Definition: A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. Example: Bank forecloses on, then sells your home, the sales price is insufficient to pay off the bank (mortgage lender). For instance, the mortgage [..]
TV and radio are inundated with advertisements extolling the virtues of credit repair. You can’t turn the corner without seeing banners promoting credit repair. These ads are willing to promise you the fiscal equivalency of a Willy Wonka Golden Ticket to credit salvation. These days, credit repair agencies are ubiquitous in Broward, Dade and nationwide. [..]
In the United States, an amazing number of businesses launch each year – over 6.5 million, according to Forbes. It’s important for all new business owners to protect their legal rights! For many people, “their word is their bond.” Being known for honesty can create a sterling business reputation. Still, there’s more at stake in any [..]
Are you facing foreclosure from a homeowners’ association? In many states, a homeowners’ association, or HOA, can foreclose on your home in the event of unpaid fees owed to the organization. Many people who are required to be part of an HOA in their community may not even realize they wield such sweeping authority. What is a [..]
Taking the proper steps to start a business provides your budding venture with a wide range of benefits. To launch your efforts successfully, it’s important to consult with experts who can ensure the formalities are properly executed. Sometimes, when individuals first get started on an exciting opportunity, they are tempted to put off the legal [..]
Buying commercial real estate can be an amazing investment, and one that pays off for many years to come. However, buying that first piece of commercial real estate can also be pretty nerve-wracking. If you’re ready to dip your toes in the water though, chances are you’ve already started to do a little bit of [..]
Did you know that getting a new mortgage could be affected by a previous loan modification? It’s true. If you had a mortgage a few years ago, but then needed to get mortgage loan modification, going forward you will need to meet some specific requirements to qualify for a new mortgage loan. Loan Modifications Loan modifications are also known [..]
Foreclosure rates peaked during the recession and are still high today. If you can’t pay your mortgage and haven’t been able to escape being foreclosed, then how do you move forward? Moving out Your immediate concern will probably be when you have to move out – and that depends on many factors. If the house [..]
Finances can get tight. If you are struggling to make mortgage payments, you are not alone. The threat of foreclosure can be enough to tip things over the edge. So, what should you do? The first thing you should do, ideally before the bank sends you a late notice (at which point your credit will [..]