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Helpful Information | The Bonnie Barbieri Team at Keller Williams Cornerstone Realty- Ocala for Homes Sale – Florida Real Estate
The Bonnie Barbieri Team at Keller Williams Cornerstone Realty- Ocala for Homes Sale – Florida Real Estate
Protecting Your Rights: Florida Fair Lending Act Part 6
Posted on December 10, 2014 by The Bonnie Barbieri Team
This is the final part of our multi-part series on protecting your rights through the Florida Fair Lending Act. We hope you have found this information useful. To check out the previous installments, check out the first, second, third, fourth, and fifth parts at their respective links here.
This one is pretty clear. It limits late fees to five percent of the past-due payment. It forces lenders to wait until a payment is 15 days late before they can charge late fees. Also, it prevents them from “double-dipping” and charging you twice for the same missed payment.
Lenders cannot charge fees to modify a loan or to defer payments.
If your mortgage contains any of these dirty little tricks, contact a lawyer. You can gain substantial benefit from seeing the banks punished for breaking the law. The penalty for violating this law is the lender gives up the rights to any interest on the loan, meaning you only have to pay the original principal, as outlined below:
Check your mortgage terms to ensure that your loan is on the up and up. If it is not, if your loan forces you into any of the aforementioned traps, know your rights and defend them.
Protecting Your Rights: Florida Fair Lending Act Part 5
This is part five of our multi-part series on protecting your rights during the mortgage process. The Florida Fair Lending Act, detailed in this series, is there to protect you from unscrupulous lenders. If you suspect your rights are being violated, call a lawyer for a consultation. You can check out the previous installments here, here, here and here.
Essentially, what this means is a lender cannot define the end date of a loan as “when we feel like it.”
This one speaks for itself. A lender cannot suggest you stop paying on your loan.
A lender cannot “sell” mortgages door to door as one would encyclopedias, knives, or vacuum cleaners. Either you have to go to them, or you must make an appointment for them to come to you. If they just show up at your front door trying to sell you a mortgage, call the police.
Posted in Helpful Information	| Tagged Mortgage loan
Protecting Your Rights: Florida Fair Lending Act Part 4
Posted on December 8, 2014 by The Bonnie Barbieri Team
This is part four of our multi-part series on protecting your rights during the mortgage process through knowledge of the Florida Fair Lending Act. For the previous parts, click here, here and here. Also, check back tomorrow for the next installment.
A lender cannot simply decide that you have to pay back everything you owe at once on a whim. They must prove that you violated the terms of the agreement or were engaged in some form of fraud in the mortgage process to call in the entire debt at once like this.
A lender must wait a year and a half before refinancing your loan after writing one unless the refinance contains terms that are considerably more beneficial to you than the previous one. Some unscrupulous lenders were using this practice as a sort of bait and switch to change terms of a mortgage or simply just extend the existing one by refreshing the terms.
Posted in Helpful Information	| Tagged Mortgage loan, Refinancing
Protecting Your Rights: Florida Fair Lending Act Part 3
Posted on December 3, 2014 by The Bonnie Barbieri Team
This is another in our multi-part series on protecting your rights against unscrupulous mortgage lenders through the Florida Fair Lending Act. Check out part one here, and part two here. If you believe your rights have been violated, check with a lawyer. Check back on Monday for the next installment.
Lenders cannot make payments in advance from the proceeds of the loan. This tactic is common in other forms of financing, such as car or furniture financing where it is a useful sales tactic, but since it can leave borrowers short on funds they need to close on a home, the practice is illegal for mortgages.
This is another practice that used to be shockingly common. Lenders would write up loans that their underwriters knew borrowers could not repay. They wrote loans far beyond what borrowers could afford, then blamed borrowers when they could not make payments. It is setting families up to fail and lose their homes.
Lenders cannot make payments to contractors for work on a home without the borrower signing off on it or making some prior arrangement to set it up. There was a type of scam a while back contractors were being enlisted to help shady lenders facilitate fraud. This provision was put in place as a means to put a stop to that.
Posted in Helpful Information	| Tagged Credit (finance), Mortgage loan
Protecting Your Rights: Florida Fair Lending Act Part 2
Posted on December 2, 2014 by The Bonnie Barbieri Team
Yesterday, we looked at the first part of the actions mortgage lenders are prohibited from under the Florida Fair Lending Act. If your mortgage contains these terms, check with a lawyer about protecting your rights. Here is part two of this multiple part series. Check back tomorrow for more.
This item is fairly self explanatory. A mortgage cannot raise your interest rate because you default on the loan. There are exceptions for adjustable rate mortgages, but even they have to prove rate increases were not triggered by the default.
Short-term mortgages must cover all of the debt in their payments. Leaving some of it to the end for one last (huge) payment is not legal.
(4) NEGATIVE AMORTIZATION.—A high-cost home loan may not contain terms under which the outstanding principal balance will increase at any time over the course of the loan because the regular periodic payments do not cover the full amount of the interest due
As before, loan payments must cover all interest and the required principal payment up to that point. If they defer interest and roll that into future payments by adding that deferred interest to your principal, they have broken the law. This practice was shockingly common around the mid-2000s, despite having been made illegal in 2002. If you have a loan from that time period and your payments keep growing, look out for this shady tactic.
Protecting Your Rights: Florida Fair Lending Act
When you get a mortgage, there are a number of things you need to keep an eye on. Of course the obvious ones, such as interest rate and payment structure are pretty well known. However, there are a number of things to look out for to protect your interests that you need to know if you have a mortgage in the state of Florida. These protections, known as the Florida Fair Lending Act outline a list of things your lender cannot do when writing the terms of your mortgage. Here are the prohibited items, and if you see any of these in the terms of your mortgage, get a lawyer immediately.
This one is pretty standard. If your loan has penalties for making payments early, the lender had to offer you an option for a loan without these penalties and they had to tell you about these penalties at least three days before you signed off on the loan. If they did not do both of these things, they have violated the law.
Check back tomorrow for the next part of this multi-part series.
Posted in Helpful Information	| Tagged Adjustable-rate mortgage, florida, Interest rate, Mortgage loan
Freegal Music and Movies at the Library
Posted on November 24, 2014 by The Bonnie Barbieri Team
We have often touted the myriad services provided by the Hernando County Public Library. There is another that we would like to tell you about that you may very well have not heard of. Did you know you can get free music downloads and movie streaming courtesy of your local library? If not, you do now. The Hernando County Public Library has partnered with Freegal to offer these services to library members.
If you have a valid library card and do not have any outstanding fees due for overdue books or anything of the sort, then you can utilize this service. Of course, having a decent Internet connection is vital as well, but we are assuming that if you are reading this, you already have access of some sort. Obviously, streaming movies will require a better connection than downloading music will, so keep that in mind. The service can be used on home computers or on iOS or Android devices. Of course, the mobile versions require an app download.
The movie streaming on the service obviously does not have the kind selection one would expect from say Netflix or Amazon Prime or other such paid services, but there are some decent movies to be found. The service has some good concert videos, anime classics and children’s movies. Those are the highlights of the selection from what I have seen. You can watch up to three movies or TV episodes per week, which may not seem like much, but for free streaming can provide some quality entertainment for no cost.
The music service is the diamond in the rough. While saddled with similar restrictions as the video streaming, there is one major difference. You can download the music without any rights management software (DRM) hindering your useage of it. You can put it on your MP3 player, burn it to CD, put it on your iTunes collection, or whatever else you may want to do. They have a pretty good selection here too. I found plenty of albums released earlier this year, so unlike Amazon’s music streaming service, you get plenty of new titles and you can do what you please with them, for free.
Links to both the movie streaming and music download services can be found from the Hernando County Public Library’s homepage at: http://www.hcpl.lib.fl.us/
If you want an inexpensive source of entertainment, you cannot beat free! Check it out and see what you can get from it.
Posted in Helpful Information	| Tagged Amazon.com, Streaming media
Making Money Online: Writing Part 3
Posted on October 8, 2014 by The Bonnie Barbieri Team
The past two days we have covered sites that you can make money from through writing. There are plenty more where those came from. Here is the next batch, and we will finish up the list next Monday. As with the previous entries, check each website’s rules and guidelines to give yourself a better chance of having your work accepted. Doing so can save you a lot of time and hassle as you work on your assignments to get paid.
oDesk: This one works similarly to Elance. They offer pretty much the same services and opportunities. If you want to expand your reach, being on both can increase your potential pool of clients greatly. Both sites have plenty of people looking to outsource some work, so there are tons of opportunities.
About.com: If you are an expert on a given topic, you can make money writing about your expertise through articles on About.com. It is one of the biggest sites on the Internet, and the exposure you can receive for your work is practically unrivalled.
Break Studios: Getting your content on Break.com can earn you money and a devoted audience. Their publishing platform serves several major men’s entertainment websites, allowing you to get your content out to a huge, yet specialized audience.
Cracked: Cracked is one of the largest comedy sites online. They have made stars out of several of their more popular writers. They pay fairly well, and they are very popular. Their articles get fantastic social media exposure. So, if you can write funny, list-based articles, you ought to check them out. They have a somewhat complicated screening process, so it could be difficult to be accepted on your first try. Learn their system, and you can get fairly steady pay if you have the talent for it.
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