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Category Archives: Foreclosure

ForecDef

Is Another Mortgage Foreclosure Crisis On The Horizon For Florida?

By Nowack & Olson, PLLC |

Florida deserves its reputation as a place where people spend money beyond their means, especially on real estate.  Who can resist the siren song of Florida thunder echoing through a Star Island beachfront palace or suburban McMansion?  Local news reports are replete with tales of people who bought mansions, horse ranches, and luxury condominiums… Read More »

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MortgageLoan

Which Kind Of Home Mortgage Loan Is Right For You?

By Nowack & Olson, PLLC |

Home ownership is a clear marker of financial stability, but given the availability of home mortgage loans, the situation is not quite so simple that you can easily divide people into two categories, the haves who own real estate, and the have nots who will never be able to do so unless their fortunes… Read More »

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Forecl9

Small Dollar Mortgages Are Elusive

By Nowack & Olson, PLLC |

Lenders go out of their way to lend money to people who are already well-off, who objectively own as much property as they need, even if they do not buy the expensive real estate property that they are borrowing money to buy.  Meanwhile, when you work constantly but your income falls slightly short of… Read More »

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BalloonMortgage

How Risky Are Balloon Payment Mortgages?

By Nowack & Olson, PLLC |

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 »

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Foreclosure5

Can Your House Get Foreclosed If You Make All The Mortgage Payments On Time?

By Nowack & Olson, PLLC |

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 »

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FinancTrouble

Signs That Your Mortgage Lender Is Setting You Up For Failure

By Nowack & Olson, PLLC |

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 »

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Forecl6

Where Is The Foreclosure Tsunami That Everyone Feared?

By Nowack & Olson, PLLC |

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 »

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Forecl9

Loss Mitigation Options In Florida Foreclosure Cases

By Nowack & Olson, PLLC |

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 »

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Foreclosure3

The Foreclosure-Related Eviction Moratorium Is Ending: Now What?

By Nowack & Olson, PLLC |

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 »

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MoneyGavel

Are Adjustable-Rate Mortgages As Dangerous As They Sound?

By Nowack & Olson, PLLC |

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 »

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