Foreclosure and Loan Modification Blog

Jake Sterling

Jake Sterling is Amerihope Alliance Legal Services' Homeowner Liaison. He helps to bring awareness and teach homeowners about foreclosure defense and options to save their homes.

The Folly of Foreclosure [Infographic]

You are up to date with your mortgage payments and bills - congratulations. Think that your neighbor's foreclosure isn't going to affect you? Think again.

THE EFFECTS OF FORECLOSURE:

Emotional Well-Being Distressed - According to Harris Interactive Poll of persons going through foreclosure 38% are Scared, 35% are Depressed, 9% are Angry, 8% are Embarrassed, and 9% None of these.

Increase of Violent and Petty Crime - According to Neighbor Works America, homes in foreclosure that become vacant provide sites for crime. Lin Cui of the University of Pittsburgh Department of Economics study showed that the rate of violent crime within 250 feet of the property is 15% higher than the rate in the area between 250 and 353 feet from the property.

Be Smart Fighting Foreclosure in FL - Know About the 5 Year Statute of Limitations

What does the acceleration of Florida's five year statute of limitations mean? It means that the plaintiff within 5 years after the mortgage loan goes into default is the time that they can sue for foreclosure. But let's say that the court dismisses the action without prejudice. The plaintiff can then pick a more recent breach date (time that loan is in default) and restart the limitation clock. Only if the plaintiff does not file a new action within 5 years of the most recent breach will the Statute of Limitations prohibits the court from hearing the case. However, the 3rd District Court of Appeal in Florida has, since January 2015 a unique yet narrow interpretation stemming from the ruling in Deutsche Bank Trust Company Americas, v. Harry Beauvais, et al., No. 3D14-575 where it deems basically that a dismissal with prejudice merely resets the clock. Please note that there are 5 District Court of Appeals in Florida. Therefore, the jurisdiction your home is in is also a factor.

It is important to know that:

Acceleration is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
The five year Florida statute of limitations period begins when the lender files its first action.
Only valid mortgage notes can go into foreclosure.
Only a dismissal with prejudice stops the clock for purposes of the Statute of Limitations.

Settled Your Debt? Surprise! Make Sure You Know This Tax Implication

You've gone through the ordeal and sometimes incredibly long process of settling your debt. Whew, glad that's over. Now on to rebuilding your finances, right? Not quite, when you go through a debt settlement there are tax consequences.

Surprise, Surprise! You Now Have to Report Phantom Income
Many consumers are surprised that the IRS and their state government considers debt forgiven as income.

[fa icon="clock-o"] Friday, May 1, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] debt settlement

Today, millions of Americans struggle to pay their mortgage payments. Whether it's because of a change in income, lost job, an injury or illness, or because of a costly divorce; these financial burdens can be overwhelming. In any case, the goal is for you to relieve yourself of the gargantuan financial burden with the least repercussions. As a result, a growing number of homeowners consider a loan modification vs. short sale. While each of these solutions have challenges, both are better than losing your house to foreclosure. Continue reading to learn more about loan modification vs. short sale.

[fa icon="clock-o"] Monday, April 27, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification attorney

If you have high credit card debt, you might be able to settle the debt for less than the full amount. If you plan to do-it-yourself there are dangers you should be aware of.

Credit card settlement involves negotiating with the creditor company via an offer to settle the amount you owe with a lesser amount. In the event that the creditor accepts, you must be prepared to pay the entire negotiated settlement amount up front, in one lump sum.

[fa icon="clock-o"] Tuesday, April 21, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] debt collections harassment, debt settlement, credit cards

If you put down less than 20% when you purchased a home, you probably pay for private mortgage insurance (PMI) every month. Private mortgage insurance protects the lender in case you can't make your payments and the house is foreclosed on. But what happens if you paid 20% down? Surely, that proves that your loan is not a risky one for the lender. I mean you have shown that you have a significant financial stake in the property. Pay attention, Mortgage Watchdog says that 70% of existing escrow accounts violate federal law by holding excessive balances. According to the Federal Deposit Insurance Corporation (The FDIC is an independent agency of the federal government responsible for insuring deposits.) Home loan errors are costing Americans $8 billion to $10 billion each and every year.

[fa icon="clock-o"] Tuesday, April 14, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] florida foreclosure attorney

Attorney at Law, Gregory M. Nordt, Esq. has reached another milestone – 20 years of service and experience in the field. He has been practicing foreclosure defense, banking/finance law, tax law, and IRS tax controversy since 1995. Mr. Nordt, along with his team at Amerihope Alliance Legal Services, invoke candor, integrity, and expertise whilst defending their clients. All with the common end goal of achieving the best possible outcomes.

“I, along with our entire team, am extremely proud of our attorney Greg Nordt, that he has reached this career milestone with such integrity," said Amerihope Alliance Legal Services Operations Manager Sherrill Clark. "We applaud Greg for his long standing commitment and passion." All cases are unique and Mr. Nordt treats all clients with the respect and care they deserve. From the start, Mr. Nordt fights alongside his clients to ensure the end goal is met.

“There are so many talented people I work with. For the last three years our Managing

And the Winner Is... [2015 Client Distinction Award Winner]

For the third year in a row, Gregory M. Nordt, ESQ is a Martindale-Hubbell® Client Review Rated Lawyer of Distinguished 4.4 out of 5 as of January 1, 2015 based on his client reviews of four main areas of question:

Why Do Houses Become Abandoned? Here Are 5 Reasons

1. Natural Disasters.

Floods, earthquakes, hurricanes, tornadoes, etc. During natural disaster, people will skedaddle from their homes and sometimes they never return.

2. War or Civil Conflict.

Violence, anarchy, etc. In times of war and civil conflict there are lots of people who will just abandon their homes and never ever come back.

[fa icon="clock-o"] Monday, January 19, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification attorney, loan modification, loan modification help, Abandoned Homes

When it comes to applying for a loan modification, your debt-to-income ratio is really very important. Having the right or wrong DTI ratio can make or break your loan modification. But what is debt to income ratio? Let's dive right in. President Obama's foreclosure prevention plan has it set up so that for your first mortgage, your Front-end debt-to-income ratio can be no more than 31 percent. This basically means that your house payment cannot exceed 31 percent of your gross monthly income. So if for example your monthly mortgage is $1,000, your gross monthly income should be at around $3,230 or more.

There are actually 2 debt-to-income (DTI) ratios to become familiar with:

First there's your Front-end DTI ratio which is based on your house payment. Under the President's plan, the Front-end DTI ratio target of 31 percent only applies to your first mortgage. Other loans taken against your home such as a second mortgage or an equity line of credit are separate and are not a part of your Front-end DTI. Instead, you can calculate these other loans as a part of your Back-end DTI. But wait, what is Back-end DTI? I'm glad you asked!
Besides Front-end DTI, you also have your Back-end DTI ratio which is based on all your monthly debt payments combined. This includes your house payment, credit card payments, auto loan payments.

[fa icon="clock-o"] Wednesday, January 7, 2015 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification, loan modification help

Foreclosure and Loan Modification Blog

Jake Sterling

Recent Posts

The Folly of Foreclosure [Infographic]

Be Smart Fighting Foreclosure in FL - Know About the 5 Year Statute of Limitations

Settled Your Debt? Surprise! Make Sure You Know This Tax Implication

Spot the Differences: Loan Modification vs. Short Sale

DIY Debt Settlement, Dangers You Should Be Aware Of

Bad Lending, Are You Being Taken Advantage Of?

Celebrating 20 Years of Service - Attorney at Law, Gregory M. Nordt, Esq.

And the Winner Is... [2015 Client Distinction Award Winner]

Why Do Houses Become Abandoned? Here Are 5 Reasons

1. Natural Disasters.

2. War or Civil Conflict.

What Is Debt to Income Ratio?

There are actually 2 debt-to-income (DTI) ratios to become familiar with:

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