Recent Blog Posts
How Many Years Between Bankruptcy Filings?
Bankruptcy has a negative connotation or stigma and although it is a great tool to eliminate or consolidate debt, many people find it is too stressful or intimidating to file more than once. Unfortunately, sometimes, it is necessary to file bankruptcy more than once in the debtor’s lifetime. When or if it becomes necessary… Read More »
Short Sale And Loan Modifications: What Is A “Hardship?”
“Hardship” when negotiating a short sale or loan modification are circumstances that demonstrate a drop in income or an increase in expenses. One of the questions we are asked most frequently is “Do I qualify for a short sale or loan modification?” The answer depends on the homeowner’s hardship. The most common examples of… Read More »
How Do I Make Myself “Look Better” To Qualify For Bankruptcy?
In bankruptcy consultations, we are often asked “What can I do to qualify for bankruptcy?” or the related question “Should I quit my job, get a divorce, incur more debt, etc. to be able to file bankruptcy?” My first full year as a solo practitioner was 2005. The firm did well and I was… Read More »
Buyer Beware When Buying Foreclosure Properties In Florida
Real Estate investors who buy mortgage foreclosure properties at the court house auction often ask us questions about the protecting themselves. Unfortunately, many ask too late. They fail to realize that for the cost of about a year’s worth of air conditioner filters, they can perform a title search to protect their investment, or… Read More »
How Has TRID Affected Mortgage Lending?
As of this entry, mortgage lending has been impacted by TRID for approximately six months. Now that we have had some time to process TRID, what are some of the changes it has caused within the title industry? First, however, a little background. The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank… Read More »
Asset Protection: Florida’s Homestead Exemption V Homestead Exemption In FL
When a borrower defaults on a payment obligation, whether a mortgage payment, credit card payment, signature loan, student loan, or any other type of repayment agreement, their first concern is normally asset protection, “will the creditor take my house away from me?”. Our response differs based on the type of debt and whether the… Read More »
Should I Register As A Mortgage Broker To Sell My House?
The Dodd-Frank Act is comprehensive legislation that arose out of the Great Recession and mortgage meltdown that began in 2008. The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB) to enforce new and existing lending regulations designed to protect consumers. As of January 10, 2014, all residential mortgage transactions are regulated by the… Read More »
Top Myths About Home Equity Lines Of Credit
Home Equity Lines of Credit (HELOC) are useful for: (1) avoiding mortgage insurance, (2) paying for improvements to the property, and (3) paying down car loans, credit card bills, medical debt or other debt. We often hear these three myths when consulting with clients who have a HELOC. Myth #1 – A HELOC is… Read More »
What Chapter Of Bankruptcy Is Right For Me?
This is one of the more difficult questions to answer when bankruptcy may be a viable solution. The first step in the analysis is the means test, which calculates the debtor’s gross annual income based on a projection using the past six months of income. We then compare the debtor’s gross annual income to… Read More »
Protecting A Child’s Car In Bankruptcy
Often, mostly for insurance purposes, a parent will put their child’s car in their name alone, or jointly with their child. What happens when the parent decides bankruptcy is a good option? How can we protect the “child’s car” when the parent files Chapter 7 or Chapter 13? Florida Statute 222.25(1) provides the debtor… Read More »
