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Loan Modification vs. Bankruptcy Archives

Florida pitcher Hernandez files for Chapter 13 bankruptcy

Florida baseball fans certainly remember watching Livan Hernandez pitch in the 1997 World Series, bringing the Marlins to victory and winning the honor of Most Valuable Player. However, Hernandez may feel anything but victorious these days, and the value of most concern is likely his dwindling assets. Fans may have been surprised to learn that the retired pitcher recently filed for Chapter 13 bankruptcy.

Loan modification may not solve mortgage problems

Waking up in the morning to the fear that something bad is going to happen can begin to wear on a person. Will the bank call again today? Will another notice arrive in the mail about the defaulted mortgage? What options are left when there simply is not enough money coming in to pay all the bills? Some may consider contacting the bank to discuss a loan modification, but this course of action is not always successful.

Recent loan modification lawsuits provide lessons for consumers

Many Florida residents and others around the country struggle to make their mortgage payments each month. In some cases, consumers have sought a loan modification from their lenders to potentially reduce the amount of required monthly payments. However, there have been a number of court cases challenging if some of these modifications are legally binding.

Couple seeking loan modification faced foreclosure

Many Florida residents and others across the country experienced financial difficulty in the recent mortgage crisis. In efforts to avoid foreclosure, some homeowners started the loan modification process. Working with financial institutions to lower monthly mortgage payments enabled some to stay in their homes. Despite following instructions from their bank, one couple's efforts to get their loan modified resulted in unexpected foreclosure proceedings.

Loan modification popular option for consumers

Many Florida homeowners experiencing financial difficulties are considering all possible options when it comes to avoiding foreclosure and keeping their homes. A loan modification is often a welcome remedy for families struggling to stay current with house payments and meet other obligations. Approximately 29,000 homeowners had their loans permanently modified in Jan. 2017.

Ruling on post-bankruptcy loan modification benefits borrowers

Florida residents overwhelmed by debt may choose bankruptcy as an option in getting a fresh start with their finances. Several issues arise when a loan modification is sought following a bankruptcy discharge. A recent ruling by a judge in the nation's Bankruptcy Court may make the situation more difficult for lenders in this situation.

Recent loan modification defaults faster than in previous years

A prominent credit rating agency has published a report on lending trends in Florida and across the country. One area of interest was the default rate for loans that were modified. The study states that a loan modification that took place since 2014 was more like to re-default faster than a loan that was modified earlier.

End of federal program will change loan modification program

The new administration in Washington has no plans to replace a program that expired in December after being in place for the past eight years. The Home Affordable Modification Program was established in 2009 in an effort to help struggling families during the mortgage crisis. Many Florida residents and others across the country whose objective was avoiding home foreclosure through loan modification hoped to participate in the program. However, the program was not as successful as the former administration had hoped.

Avoiding home foreclosure can be a slippery slope

When finances are strained, making a mortgage loan payment could be difficult. Missing even one payment could begin a slippery slope to avoiding home foreclosure. Most Florida residents will exhaust all of their options trying to save their homes.

Beware of loan modification schemes

When Florida homeowners are unable to make their mortgage payments, they can begin to panic and look for a way to avoid losing their homes. It is this group of people that can easily become the target of loan modification schemes. Recently, two men were recently sentenced to prison for taking advantage of their victims' fears, and four others are awaiting sentencing.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
Suite 204
Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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