearance terms.

If you choose to move forward with a forbearance, any payments that the lender reduces or defers under the program will be due later. But your options and rights may depend on the loan and the program you use. So, if you’re considering a mortgage forbearance, make sure to get solid advice from an experienced lawyer before making any decisions.

What Does Forbearance Mean Under the CARES Act?

Under the CARES Act, homeowners who are experience difficulties due to the COVID-19 pandemic may be eligible for a forbearance that could last up to a year. While it’s significantly easier for homeowners with a government-backed loan to obtain them, a forbearance may still be available in many situations.

But how does a mortgage forbearance work? Regardless of the type of loan you hold, an experienced forbearance lawyer can review your situation, answer your questions, and let you know if forbearance could work for you.

Is Mortgage Forbearance a Good Idea?

Whether forbearance is a good fit for you will depend on your unique needs and financial situation.

Here are some of the benefits of a forbearance:

• You can stay in your house.
• It can help you avoid late fees and foreclosure.
• While your forbearance will likely be reported to a credit bureau, it won’t be as detrimental to your credit score as a missed payment could be.

Potential cons of a forbearance include:

• You will still have to pay back the money owed once the grace period ends, which could result in higher mortgage payments.
• Unless your lender agrees not to report the forbearance to a credit agency, any future lenders will see the forbearance and may view you as a risky borrower.
• It is a temporary solution. Forbearance cannot help if you are having chronic problems making mortgage payments.

If a mortgage forbearance is not right for you, a knowledgeable lawyer can determine whether other alternatives could work given your circumstances.

Get a Foreclosure Defense Lawyer Today

Not sure about a mortgage forbearance? Get in touch with Loan Lawyers now. We believe that good people shouldn’t have to live with financial stress and anxiety. That’s why we’re here to help. We’ve saved more than 3,000 properties from foreclosure in South Florida and provided debt relief to thousands of deserving families. Let us help you, too.

Call or contact us now for a free case review. There’s no obligation.

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How to Fight a Unifund Debt Collection Lawsuit in Fort Lauderdale

Being served with a lawsuit filed against you by Unifund CCR, LLC is a frightening experience. You will likely feel overwhelmed by the legal jargon contained within the notice and summons, and may worry about how a lawsuit will affect your future.

Unifund is one of the biggest buyers of junk debts in the country, and their business model rests on the fact that the vast majority of borrowers will not respond to the lawsuit. If that is the case, they can obtain a default judgment and take legal action, even if you had a legal defense. A Fort Lauderdale debt defense lawyer can help you identify the defenses available in your case and give you the best chance of a successful outcome.

What is Unifund?

Unifund CCR, LLC, was founded in the late 1980s and is based in Cincinnati, Ohio, but they aggressively pursue borrowers in Fort Lauderdale and throughout the country. However, the company is one of the biggest buyers of debt in the country, and they often violate certain laws when trying to collect on that debt. Unifund purchases old debt from cell phone companies, hospitals and medical clinics, credit card companies, and other third party debt collection companies.

For example, if you have a Chase credit card and do not make a payment for four months, the company will write-off the debt and sell it to a debt collector, such as Midland Funding. Midland Funding will then sell that debt to Unifund CCR, LLC. By the time Unifund receives the debt, the statute of limitations has often run out, meaning the company has no right to take legal action on the debt. This is known as zombie debt but if you do not respond to the lawsuit, Unifund will still be able to successfully obtain a judgment against you.

Unifund Purchases Your Debt for Pennies on the Dollar

Like most debt collection companies, Unifund pays just pennies on the dollar for the debt they purchase. The original creditor is willing to let these large debts go for very little because they no longer have the supporting documentation necessary to legally collect on the debt. They simply provide Unifund with a spreadsheet that contains very basic information, such as your name and the amount the creditor claims you owe.

When any debt collector files a lawsuit against you, they must present significant evidence that proves the debt is yours, and that they have the right to collect on it using wage garnishment or other judgments. Creditors often lose this information and so, knowing they cannot collect on the debt, they will sell it to a third party collector that believes they can. The spreadsheet that contains your name, as well as thousands of others, is not sufficient evidence to prove Unifund can collect on the debt.

Generally speaking, debt collection companies purchase debts for approximately three percent of the total balance, so they make a profit of one dollar for every three cents recovered. Unifund also includes their attorney’s fees in their complaint against you, so they do not pay for those. David Rosenberg, CEO of Unifund, once said the company typically pays four to ten cents for junk debt, and that they recover an average of 20 cents. That equates to a profit between 150 and 200 percent, most of which is earned simply because debtors do not respond to the lawsuit.

How to Fight a Unifund Debt Collection Lawsuit in Fort Lauderdale

The vast majority of borrowers sued by Unifund do not respond to the lawsuit, hoping that ignoring the problem will make it go away. Unfortunately, this is not usually the way it works.

When filing a lawsuit against you, Unifund must prove:

• They are entitled to sue you
• You incurred the debt
• The total balance remaining that Unifund is trying to collect

If you can take action to protect yourself, it could save you thousands of dollars otherwise lost in a lawsuit. One of the simplest ways to do this is by forcing Unifund to prove the above aspects of their case. When working with an experienced consumer debt lawyer, you can file an answer that is sufficient and within the timeline outlined in the summons. Often, an answer is enough to protect you from the lawsuit and walk away from the case without paying anything.

Lawsuits involving junk debt can be resolved in several different ways. The case is dismissed by a judge, you agree to make a one-time payment that is a fraction  of the amount Unifund is demanding, or the company may voluntarily drop their case against you. If you work with a qualified lawyer, you will have a much better chance paying a smaller amount, or none at all.

Debt collectors such as Unifund also run into evidentiary issues during the case, even when they have obtained the proper documentation from the original creditor. If the company wants to introduce account balances or statements from credit cards into evidence, a custodian of records must be able to testify under oath and provide details about how the records were obtained, compiled, and processed. In most cases, Unifund will not employ such a person that can speak to the authentic nature of the documents, meaning they are then inadmissible in court.

There are many defenses to a Unifund debt collection lawsuit. The statute of limitations may have expired, or the company may not be able to prove the debt is yours, or that they have a legal right to collect on it. Regardless of the defense that may be available, it is crucial that you speak to a lawyer. Some defenses are considered affirmative and must be included in your answer.

Our Consumer Debt Lawyers in Fort Lauderdale Can Help with Your Case

If Unifund has filed a lawsuit against you, our Fort Lauderdale consumer debt attorneys at Loan Lawyers can provide the defense you need. We know the unethical tactics the company uses to collect on debt and have helped hundreds of borrowers successfully defend lawsuits. We want to help you, too. Call us today at (954) 523-4357 or fill out our online form to schedule a free consultation and to learn more about how we can help.

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How Many Mortgage Payments Can You Miss Before Foreclosure in Broward County?

A positive trend is coming out of Florida, a state known for its high rate of foreclosures and evictions. Some were worried those rates would skyrocket out of control, as protections and moratoriums enacted during the COVID-19 pandemic come to an end.

Fortunately, that does not seem to be the case. Still, economists are concerned that with the national moratorium on federally-backed mortgages expiring, all states will see an increase in foreclosure rates in the near future. The question is, how long will it take before an uptick in foreclosures is seen? How many mortgage payments can you miss before foreclosure begins?

Fewer Florida Homeowners are Behind on Their Mortgage

Florida is at the forefront of homeowners that are starting to catch up on their delinquent mortgage payments. Over the past six months, the number of homeowners delinquent in their mortgage payments dropped by one-third. Florida was outpaced by only Rhode Island and Nevada. There is less than one percentage point that separates the Sunshine State from the other two.

Currently, there are 1.45 million borrowers in the country that are 90 days or more past due on their mortgage, but are not yet facing foreclosure. That stat is startling and has many people wondering just how many mortgage payments you can miss before the foreclosure process starts in Broward County. Generally speaking, you can miss four mortgage payments before falling into foreclosure, but the exact amount depends on other factors, as well.

The Policies of Your Lender

The amount of mortgage payments you can miss before you face foreclosure will largely depend on the policies of your lender. If your lender has approved a large amount of low-risk loans, you may be able to miss more mortgage payments. Your lender may also make an allowance if you have extenuating circumstances. If you have only missed one payment, your lender is much more likely to forgive it and not take further action until you have missed two or more payments.

On the other hand, if your lender has a large amount of high-risk mortgage loans, they will likely be much more reluctant to offer any extensions. In this case, you may face foreclosure if you miss just two mortgage payments. This may occur even if you are not one of those high-risk borrowers because of the standards of the lender due to the overall default risk of the pool of mortgage loans.

The Housing Market

The general condition of your local real estate market is another determining factor in how many mortgage payments you can miss before losing your home. If there are a number of pending foreclosures in your neighborhood, there is a greater chance that you can stay in your home longer. The courts and housing authorities are often backlogged when many properties fall into foreclosure at the same time. As such, they will simply not have the time to get to your case right away. There have been instances in which homeowners were able to stay in their home after missing ten payments just for this reason.

After you have defaulted on one mortgage payment, your mortgage servicer will likely try and contact you to correct the situation. If they cannot reach you right away, they will likely try to contact you several times. If you have not paid your mortgage, your lender will usually try to contact you by the 36th day. If you have not made your mortgage payment by the 45th day, the servicer is required to contact you in writing to notify you of the options available to fix the situation.

The Timeline of a Typical Foreclosure

The timeline for any foreclosure will largely depend on the circumstances of the case, but there is a general timeline you can follow if you fear losing your home. It is as follows:

• The grace period: Most lenders will give you a 15-day grace period and if you can make the mortgage payment within this time, you will not face any further action. If you do not make your mortgage payment during this time, the case will become a bit more complex. Your lender will add late fees to the payment and may even report you to the major credit reporting bureaus, hurting your credit score.
• Default: If you miss a second mortgage payment, you are officially considered to be in default. The mortgage servicer will likely become more aggressive in trying to collect on the missed payments, and they are typically not as friendly at this point. This is often when missed mortgage payments become particularly frightening, but it is important to remember that you may still be able to contact your lender and reach an agreement. Lenders usually prefer to reach an agreement with borrowers rather than start the time-consuming and expensive foreclosure process.
• 90 day delinquency: If you are delinquent on your mortgage for 90 or more days, the situation becomes particularly serious. Your lender will likely give you up to 30 days to make the missed payments.
• Foreclosure: If you do not make the missed payments within the 30-day period offered by the lender, foreclosure proceedings will likely begin. By this time, you will have missed four full payments. However, there are defenses to foreclosure and receiving a notice does not mean you will lose your home.

Our Foreclosure Defense Lawyers in Broward County Can Help Save Your Home

The foreclosure process is not immediate for homeowners that are behind on their mortgage, but it is always a real possibility. If you fear losing your home, our Broward County foreclosure defense attorneys can help with your case. At Loan Lawyers, we have helped thousands of people remain in their home and avoid the foreclosure process, and we want to put our experience to work for you. Call us today at (954) 523-4357 or contact us online to schedule a free consultation so we can get started on your case.

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