MyForeclosureAttorney.com's Blog

Loan Refinance/Payoff ("Redemption").   Qualifying for a new loan with a different lender to pay off your existing mortgage balance.  This option will be difficult while in the foreclosure process, and would usually require a substantial amount of equity in the property.

Once a foreclosure has commenced, the main goal should focus on how bring the loan current or pay it off as much as possible, or to mitigate the losses and damages as much as possible. It is imperative to develop an exit strategy for the borrower one way or the other as soon as possible in the de...

Regardless of whether or not a delinquent borrower is attempting loss mitigation efforts, most large institutional lenders will file a mortgage foreclosure law suit when the loan becomes 90 days late. Florida is a judicial foreclosure state, which means that a civil action must be commenced in or...

If a borrower begins to have trouble making the monthly loan installments, most lenders have a ‘loss mitigation' department, which will attempt to assist the borrower with a number of different options that may not result in a final foreclosure judgment.  Loss mitigation programs were established...

Money lenders often handle their collections in various forms. Some lenders internalize the collections process and use their own employees.  While others out source their collections activities and hire third party ‘servicing' companies to collect and processing the monies as they come due.  The...

Money lenders come in a variety of forms. The most common forms of lenders are national institutions such as banks, credit unions and investment firms. Additionally, there are many state and local lending institutions formed in accordance with the laws of each respective state. There are also a p...

Money lending has a long and documented history: The origins of the word mortgage come from the ancient French words mort (death), and gage (a pledge). The word mortgage literally translates to "Death Pledge."  The great jurist Sir Edward Coke, who lived from 1552 to 1634, has explained why the t...

Do not borrow any money from East Coast Community Bank.  In a recent routine foreclosure action, Hillsborough County, Florida Case No.:08-493-A, Thirteenth Judicial Circuit, East Coast Community Bank sold and transferred its promissory note to two private individuals to continue and carry out the...

When purchasing a home, most people must borrower the money needed from a bank or lender. In exchange for the loan, the lender requires that the home owner sign a promise to pay back the loan over a specified time period (the "promissory note"), and requires that the home owner record a public li...

FORECLOSURE MYTH NO. 1: BEWARE THE SHORT SALEConsumers may fear a short sale - selling their house for less than the mortgage - because of the tax consequences.But Tampa consumer justice attorneys Scott Stamatakis and Sami Thalji (www.myFORECLOSUREattorney.com) say short sales can be used as a to...