ARCHIVED BLOG POSTS

2008 

Lease agreements can be oral or written. If the duration of the lease is longer than one year from its inception, Florida requires that the lease be in writing in order to be valid. If a lease contains a provision as to the duration of the tenancy and the tenant complies with all the terms of the...
05/25/2008
This is typically a bad idea. The banks will make every effort to ensure that the distressed homeowner does not financially benefit in any way, shape, or form as the result of a short sale. The bank is very diligent about disallowing any transactions that put money back into the borrower's pocket...
05/25/2008
Ignore the situation, and the bank will ultimately take the property back with a final foreclosure judgment and auction sale.  However, this is bound to become the worst case scenario for the borrower. The foreclosure process will absolutely have serious, long lasting ramifications that a borrowe...
05/20/2008
A Chapter 7 Liquidation Bankruptcy can stop the foreclosure temporarily. It will not allow a delinquent borrower to pay back the delinquency and reinstate the mortgage over a period of time.  A borrower must pay back the arrearages much quicker on the lender's terms, or the foreclosure action wil...
05/20/2008
If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 60-90 days, you may be eligible for a deed-in lieu of foreclosure.  To be considered for this option, you must complete a financial package and provide a copy of your rece...
05/20/2008
A short sale in real estate occurs when a house is sold for less then the total loan payoff value and all lien holders agree to release their liens against the property for less than the full amount owed.  However, they may not release the borrower from their obligation to pay any short fall that...
05/20/2008
A Chapter 13 can stop the foreclosure permanently. It may allow a delinquent borrower to pay back the delinquency and reinstate the mortgage, over a period of time, usually five years. A borrower must make a regular payment and part payment each month until the delinquency is caught up or cured. ...
05/20/2008
If the borrower has incurred a long term financial hardship, the borower may supply the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments.  Th...
05/20/2008
If there has been a short term financial hardship and a loan is 90 days to 365 days past due, the loss mitigation specialist may also consider submitting a request for a special forbearance.  A special forbearance is designed to provide more relief than is possible with a regular repayment plan. ...
05/18/2008
Lender permits pay back of some of the delinquency now (usually at least 50% down), and then the remaining balance of the delinquency in equal installments (usually 6-12 months).  Only after reviewing your financial situation will this option be considered.  All clients must be able to show that ...
05/18/2008
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