Mortgage Modification Pitfalls

If you’re having problems paying your mortgage bills, a load modification might sound like a really great idea. However, homeowners should be aware that mortgage modification is tricky business dotted with many potential pitfalls.

First, while laws have been changed to force lenders to respond to homeowners within 10 days after they put in a modification request and to provide them with an answer within 30 days, your lender may rule your application incomplete and stretch out the process. Thankfully, a law preventing dual-tracking—the act of processing a foreclosure while a loan modification request is pending—has been put in place to protect homeowners.

A Brief Outline of the Florida Foreclosure Process

Foreclosure is an all too familiar reality in the Sunshine State, with some 1.36 million properties facing repossession in 2013 alone. If you’re one of the many homeowners who may be facing foreclosure, you’re first reaction may be to panic. However, the best way to face this challenge is to arm yourself with knowledge. Below is a brief timeline of the foreclosure process in Florida:

Molon Labe: When Someone Comes to Take Your House

Molon labe—they may seem like two unassuming words, but they carry huge impact. These words are reportedly what the Spartan General-King Leonidas said in reply to Xerxes, the Persian Emperor, when the latter demanded Leonidas and his 300-strong army to lay down their arms and surrender. In English, molon labe means ‘come and get it’, a classical expression of defiance.

Molon labe has been used many times since, becoming the signature battle cry for people who wage war against oppression and refuse to be trampled by men who would deprive them of their God-given right to live free. For homeowners facing foreclosure, molon labe is not only a battle cry—it’s a state of mind.

Protecting Soldiers from Foreclosures

According to statistics, roughly five percent of military personnel on active duty reside in Florida. That's roughly 60,000 soldiers and officers stationed in different parts of the country, if not the world, away from their loved ones. Even if they're still in Florida, daily military life can get in the way of civvie life, which includes paying loans.