Category Archives: Foreclosure
How Risky Are Balloon Payment Mortgages?
From groceries to insurance premiums, the most affordable ones are reserved for people whose finances are already in pretty good shape. The same rule applies to mortgages. The most affordable home mortgage loans are called qualified loans. Before entering into a loan agreement for a qualified mortgage, the lender conducts a rigorous review of… Read More »
Can Your House Get Foreclosed If You Make All The Mortgage Payments On Time?
Entering into a home mortgage agreement is many people’s dream, of which mortgage foreclosure is the corollary nightmare, but at least foreclosure is not a surprise. When you fall behind on mortgage payments, your mortgage lender lets you know immediately, and there are plenty of actions you can take before your case gets to… Read More »
Signs That Your Mortgage Lender Is Setting You Up For Failure
During the pandemic, some programmers designed a bot that could imitate the writing style of texts input into it. The New Yorker showed an original passage from Kafka’s Metamorphosis, followed by a passage the bot created using Kafka’s prose as an example, and heck if the bot’s take on the sufferings of a man… Read More »
Where Is The Foreclosure Tsunami That Everyone Feared?
New COVID-19 cases are declining in most parts of the United States, including Florida, which has weathered the worst of several surges. Even though another round of widespread business shutdowns seems more like a worry in the backs of business owners’ minds than an inevitability, the economy is hardly booming. Many people who lost… Read More »
Loss Mitigation Options In Florida Foreclosure Cases
For homeowners, the foreclosure process is like death by a thousand cuts, especially now, when existing moratoriums on evictions and other aspects of the foreclosure process could end at any day. The mortgage lender cannot formally start the foreclosure proceedings until you are 120 days late on payments on your mortgage loan, but those… Read More »
The Foreclosure-Related Eviction Moratorium Is Ending: Now What?
When the announcements came during the spring of 2020 about stay-at-home orders, stimulus checks, and eviction moratoriums, no one expected that the pandemic would still be the deciding factor in the way we do most things, even a year and a half later. At the beginning of the pandemic, the federal government issued a… Read More »
Are Adjustable-Rate Mortgages As Dangerous As They Sound?
If you are old enough to remember the housing market crisis of 2008, you probably remember the news reports and think pieces blaming adjustable-rate mortgages for many of the instances of Americans losing their homes due to mortgage foreclosure. In fact, adjustable-rate mortgages were only part of the problem; many lenders aggressively marketed mortgage… Read More »
What is Mortgage Forbearance? Should You Pursue It?
Sometimes, temporary financial difficulties make it hard to pay your mortgage. Because these difficulties are temporary, you might want to avoid selling your home. However, you need a temporary reprieve so that you do not fall behind on your mortgage and enter default. This is where mortgage forbearance comes in. With forbearance, you can… Read More »
Foreclosure Myths
The housing market has recovered over the past few years, but thousands of homeowners still struggle to pay their mortgage each month. When homeowners cannot make payments, the bank might start the foreclosure process. At Nowack & Olson, we have heard some pretty inaccurate information about the home foreclosure process, so we bust some… Read More »
Is the Recent Foreclosure Spike a Sign of an Economic Downtown?
For the past decade, consumers have been able to dig out of debt and even begin to build savings. Some savvy consumers have even managed to save enough for a down payment on a home and take advantage of favorable interest rates. However, storm clouds might be on the horizon. A recent report shows… Read More »