by evolveAdmin | Nov 18, 2011 | Foreclosure Defense
Orlando had spent almost a year outside the dreaded top-ten metropolitan areas for foreclosures, but October 2011 marked Orlando’s reentry to the top end of the list. From September to October of this year, Orlando-area homeowners saw a 36 percent increase in foreclosure filings. Good News, Bad News According to the Orlando Sentinel, September was the first time since November 2010 Orlando has been on the list. While nationwide foreclosures were up only seven percent, in Orlando they rose 36 percent. The good news is this is still down 41 percent from a year ago. What this may indicate is that lenders have overcome some of the defects in many of the foreclosures they filed in 2010. Those defects eventually led to many mortgage holders placing a moratorium on new foreclosure filings, until they could fix the deficiencies in many of the filings. Lenders Return To Court Now that they have their documents properly back in order, they may be beginning to ramp up their filings. The further bad news is that the ample supply of foreclosed properties will continue to exert downward pressure on housing prices. If you have fallen behind on your mortgage and want to attempt to save your home, you may have options other than losing your home to your lender. A short sale or loan modification may be a possibility or a Chapter 13 bankruptcy filing may offer a solution. An Orlando foreclosure defense and bankruptcy attorney can review your mortgage and your finances and let you know if a Chapter 13 could help you save your house. Source: Orlando Sentinel, “Orlando back in Top 10 for foreclosure filings,” 10...
by evolveAdmin | Aug 31, 2011 | Bankruptcy
Many individuals and families have considered bankruptcy in recent years due to the poor economy, a lost job and the sharp downturn in the housing market. But there is another all-too-common reason for seeking bankruptcy relief, one an Orlando family knows all to well: medical bills. The birth of their daughter in 2007 was a celebrated event for the Sutherland family. But, shortly after Ellie’s birth, she was whisked away to a neonatal intensive care unit, where she remained for 25 days, thus beginning a lifetime of visits to hospitals and specialists trying to determine what was affecting little Ellie. She was partially deaf, suffered from high fevers, was lacking muscle tone on one-half of her face and would scratch and bite until she bled. In 2009, the Sutherland’s filed for bankruptcy. The medical bills were piling up, the couple made too much money to qualify for government benefits for Ellie, but not enough to keep up with the house, the living expenses and Ellie’s treatment. Medical Bankruptcies are Not Uncommon in Florida and Throughout the U.S. Researchers at Harvard and Ohio found that 62 percent of all bankruptcies are due at least in part to medical debt. Every 90 seconds, a family somewhere in the United States files for bankruptcy relief because of overwhelming medical expenses. Contrary to popular belief, a majority of those families, three-quarters to be exact, had health insurance. Both of the Sutherlands were employed when Ellie was born and both had insurance. Neither thought that medical bills would become an issue. But the insurance companies pointed fingers at each other, claiming that the other was the...
by evolveAdmin | Jul 12, 2011 | Bankruptcy
For the hundreds of Floridians whose employment with NASA, Lockheed Martin or other government agency or contractor in Central Florida depends on an active security clearance, fighting a Florida foreclosure may mean more than saving your house. It may also mean saving your job. Although no specific reports tie the number of denied or revoked security clearances to the current mortgage crisis, federal officials have noted an increase in both for purely financial reasons, including foreclosure. Why is a Security Clearance Related to Personal Finances? There are more than dozen criteria examined in when granting or revoking a security clearance; debt is one of them. When an applicant for a security clearance has substantial debt problems, that person could potentially sell confidential government information to generate additional income. The mere existence of a foreclosure on your credit report does not guarantee that an existing security clearance will be revoked or a new request will be denied. Examiners may consider factors surrounding both the purchase of the home–whether the purchase itself overextended the borrower at the time of sale–as well as the mortgage status throughout repayment and eventually foreclosure–did the borrower take steps, such as pursuing a loan modification or short sale, to change or end the financial obligation. Bankruptcy and Your Security Clearance A bankruptcy on your credit history may also affect your ability to obtain or maintain a security clearance. However, as with foreclosure, the circumstances surrounding your bankruptcy will be examined to determine what impact, if any, it will have on your security clearance. For example, if the bankruptcy resulted primarily from issues beyond your control, such as a large medical bill, it is...
