florida: What is bankruptcy in Florida? - 06/22/08 08:37 AM
Bankruptcy is a legal process which allows a person (a "debtor") who owes more money than he or she can currently pay to either: (1) reorganize the debtor's budget to repay a portion of their debts over time; or (2) to liquidate and have most debts forgiven ("discharged"). After a debtor has filed a case (a "petition"), creditors must stop all collection efforts against the debtor for a period of time, unless they get permission from the bankruptcy court to continue. This protection from collection efforts is referred to as the "automatic stay." A husband and wife may file a joint petition … (0 comments)

florida: What is a foreclosure deficiency judgment mean in Florida? - 06/03/08 12:43 PM
If there is no equity in the property, then it will most likely produce a result where the sale of the property will not be sufficient to pay the entire loan balance in full.  This remaining balance after the sale is what is commonly known as the ‘deficiency.' The lender's are fully within their right to pursue the full amount of any deficiency, as the borrowers signed an unconditional promise to pay the full amount of the loan when the property was purchased. Whether or not the lender is going to decide to collect the deficiency is usually not determined until … (16 comments)

florida: What does a deed in lieu of foreclosure mean mean in Florida? - 05/20/08 03:27 PM
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 recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange … (1 comments)

florida: What does a short sale mean in Florida? - 05/20/08 03:24 PM
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 may result from a short sale. From the bank or lender's perspective, short sales save many of the costs associated with a Florida mortgage foreclosure lawsuit, such as attorney or lawyer fees, the eviction process, delays from the homeowner or borrower, delays from bankruptcy, damage to … (0 comments)

florida: Will Chapter 13 Bankruptcy Stop Foreclosure in Florida? - 05/20/08 03:15 PM
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. It is similar to a repayment plan or forbearance agreement, but Chapter 13 permits more time to pay back the delinquency. In a chapter 7, you will have to pay back the arrearages much quicker than 5 years, or the foreclosure will continue.

florida: Watch Your Bank Accounts if You Are in Foreclosure - 05/13/08 12:52 PM
Here's some advice.  Do not bank with lenders you borrow money from.  If for whatever reason you can not make a loan payment, the lender will automatically and without notice debit any bank account you have with them to pay the delinquent amount on the loan.  They have hidden this right to do so in the small print of all that paperwork they make you sign to open a bank account.

florida: Consumer Mortgage Foreclosure Relief in Florida - 01/08/08 12:07 PM
MyForeclosureAttorney.com Foreclosure Short Sale Law Firm Tampa Bay FLLocation: FloridaConsumer Relief in Florida Mortgage Foreclosure Defense $1.00 a day*If you are delinquent in mortgage loan payments to the lender, have been served with a notice of foreclosure letter or have received a mortgage foreclosure complaint, you have a very short time to respond. In many cases, a homeowner and borrower may begin to lose precious legal rights in as little as twenty (20) days. Any delay may make the situation you are in worse, and if a borrower or homeowner fails to do anything at all, the situation may become the … (1 comments)

STAMATAKIS + THALJI + BONANNO  Bankruptcy, Debt and Foreclosure Defense, Attorneys at Law (STAMATAKIS + THALJI + BONANNO )

STAMATAKIS + THALJI + BONANNO Bankruptcy, Debt and Foreclosure Defense

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