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Loan Modification vs. Bankruptcy Archives

Homeowners have options for avoiding home foreclosure

Owning a home can be a stressful but rewarding experience -- from tackling those first home repairs to arguing with one's spouse over paint colors, there is truly nothing else like it. For those who encounter brief financial problems that make paying the mortgage difficult, those experiences could all disappear with foreclosure. It is important for Florida homeowners to understand that there are options for avoiding home foreclosure. 

Can I use a mortgage modification to avoid foreclosure?

A home is more than just a building -- it is a place where Florida families make memories, put up decorations to make their own and lay down roots for the future. Unfortunately, financial changes of any kind can threaten one's ability to keep a home. Mortgage modification may be an option for some homeowners struggling to keep up with their monthly payments.

Tax exclusions for loan modification and other debt forgiveness

The recent mortgage crisis was devastating for many Florida residents and others around the country. Homeowners in financial straits often had difficulties making house payments in a timely manner. In many instances, those struggling financially were faced with a loan modification, foreclosure or short sale. Consumers were allowed to deduct these forms of mortgage debt forgiveness on their taxes. Industry advocates are hoping to make this tax exclusion permanent.

Servicing company in lawsuit over loan modification practices

Loan servicers in Florida and elsewhere around the country handle many activities in the mortgage lending process. Since many lenders do not service the loans they make, servicers often collect the principal, interest and escrow payments from those who have obtained a mortgage loan. While many servicing companies are reputable and are even sponsored by government agencies, others have questionable practices. A homeowner in another state recently complained that his servicer violated several statutes during his loan modification process.

Company took advantage of those seeking loan modification

Many Florida residents and others around the nation were looking for financial relief during the most recent mortgage crisis. Many homeowners hoped to execute a loan modification to ease their financial stress while remaining in their homes. However, a company based in another state took advantage of homeowners in need during this time. The owners of the company were recently indicted for fraudulent mortgage activities.

Research takes look at recent loan modification efforts

Many Florida residents and others elsewhere in the country experienced financial hardships during the recent housing crisis. While concerns about losing their homes were prevalent during this time, several efforts were made by national government agencies to help curtail the losses. Government-sponsored enterprises, such as Fannie Mae and Freddie Mac, were asked to reduce loan principal balances, while other programs like the Home Affordable Modification Program were established. A national financial services company recently released a report that assessed the effectiveness of the various loan modification efforts.

New application introduced to simplify loan modification process

After the mortgage crisis that affected many Florida residents and others around the nation, several mortgage assistance programs arose. However, many of these programs were cumbersome and complicated. The Federal Housing Finance Agency recently introduced a new program that is promised to simplify the loan modification process for consumers.

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.

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Paul Urich
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Law Office of Paul L. Urich, P.A.
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Orlando, FL 32803
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