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Bank of America test pilots ‘Mortgage to Lease Program’ letting those facing foreclosure rent their home

Posted on April 25, 2012 by Blick Law Firm

Bank of America launched a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

About 1000 homeowners facing foreclosure in Nevada, Arizona and New York are test piloting this “Mortgage to Lease” Program offered by the bank.

Underwater homeowners who are struggling to make hefty mortgage payments are giving their homes to the bank and turning around and renting for up to three years at a lower monthly cost.  If the program is successful, it may be rolled out in other states.

How to qualify for the program?

Participants must be at least 60 days behind on their mortgage, have a deficiency in the loan to value, no second mortgage, exhausted their mortgage-modification alternatives and make enough income to pay the rent.  *The loan must be owned by Bank of America.

The goal of this program by Bank of America?

The goal is to see potential benefits from helping to stabilize housing prices in the surrounding community as well as, curtail neighborhood blight by keeping a portion of distressed properties off the market.

Homeowners can’t apply for the program. If you qualify, Bank of America will contact you. Fannie Mae has a similar program, though it is not widely used.

Will this program work?

Depends on the homeowner’s individual circumstance. While some might want to stay in their home, others might be better off moving.

How will the bank benefit?

Bank of America will avoid costs of foreclosure and earn money when the home is eventually sold.

Although this program is not yet available in Florida, contact a Tampa real estate attorney today to discuss your housing options.  Attorney Michael Blickensderfer is experienced and able to assist you with your short sale transactions, loan modification or foreclosure defense. Call us today at 813-931-0840.

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DUI conviction remains on your record for life!

Posted on April 18, 2012 by Blick Law Firm

No one can drink alcohol and still drive safely. Drinking and driving causes accidents and deaths every day and therefore the penalties in Florida are tough.

If you drink and drive the result may be:

  • Jail time
  • Loss of your Florida drivers’ license
  • Heavy fines
  • Increased auto insurance rates

A conviction will stay on your Florida driving record for life.

If it is going to stay on your record, why hire a DUI criminal attorney? While the conviction can not be dismissed, a DUI attorney advocates on behalf of the client for a better outcome, which will impact life as it relates to school, work, insurance rates, etc.

Florida has a Zero Tolerance law for drivers under 21. This means that any driver under 21 that is stopped by law enforcement and has a blood alcohol level of .02 or higher will automatically have their Florida drivers’ license suspended for 6 months. The .02 limit really means that you cannot have a single drink and then drive.

For drivers over 21 the legal limit in Florida is .08. Regardless of your age be aware that drinking and driving is a serious offense. Below summarizes the penalties in the state of Florida for a first offense DUI.

Florida Penalties for DUI First Conviction:

  • Fine – $250 to $500
  • Community Service – 50 Hours
  • Probation – Not more than 1 Year
  • Imprisonment – Not more than 6 Months
  • Imprisonment with BAL of .08 or higher with a minor in the vehicle, not more than 9 months
  • License Revocation – Minimum of 180 days
  • DUI School – 12 Hours

For more information regarding Florida DUI conviction’s penalties and seeking legal representation to better the outcome of your situation, contact Blick Law Firm today! 813-931-0840.

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Can I lose my home if I file bankruptcy?

Posted on April 13, 2012 by Blick Law Firm

There are ways to keep your home in bankruptcy. “Automatic Stay” is one of the first advantages of bankruptcy, which will prevent creditors from taking collection action against you. If you are facing foreclosure, the filing of a bankruptcy petition will temporarily suspend the foreclosure action. While the automatic stay will not last forever, it will give you more time to review all of your options.   Attorney Michael Blickensderfer of Blick Law Firm can help you review all of your options before deciding which type of bankruptcy is best for your situation.

Personal circumstances, such as the type of bankruptcy you file, the amount of equity in your home, and whether you own the house jointly with someone else are all factors to consider.  In a Chapter 7 case, while you will lose assets but get rid of debts, you can either formally reaffirm the mortgage loan or, in some judicial districts, just keep making payments. If you fall behind on payments, and have some equity in your home, Chapter 13 bankruptcy may be a better choice for you because it allows you to pay off the arrearages (mortgage) over time and therefore face less risk to losing your home. A critical consideration in a Chapter 13 case is whether a debtor whose home loan is in default can make the larger mortgage payments (the missed payments plus resuming the original payments) over the repayment period.

For more information regarding keeping your home when filing for bankruptcy or general questions about qualifying for Chapter 7 and Chapter 13 bankruptcy call Blick Law Firm today at 813-931-0840.

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