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A mortgage-to-lease may be right for a home owner who is about to lose his or her home in Palm Beach County, Florida. There may be other options available, though.

The idea of losing your home may lead you to extreme stress and worry. But there may be other options such as a pilot program called mortgage-to-lease that is being offered to some Bank of America and Fannie Mae customers. You may also find a helping hand from an attorney at a Palm Beach County foreclosure law firm.

Overview of the Mortgage-to-Lease Program

When you are facing foreclosure, you may consider alternative measures such as bankruptcy or loss mitigation. It is important to understand the differences in evaluating which option might be best for you. If you need legal assistance, a Broward County foreclosure attorney can help.

Overview of Bankruptcy

The decision to file for bankruptcy is a serious one. Before taking the plunge, it is important to understand how it can impact your future.

There are 2 types of bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, all or part of your debt may be completely erased. There is also the risk that your personal property may be sold in order to pay back creditors.

While 2010 saw a record number of foreclosures across the nation, the current wave of foreclosures is leaving many to wonder why this is happening. In fact, 2011 saw a drop in foreclosures, leading some to believe it was nearing the end. Yet many homeowners do not realize why this is and how it is leading to an increase in 2012.

Increase in Foreclosures in South Florida

In 2010, there were 1.05 million homes foreclosed upon. At that time, Florida was among the top 3 states dealing with this epidemic with more than half of all the country’s foreclosures.

Florida is one of many states that were victimized by the mishandling of mortgages. A West Palm Beach mortgage foreclosure attorney may be able to help if you were one of those victims.

$8 Billion Settlement to Be Received in Florida

In all, a settlement of $25 billion was reached with state of Florida and federal authorities in regard to 5 of the nation’s largest lenders engaging in the robo-signing scandal. These banks include Citigroup, Bank of America, Ally Financial, JPMorgan Chase and Wells Fargo. Of that amount, Florida will receive $8 billion.

Fort Lauderdale Bankruptcy Attorney Explains Long-Term Effects of Defaulting on a Student Loan.

There are many long-term effects of defaulting on a student loan. A Fort Lauderdale bankruptcy lawyer in Broward County explains how it can It can have a serious impact on your future.

Defaulting on a Student Loan

Neglecting the payments on your student loan or ignoring the lenders who call you can result in default. This can occur anywhere between 270 and 360 days of nonpayment.

A misconception that people have when they decide to walk away from a mortgage in Fort Lauderdale is that they won’t have any more debt. Avoid these other mistakes of a strategic default.

With the housing market continuing to struggle, some homeowners who are desperate to sell their home have made the decision to walk away from their mortgage also known as a strategic default. Or it may be that paying a mortgage seems senseless if the house is worth less than the amount owed. In most circumstances, walking away from a mortgage (also known as strategic default) is not the best option. Before you decide to take this step, call an attorney to discuss possible alternatives available to you as a resident of Fort Lauderdale, Broward County, South Florida.

Mistakes Made When Walking Away from a Mortgage

How the Mortgages and Foreclosure Investigation Settlement Will Benefit Floridians

A recent settlement of $32 billion in total dollar value and $25 billion in credits will provide some benefit to Floridians. The state is expecting to receive $8 billion in total dollar value and at least $4 billion in credits. This stems from the shaky mortgage practices of 5 large banks in our nation. Victims of foreclosures in Fort Lauderdale, Miami-Dade, Palm Beach and other areas throughout Florida that were part of the robo-signing scandal may find some financial relief.

Benefits of Settlement to Florida homeowners

A Common Thread between Foreclosures and Hurricanes in South Florida

Impact of Hurricane Season on Foreclosed Homes in South Florida

Of all the country, Florida experienced the second most foreclosures in 2011. There was a slight decline in home foreclosures compared to 2010, although that may be the result of investigations launched against banks accused of shaky mortgage practices.

Those investigations slowed home foreclosure cases, but many of them are expected to be restarted in 2012, making an increase in Florida possible.

Foreclosures in the Year 2010
The year 2010 was a big one when it comes to foreclosures. For the first time ever, this nation experienced the seizure of more than 1 million homes, 1.05 million to be exact, according to RealtyTrac. The previous record had been set in 2009 at 918,000 homes.
The year 2010 was so bad that had it not been for the last quarter of the year experiencing a drop, there would have been significantly more. Those who reside in Miami and throughout the state of Florida are no strangers to this tragedy.
In fact, the highest foreclosure rates at the time were in the states of:

Florida;
Arizona; and
Nevada.

Florida foreclosure was so bad that it was 1 of 5 states that made up more than half of all the foreclosure activity.