Reboot Your Life: Tampa Student Loan and Bankruptcy Attorney BlogThe new means test numbers came out:
It hasn’t changed much for Florida except – down 3k for family of 3 though. Very odd, but whatever.
New as of Nov 1: https://www.justice.gov/ust/eo/bapcpa/20231101/bci_data/median_income_table.htm.
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Reboot Your Life — How Long Must You Wait to Purchase a Home After a Bankruptcy, Short Sale or Foreclosure?
In our efforts to help our former clients or new clients move ahead with their life, we offer tips to improve credit or benefit from new programs (with particular emphasis on those with prior financial burdens).
Today, I’d like to summarize some programs that may help to purchase a home even one day after a bankruptcy, short sale or foreclosure. We can also help you secure a knowledgeable Realtor to help in these areas.
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Running Behind in Your Mortgage Payments? Here’s a Timeline of What to Expect.
What to expect if you cannot pay your mortgage – This timeline comes directly from the Department of Housing and Urban Development, in other words, HUD:
- First month missed payment: The lender will contact the buyer by a letter or phone.
- Second month missed payment: The lender will begin calling to discuss why payments have been missed. At this point, the buyer might be able to make a payment to prevent further acceleration.
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AFTER Covid Mortgage Forbearance – Strategies You can Use to Keep a Home
Once you get out of the habit of making a mortgage payment, it’s hard to get back to making that large payment every month. This is particularly true, with student loans also restarting payments now.
What do we do that can help solve this problem for you?
We litigate mortgage claims, assert consumer defenses when available and defend foreclosures in Florida. State law relating to foreclosures vary widely and we limit our practice strictly to Florida for mortgage related issues, generally in the counties surrounding Tampa Bay. We’re a member of a local Tampa Bay foreclosure defense attorney group, and NACA which is a national consumer advocacy group where consumer attorneys share ideas, tips and trends.
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Expansion of Covid-19 Recovery Loss Mitigation Options/Loan Mods — Qualify for a 25% reduction in P&I
The regular FHA HAMP loss mitigation programs will remain in suspension until October 30, 2024 – next year! All foreclosure sales are to be suspended until the same date. Same with Deed in Lieu negotiations.
So what does that mean?
All borrowers who are already in default or at risk of imminent default are supposed to be evaluated under the expanded guidelines of the Covid 19 Recovery Option program. These provisions could be terminated early by Congressional action, executive or agency rules.
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Non-Owner Occupied Homes – New Rules re: Modification and Other Remedies to Keep the Home
Back in the 2008 foreclosure crisis, one of the biggest problems was the lack of assistance for those who were not on the deed (such as following a death or divorce). Now there are new rules in place for successors in interest for instances where the homeowner may have died or transferred the home via a divorce decree of some sort. These new laws allow the “new” homeowner to unilaterally assume the role as successor in interest. Importantly, it does not require consent by the lender. In some cases, the “new” homeowner does not have to assume the mortgage loan.
Successor in interest means a person to whom an ownership interest in a property securing a mortgage loan subject to this subpart is transferred from a borrower, provided that the transfer is:
(1) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;
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Foreclosure Help
- DO YOU NEED ASSISTANCE WITH DELIQUENT OR SOON TO BE DELINQUENT MORTGAGE PAYMENTS?
- IS YOUR HOME AT RISK DUE TO A PENDING FORECLOSURE?
- HAVE YOU BEEN TURNED DOWN FOR A LOAN MODIFICATION IN THE PAST?
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Foreclosures are Rising
“When do you need a foreclosure attorney?” was one of our highest performing videos last month. That has motivated me to prepare a series of blogs, guides and new videos to help consumers learn about their options and what they should be aware of when they are behind in their mortgage payments. This information is not intended to help someone represent themselves in a foreclosure action. That can get complicated and most people are not well suited to litigation. But this information should help a homeowner know what options are available, where to turn, timelines, and likely outcomes. All of that is necessary whether you are planning to keep a home or letting it go.
So why is this coming up now?
As of August 2023, many covid-19 related moratoriums have expired and have unplugged the pipeline of distressed properties. We are now at about 100,000 foreclosures nationwide, where in 2008 through early 2010 we had over 900,000 homes in foreclosure nationwide.
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Bankruptcy Discharge of Federal Student Loans DOJ Attestation Process – How is it Going?
I ran across this statistic and wanted to share with you about the DOJ attestation process to discharge federal student loans. A great many are still pending.From 12/5/2022 through 7/15/2023 nationwide:
409 new complaints
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Are Your Loans Part of the Homaidan Lawsuit and What Does This Mean?
Say you have a private student loan and you have previously filed a bankruptcy. Was your private student loan discharged? I’m presuming you did not file an adversary case to obtain a specific ruling as to dischargeability of these loans.
- What is Homaidan?
Loans that could have been discharged as beyond the cost of attendance, that portion that was over and above tuition, books, room and board etc. may be the subject of Homaidan. My understanding is that you can remain a class member for a discharge of any amounts that are outside of the cost of attendance and you’d remain responsible for anything else. You can also opt out and pursue relief on your own of that or the remainder of the loans, or seek alternative grounds for relief such as ineligible institution, non-dependent borrower or undue hardship.