Florida Foreclosure Defense Lawyers Blog

As defined by the Office of the Comptroller of the Currency, a reverse mortgage is a loan secured by your home that allows a borrower to receive payments from their lender. The amount available to the homeowner through a reverse mortgage loan is determined by the value of the home at the time the reverse mortgage loan is executed. The amount(s) borrowed by the homeowner are simply added to the principal of the loan. The lender will charge the mortgage holder interest on any amounts borrowed through the reverse mortgage. There are strict requirements that must be met in order to be eligible for a reverse mortgage.

In many instances reverse mortgages are not in the best interest of the homeowner. Reverse mortgages oftentimes have large origination fees and will usually increase the homeowner's interest rates on the pre-existing mortgage. Due to the diminishing value of homes today, the amount that can be borrowed on a reverse mortgage is usually relatively low.

If you are considering a reverse mortgage or have any questions about your eligibility for a reverse mortgage, you should contact a Florida Foreclosure Defense Lawyer prior to agreeing to any loan modification. Having a lawyer review any potential changes to your mortgage will ensure that you get the most beneficial terms from your lender.

The Federal Housing Finance Agency (FHFA) declared that the use of Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) by homeowners struggling to meet their mortgage obligations rose in January 2010. These two government programs are designed to assist individuals that are having a hard time paying their current monthly mortgage payments. The benefits that these programs provide can mean the difference between a homeowner staying in their home and foreclosure.

If you have any questions regarding your rights or eligibility under HAMP or HARP, contact a Jacksonville Foreclosure Lawyer A Florida Foreclosure Lawyer will know your rights and whether or not you qualify for either of these programs

For full text of story: www.fhfa.gov under news releases

When a homeowner rescinds their home mortgage loan they are entitled to receive all of the fees, payments, closing costs and down payments back from the lender. The idea is to put the borrower in the position they would have been had the loan transaction never taken place. Rescission is generally only available to individuals that have refinanced a residential property within the last three years. Rescission can be the result of mistakes made by the lender including, excessive fees, failure to properly disclose the costs of the loan, and disclosures that do not meet the regulatory guidelines.

These are some of the infractions committed by lenders that may allow a borrower to rescind their home mortgage loan. Rescission is even sometimes available when the lender has not filed a Florida Foreclosure Lawsuit. If you feel that your lender has made mistakes and that you may be eligible for rescission contact a Florida Foreclosure Lawyer or Jacksonville Foreclosure Defense Lawyer.

There are many defenses to a Florida Foreclosure Lawsuit. Some of these defenses will defeat a Foreclosure Lawsuit, while others will entitle the homeowner to monetary damages. These defenses include, but are not limited to: a violation of the Truth in Lending Act (TILA), breach of contract, violation of the Real Estate Settlement Procedures Act (RESPA), unfair debt collection practices under the Fair Debt Collection Practices Act (FDCPA), reporting inaccurate information to a credit bureau under the Fair Credit Reporting Act (FCRA), plaintiff is not a real party in interest, and unconscionability. These are but a few of the available defenses to a foreclosure lawsuit.

If you are facing a Florida Foreclosure Lawsuit and would like to properly defend yourself from your lenders, contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer for a free consultation.