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Mortgage Modification - Foreclosure - Short Sale - Bankruptcy
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A word from our Director of Operations, Kevin S. McCullough, at the Law Office of Jeffrey A. Herzog, P.A.
Many people may be wondering right now where to turn for help as their home values drop and their mortgage rates increase. Some individuals that have "Pay Option Adjustable Rate Mortgages,' [1]" may have either refinanced their home at this point, or allowed the home to go into foreclosure by not sending in any payments. Some with the 5 Year Adjustable Rate Mortgages[2] may soon to be in a similar pinch with a decision to try to refinance when their home has no equity or negative equity (“upside down”). Then they would be left with the decision to attempt to shortsale, allow foreclosure, file for bankruptcy, or have their loan modified. The average price for a home in Florida has been steadily, and sometimes aggressively, declining since the housing “boom” in 2004. The steady drop in value compounded with a faltering economy may have Floridians asking for options to preserve their home and credit.
The Law Office of Jeffrey Herzog is dedicated to assisting and conscientiously helping people in the midst of this crisis. The Law Office of Jeffrey Herzog will provide you as an applicant with loan document review and an explanation of the loan's closing statements, HUD1(Settlement Statement), 1003(Loan Application), and TIL(Truth in lending) Statements to hopefully prevent violations and/or predatory lending violations. Individuals that are facing mortgage difficulties and possibly foreclosure may want to be sure of who they are hiring to assist them.[3] Some borrowers may be caught without a resolution. These borrowers may lose their home through the foreclosure process, not to mention the negative impact it will have on their credit. If the bank, despite our best efforts to secure a mortgage modification on your behalf, begins the foreclosure proceedings against you, then we may be able to represent your legal interests to assist you in making decisions and responding to Court documents on your behalf.
Recently, writers of the Associated Press, stated that President Barack Obama has a plan to tackle the foreclosure crisis, and this plan may spend $75 billion in an effort t to prevent up to 9 million Americans from losing their homes.[4] The Law Offices of Jeffrey Herzog may be able to assist you in obtaining a “short sale” in the event in a mortgage modification cannot be obtained. Attorneys must adhere to a strict code of conduct and higher ethical standards. They may not guarantee a successful outcome, but we would still like the opportunity to help advise you through the process. Phone us today so that we can try and find a solution for you in this real estate crisis.
[1] Pay Option Adjustable Rate Mortgages are loans with introductory fixed rate time periods from zero to six months, and then adjust off of that same index monthly from that point forward, all while having a minimum payment that is less than an interest only payment. The ‘Option’ means the borrower has an option to pay one of four different payment amounts each month. These required minimum payments were lower than interest only payments and their rates would increase or decrease according to their fluxuating index.
[2] Five years is a very common time period for adjustable rate mortgage loans. Adjustable rate loans are usually fixed for a period of time at one interest rate and then adjust off of that index after that fixed time period.
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The Law Office of Jeffrey A. Herzog, P.A. assists clients with: Criminal Defense, Business Law, Family Law, Probate / Estate Administration, Residential Real Estate, DUI & Traffic Violations, Estate Planning, Constitutional Law, Franchise Law, Special Needs Planning, Planificación de Bienes, Personal Injury, Automobile Accidents, Traffic Violations, Advanced Estate Planning, Pet Trusts and Elder Law / Medicaid Planning matters in Florida, including the counties of: Pinellas County, Pasco County, Hillsborough County, Polk County, Manatee County, Sarasota County; and the cities of: Tarpon Springs, Palm Harbor, Safety Harbor, St. Petersburg, Seminole, Clearwater, Clearwater Beach, Indian Rocks Beach, Dunedin, Treasure Island, Pinellas Park, Largo, New Port Richey, Port Richey, Trinity, Hudson, Holiday, Zepherhills, Odessa, Wesley Chapel, Dade City, Temple Terrace, Oldsmar, Lutz, Seffner, Brandon, Riverview, Gibsonton, Valrico, Lakeland, Winter Haven, Plant City, Bartow, Ft Meade, Lake Wales, Haines City, Holmes Beach, Bradenton Beach, Cortez, Bradenton, Palmetto, Parrish, Apollo Beach, Ruskin, Wimauma, Longboat Key, Sarasota, Anna Maria Island, Osprey, Nokomis and Siesta Key.
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