Category Archives: Foreclosure
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 »
Three Questions about Florida’s Homestead Exemption
One fear many consumers have when filing for bankruptcy is that they will lose their home. This fear is rational. After all, in a Chapter 7 bankruptcy, the trustee in charge of your estate can sell assets in order to pay back your creditors. This means they can sell your home and use any… Read More »
Chapter 13 bankruptcy and home foreclosure
Many people considering bankruptcy may also be facing potential foreclosures and should understand the relationship between the two. Floridians who are faced with serious and unmanageable levels of debt may understandably feel very afraid and unsure of how to proceed. As the pile of bills increases and the ability to pay them is not… Read More »
South Florida continues to struggle with foreclosures
According to the most recent data, areas of South Florida are still feeling some aftershocks from the recession of 2008. According to data released by RealtyTrac, one out of every 87 homes in Miami-Date, Palm Beach and Broward counties is in foreclosure, making the area the sixth highest foreclosure rate of all major metro… Read More »
Don’t let rumors discourage you from filing Chapter 7 bankruptcy
Many people do not consider Chapter 7 because of unpleasant rumors they have heard. If you are one of the many Americans struggling to make financial ends meet, you may have heard about the relief that Chapter 7 can provide. However, you may have stopped short of taking advantage of it, because you have… Read More »
How could bankruptcy prevent a foreclosure on my Florida home?
It may be possible for Floridians to prevent the foreclosure of their home through filing for bankruptcy. According to the Clerk of the Courts for Miami-Dade County in Florida, there have been 3,658 foreclosure filings so far this year. It is a sad fact that so many people every year lose their homes, often… Read More »
Watch out for circumstances that can lead to foreclosure
In the blink of an eye, your life can change. This often leads to some type of financial impact as well. If you are a homeowner in Florida, the smallest dip in income — even if it is temporary — can set you back. If life often throws you a curve ball due to… Read More »
Trump Hires Foreclosure Happy Treasury Secretary
The end of the year is upon us. While folks will gather to celebrate the holidays, it’s also time to take stock to see how the year went. The major news of 2016 for many is that Donald Trump was elected President of the United States. He rode to a win on the strength… Read More »
An alarming number of South Florida homeowners still face foreclosure. What can you do to make sure you are not one of them?
Recent information indicates that, through October of 2016, approximately 1 in every 830 homeowners in Miami-Dade County was facing foreclosure. In Broward County, it’s about 1 in every 620. If you are struggling to keep up with your mortgage payments, you don’t have to become one of these statistics. There are a number of… Read More »