Weak oversight allowing banks, other lenders to “dual track” in West Palm Beach

The early results from the 2012 national agreement to stop the biggest banks from abusing homeowners facing foreclosure are in – and they are bad, for the homeowners. According to a survey conducted by Politico.com, the 5 banks involved in that settlement have continued to take advantage of distressed homeowners.

Over 60,000 complaints have been filed with the Consumer Financial Protection Bureau (CFPB) since the beginning of 2014 alone, according to POLITICO’s review of the CFPB’s database. Those complaints center upon lenders either mishandling mortgage and home loan modifications or hurrying the foreclosure process (often referred to as dual tracking). What’s more, reviewers believe that the number of homeowners with complaints about unfair practices is actually low because so many homeowners still do not know that the CFPB exists.

“It’s troubling to hear that some consumers continue to experience mortgage servicing problems,” a spokesperson for Attorney General Cooper’s office in North Carolina said in an emailed statement. “While the 2012 settlement brought help to many homeowners who were wronged, it’s clear there’s more work to be done to stop unfair home loans and unnecessary foreclosures.”

Read more: http://www.politico.com/story/2015/09/foreclosures-mortgage-lenders-2012-settlement-banks-213322#ixzz3w81buXLv

Unfortunately, distressed homeowners both in the West Palm Beach area, throughout Florida and around the country are still being abused despite the Dodd-Frank Act, the 2012 settlement and other laws enacted to supposedly help homeowners. Many of the banks and other loan servicers have made it clear that they put profits before their customers’ needs. And trying to make sure you dot every “I” and cross every “T” when filling out and submitting modification and other forms might still not be enough to keep your lender from trying to take your home.

Before that happens, you need to talk with a law firm knowledgeable about getting your loans modified today. Korte & Wortman, P.A. will fight for your rights against the abusive practices of a greedy loan servicer. Or, you may need to explore your rights in foreclosure defense. If you need help with any type of problems you have with your mortgage or any other home loan, contact us at Korte & Wortman now. Do not wait for the worst to happen – let us work with you on your behalf NOW so that you and your family can stay in your home.

Korte & Wortman is a law firm specializing in all aspects of foreclosure including bankruptcy, mortgage debt, short sales, loan modification, predatory lending practices and Dodd-Frank Act violation litigation. We have had excellent results working with a number of clients to help them stave off foreclosure and save their homes by getting them the mortgage modifications and/or foreclosure defense they need. Check out a few of our many success stories on our website at http://foreclosurefactor.com/results/loan-modification-results/.

Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. Call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website. Our firm represents clients in West Palm Beach, Palm Beach, Ft. Lauderdale, throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

Study shows credit card debt in south Florida / West Palm Beach area among highest % in the country

A recent study conducted by consumer watchdog website CreditCards.com reported that residents of south Florida, from Miami north through West Palm Beach carry the 4th largest credit card debt burden in the country. On average each south Floridian carries an average of $4,325 in credit card debt according to the study. Furthermore, it would take the average person over a year to pay off that debt if they started paying it off now and stopped using their credit cards until they were fully paid off.

That average credit card debt burden of $4,325 equals over 15.7% of the median individual income in our area, which is $27,453 according to published statistics from the U.S. Department of Justice. Median household income is $47,463 according to the latest Census survey in 2014. What do all of these facts and figures mean to you as a resident here in West Palm Beach?

In an article published by Kenny Malone on the WLRN website regarding the study, he quoted CreditCards.com senior industry analyst Matt Shulz who said “It certainly seems that Miami residents are putting a little bit more than they can afford on their cards. You know, as evidenced by the fact that we see that it would take the average person in Miami about 14 months and about $350 in interest to pay off their credit card debt… That’s a long time and a lot of money.”

To read this entire article please go to: http://wlrn.org/post/study-south-florida-fourth-worst-credit-card-debt-burden-country

The South Florida Business Journal also highlighted a study from the credit agency Equifax that although south Florida has seen a significant dip overall in consumer debt over the last year, that in fact “In the auto, bank credit card, and retail card category, South Floridians incurred 11 percent more debt in the 12 months leading up to March 31 (2015).” http://www.bizjournals.com/southflorida/news/2015/05/05/south-florida-has-greatest-dip-in-consumer-debt.html

If you are in West Palm Beach, Ft. Lauderdale, Miami, Tampa, St. Petersburg, Clearwater or anywhere else in the state of Florida and in need of a law firm knowledgeable about credit card debt issues, then contact us at Korte & Wortman, P.A. Korte & Wortman is a law firm specializing in credit card debt defense and defending our clients in all aspects of consumer debt issues including bankruptcy, mortgage debt, foreclosure, Deed in Lieu and short sales. We have had excellent results working with a number of clients to save them tens and even hundreds of thousands of dollars on their credit card debt, mortgage modifications, Dodd-Frank Act cases and other consumer loan issues. Check out a few of our many success stories on our website at http://foreclosurefactor.com/practice-areas/credit-cards/

Our home office is based in West Palm Beach, at 2041 Vista Parkway, Suite 102. You can call us at (561) 544-7071, stop in to our office, email us at vdinapoli@kwlawfirm.com or come to our website. Our firm represents clients throughout the state of Florida and across the eastern seaboard. We also have offices in Sunrise and Clearwater, Florida.

Dodd-Frank Act – a primer from Korte & Wortman, P.A.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (known by the common term of the Dodd-Frank Act) has had a profound effect on lending practices here in Florida, particularly since the Mortgage Reform and Anti-Predatory Lending Act section (Title XIV) was enacted early in 2014. This groundbreaking piece of legislation is meant “to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable, and not unfair, deceptive or abusive,” according to its creators.

Part of this legislation’s mission is to amend both the Truth-in-Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). The Dodd-Frank Act requires that a lender in a residential owner-financed transaction must determine at the time credit is extended that the buyer/borrower has a “reasonable” ability to repay the loan. If the lender did not properly investigate your credit worthiness, your lender could be subject to fines and other penalties.

Therefore, if you have entered into a mortgage contract since the beginning of 2014 and are now facing foreclosure, bankruptcy, or some other form of financial distress that is threatening your property, then you need to seek out a knowledgeable defense lawyer to discuss all of the legal options you have available to you.

In addition, you may be entitled to refunds or other financial benefits if your loan did not disclose many different pieces of information to you, including deficiencies in the home like Chinese drywall; hidden penalties for prepayment of your mortgage; or other information that may have altered the value of the home.

At Korte & Wortman, P.A. we have attorneys who are well-versed in the Dodd-Frank Act mortgage reform legislation that was enacted in 2014. We have already been able to help clients navigate this legislation to get the money they deserve from lenders who have tried to take advantage of them in the form of fees, hidden charges and other predatory lending practices.

Our South Florida firm is one of the few in the state that handles cases involving legislation in the new Mortgage Reform and Anti-Predatory Lending Act.

To learn more about the Dodd-Frank Act please visit this page on our website at http://foreclosurefactor.com/the-dodd-frank-act/ or call us directly at (561) 544-7071 for foreclosure prevention or defense against any lender who may have violated your rights under the rules of the Mortgage Reform and Anti-Predatory Lending Act throughout the State of Florida. We can help you TODAY!