How Much Does Foreclosure Cost in Broward County?

You have enough on your plate if you are facing foreclosure. You are behind several months on your mortgage and you may loss your home. As if all of that was not distressing enough, a foreclosure may also cost you extra money in fees, deficiency judgments, and more.

These additional costs will make it even more difficult for you to pay your mortgage and get your life back on track financially. While unpleasant to think about, you will not be able to get around paying these extra fees, as they are outlined in your mortgage contract. A foreclosure defense lawyer in Broward County can give you the best chance of avoiding these fees, and of keeping your home.

Fees in Foreclosure

You will face many different fees when facing foreclosure. These include:

• Title search fee: Once you start missing mortgage payments, the servicer will conduct a title search to ensure there are no other encumbrances on the property, such as a construction or mechanic lien. Any encumbrance on your property will have to be dealt with before possession can occur. The title search fee can cost hundreds of dollars.
• Attorney fees: You should always work with an attorney when you are facing foreclosure and unfortunately, they do have to charge fees for their services. However, you should find a lawyer that will offer a free consultation so they can review your case and outline some of your legal options. The cost of your attorney will depend on the complexity of your case, and the defenses that may be presented at trial. You will also have to pay the attorney fees of your lender if you are unsuccessful with your case. All of these fees can add up to thousands of dollars.
• Pre-acceleration late fee: Once the note has been accelerated, which means the servicer has demanded the loan be paid in full, the servicer is not allowed to assess late charges. Before the note is accelerated though, the servicer can charge you and that can cost hundreds of dollars.
• Private process server fee: Florida is a judicial foreclosure state, which means before the lender can repossess your home, they must file a lawsuit in civil court. When your lender files the lawsuit, they will have to serve you with the summons and complaint, and you will have to pay for that service. The cost is usually just under $100.

The Cost of Preserving the Property

Once your lender serves you with the foreclosure, they will inspect the property to determine its condition, and take steps to protect it and ensure it is properly maintained. They do this because they will have to sell the property once the foreclosure is over to recover the mortgage debt you took on and did not pay.

As the lender inspects the property, they will likely start by trying to determine if the home is occupied. Sometimes, when people are behind on their mortgage payments and know the home will foreclose, they simply walk away. These cases are known as zombie foreclosures. Even if you have walked away from your home, you will still be charged for the inspection and for any repairs that have to be done.

You will probably incur even more fees if you have already vacated the home. For example, the lender may have to set up lawn maintenance services, trash removal, and will likely have the locks replaced. These are just a few of the services the lender may have to make sure the home has, and you will pay for them. It is recommended that you do not just leave the property, even if you are facing foreclosure. Remaining in the property will not only result in lower property preservation costs, but it will also allow you to prepare a defense that may allow you to keep your home.

Can You Avoid Fees in Foreclosure?

If your lender has improperly assessed a fee, you may be able to get it removed from the amount you owe at the end. A foreclosure defense lawyer in Broward County will look at the fees to determine if they are valid, or if removal is necessary. If the fees were properly assessed, there is likely nothing you can do about them and you will have to eventually pay for them.

Deficiency Judgments

Sometimes, homeowners are responsible for paying a deficiency judgment after the foreclosure process. This most often happens after a short sale. If your home is sold during a short sale, it will sell for less than the full amount you still owe on the loan. As such, the lender will not recover the full amount they loaned you when you first took out the mortgage.

The lender will still want to recover the debt you owe and so, they may petition the court to get a deficiency judgment against you. If they are successful, the judge will issue the deficiency judgment and you will be responsible for the amount.

A foreclosure defense lawyer in Broward County can draft an agreement between you and the lender in which the lender waives their right to pursue a deficiency judgment against you. Lenders will sometimes also pursue a deficiency judgment if they have agreed to a deed-in-lieu of foreclosure, so it is important to work with a lawyer that can advise you of your legal options, and protect your rights.

Our Foreclosure Defense Lawyers in Broward County Can Provide Sound Legal Advice

Facing foreclosure is one of the most stressful things a person could go through, but you do not have to go through it alone. At Loan Lawyers, our Broward County foreclosure defense lawyers can advise on your case and protect your best interests, so you face as few consequences as possible. Call us today at 954-523-4357 or fill out our online form to schedule a free consultation with one of our knowledgeable attorneys and to learn more about how we can help with your case.

People Also Ask

• Are foreclosures going up in Florida?
• How much does it cost to foreclose?
• How are foreclosure fees calculated?
• Are foreclosure fees mandatory?

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Top Ten Ways to Avoid Credit Card Debt in Fort Lauderdale

Americans are carrying more and more credit card debt every year and for many, the burden is too great to bear. With so many more people taking on this debt every year, it also means more lawsuits are being filed every year by creditors and debt collectors against borrowers. For many people, the judgments issued in these lawsuits are devastating and for some borrowers, the only way out is to file bankruptcy.

Bankruptcy is a good option for those that are carrying too much debt, but it should only be used as a last resort, as this option also comes with some consequences. The best way to avoid a debt lawsuit is to simply not incur too much credit card debt in the first place. While this may sound difficult, our Fort Lauderdale debt defense lawyer offers some simple tips that can make it easier.

Create a Safety Net

The best safety net you can have is an emergency savings account you can tap into in the event that unexpected expenses come up, such as major car repairs or medical bills. Ideally, your emergency savings account should have enough to cover six months of living expenses. However, everyone has to start somewhere so even if you only start with $500 or $1,000 in your emergency savings, this can still be enough to provide for those expenses without using a credit card.

Only Purchase What You Can Really Afford

Many people think they can afford to make a purchase on their credit card because they can repay it over time. Unfortunately, if you have to do this, it means you cannot afford the purchase. Rationalizing that you can make payments over time to repay the debt is essentially just giving away your future income. So, how do you know if you can really afford to make a purchase on your credit card? Determine if you have enough cash, either on you or in the bank, to buy the item. If you do, you can likely afford it and can use your credit card for the purchase.

Do Not Make Unnecessary Balance Transfers

Sometimes, it makes sense to transfer a balance from a credit card with a high interest rate to one that has a lower interest rate. After all, you will pay less in interest, reducing the amount of overall debt you have to pay.

However, you have to be careful when making balance transfers. For example, if you simply want to beat the credit system and you transfer a payment to avoid a payment due date, this strategy could backfire. Transferring balances repeatedly while you avoid paying a substantial portion of the debt will lead to a balance that continues to increase on the card you transfer the balance to, particularly after the balance transfer fee is added.

Make All Payments on Time

To avoid credit card debt, you may stay on track with all of your credit card payments. If you do not make even one payment, the next payment due is going to be much higher, as it will constitute the payment you missed, the new payment, and any late fees you incurred. This makes it incredibly hard to catch up, and it will also place a strain on your budget. Once you are in this position, you will have to rely on your credit cards even more, putting you further into the hole.

Pay Off Your Full Balance Every Month

This is probably the number one piece of advice given to those that are trying to avoid credit card debt. However, it bears repeating any time you are considering how to lower your payments and get yourself out of debt. If you have a zero balance at the beginning of every month, you will never have to worry about getting in over your head with credit card debt.

Identify when You are in Over Your Head

If you are regularly spending more than you earn, have received default notifications, or you have used one credit card to pay for another, you are likely in over your head financially. To avoid falling even deeper into debt, you should recognize the signs that you are in over your head so you can take action as soon as possible.

Do Not Take Out Cash Advances

Using a credit card is always expensive, but there are some ways of using it that are more expensive than others. One of these is by taking out a cash advance. If you use your credit card to take out cash, the creditor will likely start charging you interest from the day you take out the cash, instead of at the end of the month, as they usually do.

Do Not Let Anyone Use Your Card

This one may seem like common sense, but you should never let anyone else use your credit card. While your intentions may be good, you will still be responsible for the debt they incur, even if they refuse to repay you.

Know the Terms of Your Agreement

The best way to understand the interest rate you will pay, the fees the creditor will charge, and more, you must understand the terms of your agreement. Simply by knowing these terms, you will know more about your credit card, and how to avoid using it so you do not get too deep into debt.

Limit the Number of Cards You Carry

Simply put, the more cards you carry, the greater chance there is that you will get too far into debt. Generally speaking, you should only carry a maximum of three credit cards. This will give you two to carry on you, and one to keep in a safe place in case of emergency.

Call Our Debt Defense Lawyers in Fort Lauderdale

There are many tips you can use to avoid credit card debt but unfortunately, they do not always work. When that is the case, our Fort Lauderdale debt defense lawyers at Loan Lawyers can help. We know the strategies that will give you the best chance of a successful outcome and will protect your interests at all times. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

People Also Ask:

• What is the most effective way to avoid excessive credit card debt?
• What is the fastest way to eliminate credit card debt?
• How can I legally get rid of my credit card debt?

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What Happens to Tenants When a Property Forecloses in Broward County?

As moratoriums on foreclosures and evictions have expired, more property owners are going to face foreclosure in the coming months. Many of those property owners are landlords, and the buildings they own are rental properties. Often, the tenants inside those properties have continued paying their rent on time, and think they should not have to face consequences brought on by something that was not their fault. So, what happens to tenants when a property forecloses in Broward County?

Protecting Tenants at Foreclosure Act of 2009

Prior to 2009, if a rental property was foreclosed and tenants lived within it, the new owner could evict both property owners and tenants when they took over ownership of the home. The foreclosure automatically terminated the lease and evicted any tenants, who were also not given a great deal of time to leave the premises. In most instances, the eviction came as a complete shock to renters because they had no idea the landlord was not paying the mortgage. Fortunately, Congress passed the Protecting Tenants at Foreclosure Act of 2009, which now provides much greater protections for tenants.

Under the Act, anyone that purchases a property at a foreclosure sale is required to give tenants 90 days notice to vacate the property. However, this requirement is only in place if the new owner intends to live within the property themselves. If the new owner is not going to move into the property and live there on their own, they must allow the tenant to continue living in the property for the remainder of their lease. If the tenants do not have a lease, the new owner must provide them with 90 days notice to vacate the property.

The Act has undergone many transformations since the time it was enacted. The Act initially contained a sunset provision, which meant it would automatically expire in 2012 unless Congress renewed it. Since that time the Act has been renewed, and many changes have been made to it, although the above provisions and protections still stand. In 2018, the Trump Administration made the Act permanent.

Exceptions Under the Law

Although the law does provide greater protections for tenants than it once did, there are some exceptions under the law. If the borrower is still residing within the home, they are not granted any protections under the law. Also, if the rent a tenant is paying is deemed to be “substantially lower than fair market value for their living space,” can be evicted without the proper notice that is typically required under the law.

Still, what is considered “substantially lower” is not defined under the law. Instead, it is left entirely to the judge’s discretion. As such, tenants can argue that their rent is not substantially lower than fair market value. The law does protect low-income tenants that pay lower than market value because they rely on certain government programs.

Do Tenants Still Have to Pay Rent During Foreclosure?

Losing your home is very upsetting, whether you are a property owner that is being foreclosed on, or a tenant that is losing their home due to eviction or foreclosure. Some people become so upset that they want to retaliate against the landlord by not paying rent. Others believe they are not obligated to pay rent if the landlord is not using it to pay the mortgage on the property. Unfortunately, this is not true.

Until the foreclosure is final, the landlord still technically owns the property. As a result, if you stop paying rent for any reason, your landlord will still have the right to evict you. Landlords are not required to use rental income for paying the mortgage on the property and so, you cannot stop paying rent and use this as a defense.

If you live in a multi-family dwelling, such as in an apartment building, the mortgage on the property likely includes an assignment of rents clause in the home loan contract. Under this clause, the lender is allowed to collect rents directly from tenants any time a landlord stops paying the mortgage on the property. Lenders must provide tenants with adequate notice that they will be collecting the rent instead of the landlord.

What Happens to the Security Deposit if a Rental Property Forecloses?

When a landlord’s rental property goes into foreclosure, it is typically because they have fallen on hard times financially. As a result, if you have paid a security deposit, you may fear that you will never get it back, even if you have paid your rent in a timely manner and kept the property in good condition. You may already assume that your landlord simply cannot afford to give your security deposit back to you.

Under the law, your landlord is required to return your security deposit to you, even if the property is lost in foreclosure. However, because landlords often cannot financially afford this, the only recourse you likely have if your landlord refuses is to file a lawsuit against them in small claims court.

Speaking to Your Landlord

Again, many tenants do not even know their landlord has fallen onto hard financial times and so, the foreclosure comes as a shock. Once you learn of the foreclosure, it is important to speak to your landlord so you can learn what they intend to do about it. Just because a lender has started the foreclosure process does not mean your landlord will lose the home, as there are many defenses available. Speak to your landlord and ask if they are going to allow the foreclosure to continue so you can start making plans in case you do have to find a new place to live.

Call Our Foreclosure Defense Lawyers in Broward County Today

If your landlord or a new owner has not upheld your rights, or you are facing foreclosure, our Broward County foreclosure defense lawyers at Loan Lawyers can help. We will always protect your best interests and advise you of the legal strategies that will give you 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 and to obtain the legal advice you need.

People Also Ask:

• What happens to tenants when a property is foreclosed in Florida?
• Do I still have to pay rent if the house is in foreclosure in Florida?
• What happens to tenants during a foreclosure?
• How do you evict an owner after foreclosure?

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Top Ten Ways to Avoid Credit Card Debt in Fort Lauderdale

Americans are carrying more and more credit card debt every year and for many, the burden is too great to bear. With so many more people taking on this debt every year, it also means more lawsuits are being filed every year by creditors and debt collectors against borrowers. For many people, the judgments issued in these lawsuits are devastating and for some borrowers, the only way out is to file bankruptcy.

Bankruptcy is a good option for those that are carrying too much debt, but it should only be used as a last resort, as this option also comes with some consequences. The best way to avoid a debt lawsuit is to simply not incur too much credit card debt in the first place. While this may sound difficult, our Fort Lauderdale debt defense lawyer offers some simple tips that can make it easier.

Create a Safety Net

The best safety net you can have is an emergency savings account you can tap into in the event that unexpected expenses come up, such as major car repairs or medical bills. Ideally, your emergency savings account should have enough to cover six months of living expenses. However, everyone has to start somewhere so even if you only start with $500 or $1,000 in your emergency savings, this can still be enough to provide for those expenses without using a credit card.

Only Purchase What You Can Really Afford

Many people think they can afford to make a purchase on their credit card because they can repay it over time. Unfortunately, if you have to do this, it means you cannot afford the purchase. Rationalizing that you can make payments over time to repay the debt is essentially just giving away your future income. So, how do you know if you can really afford to make a purchase on your credit card? Determine if you have enough cash, either on you or in the bank, to buy the item. If you do, you can likely afford it and can use your credit card for the purchase.

Do Not Make Unnecessary Balance Transfers

Sometimes, it makes sense to transfer a balance from a credit card with a high-interest rate to one that has a lower interest rate. After all, you will pay less in interest, reducing the amount of overall debt you have to pay.

However, you have to be careful when making balance transfers. For example, if you simply want to beat the credit system and you transfer a payment to avoid a payment due date, this strategy could backfire. Transferring balances repeatedly while you avoid paying a substantial portion of the debt will lead to a balance that continues to increase on the card you transfer the balance to, particularly after the balance transfer fee is added.

Make All Payments on Time

To avoid credit card debt, you may stay on track with all of your credit card payments. If you do not make even one payment, the next payment due is going to be much higher, as it will constitute the payment you missed, the new payment, and any late fees you incurred. This makes it incredibly hard to catch up, and it will also place a strain on your budget. Once you are in this position, you will have to rely on your credit cards even more, putting you further into the hole.

Pay Off Your Full Balance Every Month

This is probably the number one piece of advice given to those that are trying to avoid credit card debt. However, it bears repeating any time you are considering how to lower your payments and get yourself out of debt. If you have a zero balance at the beginning of every month, you will never have to worry about getting in over your head with credit card debt.

Identify when You are in Over Your Head

If you are regularly spending more than you earn, have received default notifications, or you have used one credit card to pay for another, you are likely in over your head financially. To avoid falling even deeper into debt, you should recognize the signs that you are in over your head so you can take action as soon as possible.

Do Not Take Out Cash Advances

Using a credit card is always expensive, but there are some ways of using it that are more expensive than others. One of these is by taking out a cash advance. If you use your credit card to take out cash, the creditor will likely start charging you interest from the day you take out the cash, instead of at the end of the month, as they usually do.

Do Not Let Anyone Use Your Card

This one may seem like common sense, but you should never let anyone else use your credit card. While your intentions may be good, you will still be responsible for the debt they incur, even if they refuse to repay you.

Know the Terms of Your Agreement

The best way to understand the interest rate you will pay, the fees the creditor will charge, and more, you must understand the terms of your agreement. Simply by knowing these terms, you will know more about your credit card, and how to avoid using it so you do not get too deep into debt.

Limit the Number of Cards You Carry

Simply put, the more cards you carry, the greater chance there is that you will get too far into debt. Generally speaking, you should only carry a maximum of three credit cards. This will give you two to carry on you, and one to keep in a safe place in case of emergency.

Call Our Debt Defense Lawyers in Fort Lauderdale

There are many tips you can use to avoid credit card debt but unfortunately, they do not always work. When that is the case, our Fort Lauderdale debt defense lawyers at Loan Lawyers can help. We know the strategies that will give you the best chance of a successful outcome and will protect your interests at all times. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.

The post Top Ten Ways to Avoid Credit Card Debt in Fort Lauderdale appeared first on Loan Lawyers.

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What Happens to Tenants When a Property Forecloses in Broward County?

As moratoriums on foreclosures and evictions have expired, more property owners are going to face foreclosure in the coming months. Many of those property owners are landlords, and the buildings they own are rental properties. Often, the tenants inside those properties have continued paying their rent on time, and think they should not have to face consequences brought on by something that was not their fault. So, what happens to tenants when a property forecloses in Broward County?

Protecting Tenants at Foreclosure Act of 2009

Prior to 2009, if a rental property was foreclosed and tenants lived within it, the new owner could evict both property owners and tenants when they took over ownership of the home. The foreclosure automatically terminated the lease and evicted any tenants, who were also not given a great deal of time to leave the premises. In most instances, the eviction came as a complete shock to renters because they had no idea the landlord was not paying the mortgage. Fortunately, Congress passed the Protecting Tenants at Foreclosure Act of 2009, which now provides much greater protections for tenants.

Under the Act, anyone that purchases a property at a foreclosure sale is required to give tenants 90 days notice to vacate the property. However, this requirement is only in place if the new owner intends to live within the property themselves. If the new owner is not going to move into the property and live there on their own, they must allow the tenant to continue living in the property for the remainder of their lease. If the tenants do not have a lease, the new owner must provide them with 90 days notice to vacate the property.

The Act has undergone many transformations since the time it was enacted. The Act initially contained a sunset provision, which meant it would automatically expire in 2012 unless Congress renewed it. Since that time the Act has been renewed, and many changes have been made to it, although the above provisions and protections still stand. In 2018, the Trump Administration made the Act permanent.

Exceptions Under the Law

Although the law does provide greater protections for tenants than it once did, there are some exceptions under the law. If the borrower is still residing within the home, they are not granted any protection under the law. Also, if the rent a tenant is paying is deemed to be “substantially lower than fair market value for their living space,” can be evicted without the proper notice that is typically required under the law.

Still, what is considered “substantially lower” is not defined under the law. Instead, it is left entirely to the judge’s discretion. As such, tenants can argue that their rent is not substantially lower than fair market value. The law does protect low-income tenants that pay lower than market value because they rely on certain government programs.

Do Tenants Still Have to Pay Rent During Foreclosure?

Losing your home is very upsetting, whether you are a property owner that is being foreclosed on, or a tenant that is losing their home due to eviction or foreclosure. Some people become so upset that they want to retaliate against the landlord by not paying rent. Others believe they are not obligated to pay rent if the landlord is not using it to pay the mortgage on the property. Unfortunately, this is not true.

Until the foreclosure is final, the landlord still technically owns the property. As a result, if you stop paying rent for any reason, your landlord will still have the right to evict you. Landlords are not required to use rental income for paying the mortgage on the property and so, you cannot stop paying rent and use this as a defense.

If you live in a multi-family dwelling, such as in an apartment building, the mortgage on the property likely includes an assignment of rents clause in the home loan contract. Under this clause, the lender is allowed to collect rents directly from tenants any time a landlord stops paying the mortgage on the property. Lenders must provide tenants with adequate notice that they will be collecting the rent instead of the landlord.

What Happens to the Security Deposit if a Rental Property Forecloses?

When a landlord’s rental property goes into foreclosure, it is typically because they have fallen on hard times financially. As a result, if you have paid a security deposit, you may fear that you will never get it back, even if you have paid your rent in a timely manner and kept the property in good condition. You may already assume that your landlord simply cannot afford to give your security deposit back to you.

Under the law, your landlord is required to return your security deposit to you, even if the property is lost in foreclosure. However, because landlords often cannot financially afford this, the only recourse you likely have if your landlord refuses is to file a lawsuit against them in small claims court.

Speaking to Your Landlord

Again, many tenants do not even know their landlord has fallen onto hard financial times and so, the foreclosure comes as a shock. Once you learn of the foreclosure, it is important to speak to your landlord so you can learn what they intend to do about it. Just because a lender has started the foreclosure process does not mean your landlord will lose the home, as there are many defenses available. Speak to your landlord and ask if they are going to allow the foreclosure to continue so you can start making plans in case you do have to find a new place to live.

Call Our Foreclosure Defense Lawyers in Broward County Today

If your landlord or a new owner has not upheld your rights, or you are facing foreclosure, our Broward County foreclosure defense lawyers at Loan Lawyers can help. We will always protect your best interests and advise you of the legal strategies that will give you 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 and to obtain the legal advice you need.

People Also Ask

• What happens to tenants when a property is foreclosed in Florida?
• Do I still have to pay rent if the house is in foreclosure in Florida?
• How do you evict an owner after foreclosure?
• How do foreclosures work in Florida?

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How to Reduce Damage to Your Credit Report Due to Medical Bills

People get in over their heads with bills all the time. When it comes to the financial struggle these bills cause, they may not seem that unique from each other. One of the most common expenses that results in people struggling financially is medical bills. Although medical bills can place a financial strain on people, these costs are fairly different from others. If you have incurred high medical bills and are now wondering how to pay for them, or how they will affect your credit score, below is the information you need to know.

Medical Bills Do Not Affect Your Credit Right Away

Some creditors will report a late payment or non-payment right away, sometimes days within the bill being overdue. This is not the case with medical bills, though. The majority of health care providers will not report to the credit bureaus, so it is possible to carry a large balance or make late payments and not have them affect your credit score.

However, health care providers will send your unpaid bill to a debt collector, and that debt collector may report the unpaid balance to a credit bureau, such as TransUnion. Still, you will typically have at least 60 days before the balance is reported. Additionally, medical debt should not appear on your credit report until the balance is a minimum of 180 days past due. Debt collectors will still try to collect on the debt though, even before they have reported it to the credit bureau.

Make Sure the Medical Bill is Correct

You should always make sure any bill you receive is correct and that the creditor or company is asking for the right amount. Medical billing errors are extremely common, and those mistakes can cost you a great deal of money.

You may receive documentation from a health care provider that clearly states “This is not a bill” and be tempted to throw it away. Do not. These documents often itemize the procedures and medications you have received that your insurance company is being billed for. Always keep your bills and these itemized lists and cross-reference them with each other so you can ensure they are accurate.

If you are in the hospital, try and keep a record of any tests you have undergone or medication you have been given. If you cannot do this yourself, ask someone you know personally to do it for you. Compare your own notes to the invoice when it arrives. You may also be able to negotiate a payment plan or a discounted amount with the hospital billing office.

Consider Your Payment Method

You may want to use your credit card to pay off your medical bills, but this is not usually recommended. Medical bills have a great deal of protection for patients and if you transfer the amount owed from your medical bills to your credit card, you lose those protections. If you are expecting your insurance to cover a portion of the amount, or you believe you can negotiate a lower payment, you should try these avenues before you do anything else. After you have paid the bill, you no longer have any negotiating power.

On the other hand, if debt collectors have already started to call you trying to recover the debt, you may want to use a credit card to pay it. Once a debt collector starts calling, it means the protections no longer apply and the collections company will continue to contact you until the total amount is paid. If you pay the medical debt with a credit card, the calls from the collection agency will stop immediately. However, if you do use a credit card to pay your medical bills, always make sure you choose the one that has the lowest interest rate so you do not end up paying too much.

A Personal Loan Can Help You Pay Your Medical Debt

If you can get approved for a personal loan, this can be a very good option to repay medical debt. Personal loans typically have a much lower interest rate than credit cards and so, a personal loan could save you more money in the long run. A personal loan also will not have the drastic impact on your credit score as a credit card will.

Consider Bankruptcy

Bankruptcy should only be used as a last resort, but it can give you the chance at a clean slate if you find your medical bills impossible to pay. Many different types of debt can be discharged through bankruptcy, and that includes medical expenses. Additionally, if debt collectors have already started to contact you about the overdue debt, an automatic stay will be issued that will prevent debt collectors from making these calls. Bankruptcy will affect your credit score, but you can rebuild it over time.

Address the Issue

A drop in your credit score will not last forever, but it can have serious impacts for you.

Fortunately, there are some ways that can help you bounce back. These include:

• Pay your bills on time whenever possible. If that is not possible, you should contact your creditor right away to determine if there is an arrangement that can be made so your account is not reported to the credit bureaus.
• Using a credit card to recover medical debt will lower your credit utilization rate, which will cause your score to drop.
• Keep all credit card accounts open if at all possible. Closing them will only hurt your credit score.

Our Debt Defense Lawyer in Fort Lauderdale Can Help with a Lawsuit

If a medical provider or debt collector has already threatened legal action against you, our Fort Lauderdale debt defense lawyer at Loan Lawyers can help with your case. We have successfully defended hundreds of clients against these lawsuits, 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.

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How to Use a Deed in Lieu of Foreclosure in Fort Lauderdale

While it may not seem like it, you have a lot of options when facing foreclosure, and a deed in lieu of foreclosure is one of them. A deed in lieu of foreclosure will allow you to avoid foreclosure, while still freeing yourself from the mortgage payments you are unable to afford. Instead of waiting for the lender to foreclose on your home, you simply sign off on the deed and voluntarily transfer ownership of the home to your lender. If you are facing foreclosure in Fort Lauderdale, it is important to know your options. Below are the basics of using a deed in lieu of foreclosure.

How Does a Deed in Lieu of Foreclosure Work?

If you want a deed in lieu of foreclosure, you will have to work with your mortgage lender to get it. Every lender sets out their own requirements for this so, you will need to ask them what their process is. You should explain that you are unable to make payments, but that you would like to avoid foreclosure.

While the process will vary lender by lender, there are some aspects of the process that are fairly common. These are as follows:

• Call your lender and ask to start the deed in lieu of foreclosure process. They may ask you to fill out an application, which may include providing details about your finances, including your budget and monthly payments.
• Gather important documentation that will help you prove your financial hardship to your lender. These documents may include pay stubs that show your income, utility bills and other invoices that show your monthly expenses, and bank account statements.
• Once you have spoken to your lender and asked about a deed in lieu of foreclosure, you have to be patient and give your lender time to respond. You will likely have to wait at least 30 days before hearing back from your lender, and perhaps even more. You can call to ask for a status update, but also be aware that you will likely have some waiting to do. Any time your lender asks you for additional information, provide it as quickly as possible to reduce the waiting time.
• If your deed in lieu of foreclosure is approved, you should speak to a foreclosure defense lawyer that can help you through the rest of the process. Ideally, you should speak to a lawyer even before you speak to your lender, as they can provide you with sound legal advice from the very beginning of your case. A lawyer can also try to shield you from a deficiency judgment, which could cost you thousands of dollars at a time when you can ill afford it.

Pros of a Deed-in-Lieu of Foreclosure

There are many pros of obtaining a deed in lieu of foreclosure. These include:

• You may qualify for relocation assistance: Moving is expensive, and you will face increased costs just to move out of your home, at a time when you are already experiencing financial trouble. However, by saving your lender from the hassle of a foreclosure, you are also saving them time and money. That may give the lender an incentive to provide you with up to $3,000 in moving expenses if you leave the home in a timely manner and leave it in a good condition.
• You may be able to purchase another home sooner: If you allow your home to foreclose, you may have to wait many, many years before you qualify to purchase another home. A deed-in-lieu of foreclosure though, stops a foreclosure from occurring. The deed-in-lieu of foreclosure will still remain on your credit report for up to seven years as a debt you owed and did not fully repay. Still, you may qualify to purchase a home sooner. If you want to qualify for a conventional mortgage through Fannie Mae, you may be eligible within two years of completing the deed-in-lieu.
• You can save money: If your lender forecloses on your home, they may also pursue a deficiency judgment, which would make you responsible for paying the difference between what is still owed on the loan and what was recovered at the short sale. With a deed-in-lieu of foreclosure, your lawyer can draft an agreement in which the lender waives their right to pursue a deficiency judgment.

While a deed-in-lieu will bring many benefits, there are also some potential downsides you should consider.

Cons of a Deed-in-Lieu of Foreclosure

A deed-in-lieu of foreclosure will save you from an actual foreclosure, but that does not mean you will walk away from your home free and clear.

There are some disadvantages a deed-in-lieu of foreclosure will bring, and they are as follows:

• You will lose your home: Although a deed-in-lieu of foreclosure will stop the foreclosure process, and many negative impacts that come along with it, the process will still result in you losing your home.
• There are tax implications: If the debt forgiven on your home totals more than $600, which is likely, that forgiven debt is treated as taxable income and you must report it within your tax return.
• Your credit will take a hit: A deed-in-lieu of foreclosure will not remain on your credit report as long as a foreclosure, but it will still show up on your report. That will make it more difficult for you to obtain a loan or any kind of credit in the future.

Call Our Debt Defense Lawyer in Fort Lauderdale Today

If you are facing foreclosure and want to learn more about deed-in-lieu of foreclosure, or other options, our Fort Lauderdale debt defense lawyers at Loan Lawyers are here to help. Call us today at (954) 523-4357 or contact us online to schedule a free consultation and to obtain the sound legal advice you need during this difficult time.

The post How to Use a Deed in Lieu of Foreclosure in Fort Lauderdale appeared first on Loan Lawyers.

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