Miami Foreclosure Lawyer Blog

Failure to stop foreclosure in Miami is one of the many ways in which consumers are seeing their credit scores take a big hit. MSNBC reports a reputable credit repair firm may charge $600 or more to assist you in getting your credit back on track.

But there are few secrets to a good credit score. Low credit card balances and on-time payments will do more for your score than all the counseling in the world. Unfortunately, if you are dealing with an underwater mortgage in South Florida or a short sale or other bad mortgage debt, little can be done to help your credit without addressing the real problem.

A Miami foreclosure defense attorney can assist you in determining the best course of action. Without proper assistance, a short sale or strategic default could result in a delinquency judgment and additional blows to your long-term financial well-being and credit worthiness.

Once you have dealt with your mortgage debt, you can begin to comb your credit report for errors or other problems that are needlessly dragging down your score. Too often, consumers continue to go on struggling with unmanageable debt out of misplaced fear of harming their credit score. In reality, your score has likely already taken a major hit from over utilization of available credit, missed payments, late payments and other issues. Getting back on strong financial footing may well allow you to repair your score faster than continuing to struggle with bad debt.

A free credit report is available at www.annualcreditreport.com. In general, scores in the 700 are good, high 600s are decent, low 600s are marginal and those with scores lower than 600 will find it difficult or impossible to get credit in the current environment. Rebuilding your credit requires paying your bills on time and using one-third or less of available credit.

Continue reading "Stopping foreclosure in Miami often the first step to repairing credit score" »

Financial executives were paid $2 billion in bonuses as the financial markets stood on the brink of collapse in 2008, the New York Times reported. The collapse was due in large part to risky bets, excessive leverage, and years of financial excess by corporate executives.

And about 80 percent of the bonus pay was not merited -- or about $1.6 billion.

It's hard to feel bad for the bankers. They are not the ones living paycheck to paycheck, or left dealing with an upside down mortgage, ruined credit, or an attempted short sale. A Miami foreclosure defense lawyer can help South Florida homeowners decided upon the best course of action. Whether you are looking to stop foreclosure, or are considering strategic default or a home-loan modification, speaking to an experienced attorney can help protect your rights.

As we have reported on our Miami Foreclosure Lawyer Blog, the wealthy are simply walking away from underwater mortgages and living to fight another day. The bankers got their money. Don't let a bank or homeowner's association guilt-trip you into remaining in a hopeless situation. Fighting for your rights could impact your standard-of-living for the rest of your life.

The government's report on bank bonuses found that 17 financial companies made questionable payouts totaling $1.58 billion immediately after accepting billions of dollars in taxpayer aid.

The group includes Goldman Sachs, JPMorgan Chase, AIG and Citigroup.

The watchdog has little or no authority to require the banks to repay the money. But will settle for proposing that banks voluntarily adopt a "brake provision" which will allow boards to suspend bonus payments in the event of a future financial crisis.

The practice of paying bonuses is alive and well again on Wall Street: Goldman Sachs is on pace to hand the average worker $544,000 in salary and bonuses; JP Morgan Chase's average is about $425,000 and Morgan Stanley employees could each collect $260,000.

Continue reading "Banks pay record bonuses but refuse to help stop foreclosures" »