FAQS

How does a loan modification affect my credit?

Individuals participating in Home Affordable Modification Program (HAMP) generally dont see a drop in their credit score since the government has requirements in which lenders report HAMP in a way that it doesn't harm the borrowers credit score. Nevertheless, there is no guarantee that a loan modification will not affect your credit score. If you have any loan modification questions or concerns, call Gallardo Law Firm.

What will I receive from my mortgage company?

You may receive a reduction in your principal. Mortgages companies are receiving incentives from the government to do so. There are certain requirements you need to meet which includes living in your house and have a mortgage of $729,750 or less.

What are the alternatives to a loan modification?

When the borrower doesnt qualify for a loan modification yet he or she cant afford mortgage payments; there are other options that will help the homeowner avoid foreclosure, which may include:

• Selling your your home for less than you presently owe the bank. The home is given back to the lender through a deed-in-lieu of foreclosure.' Applying for forbearance, which helps the lender reduce or suspend loan payments normally for up to 90 days. You can also find a tenant who will rent your home. The rent money can be used to repay the lender.

Whats the length of time to answer after filing foreclosure?

In the state of Florida you must respond within 20 days following notification. Therefore, it is of great importance to meet with a foreclosure attorney.

Could I save my home after starting the foreclosure actions?

Yes, the foreclosure attorney at Gallardo law Firm in his defense gives you time to fix your financial situation or achieve alternatives that benefit both you and your family.

What does deficiency judgment mean?

It is the embargo that occurs against the debtor since the sale of the property was not enough to pay for the mortgage. It is considered a debt.

Who are the ideal candidates to file for bankruptcy?

Individuals and companies with large financial debts that cannot be solved by themselves and need to rely on one of the types of bankruptcy to resolve the economic situation can qualify for bankruptcy. Bankruptcy works best for borrowers who may have some type of income that helps them cover their costs after downloading the corresponding chapter in the case.

What is a strategic default?

When a homeowner decides to stop making mortgage payments, this is called a strategic default. Strategic defaults are a good option when the individuals property is worth less than the mortgage balance, or when the person is no longer able to pay their monthly mortgage payments.

What is a letter of demand or acceleration?

A letter of demand or acceleration is sent by a lender to a homeowner when the homeowner stops paying the mortgage. The lender must send this letter before they can proceed with a foreclosure lawsuit by the total loan amount.

Are there alternatives to foreclosure available?

There are several foreclosure options available to homeowners, including short sales, deed in lieu of foreclosure and loan modifications. A qualified attorney can assist you in implementing these options and increase the chances of a successful outcome.

Should I file bankruptcy to avoid foreclosure?

Bankruptcy should never be the first alternative for individuals with a foreclosure. There are other options that can be adopted to prevent the implications of a foreclosure sale. If the mortgage borrower has other debts, then bankruptcy could be a way to use to relieve the homeowner, but this should be the last resort.

Can I go to jail for having so much debt?

No, the debtors are not going to prison for having accounts payable with creditors, unless they have committed a federal crime or fraud. Creditors may only collect debts through the court and ask the judge for a claim against the debtor for a money judgment. Even if the demand is achieved, creditors can seize some of your properties or cancel your checking account, but they cannot get an arrest warrant for debtors.

If I own a house, am I supposed to carry homeowners insurance?

When you own a house and you pay mortgage monthly, the bank or lender will request you require having an insurance to protect from natural disasters and calamities that can occur. The insurance requirements vary depending on the location of the property. For example if you live in an area susceptible to flooding, you are required to have flood insurance. If you have paid off your mortgage then, you are not requiring carrying insurance anymore. If anything happens to your property you are completely responsible for any damage even if it is provoked by a natural phenomenon.

What are the facts that affect the homeowners insurance?

There are some factors that affect such as location that was previously mentioned, the characteristics of your home including the year that it was constructed, the type of the roof structure, wiring, basement, etc. If you have protective devices such as fire alarm and extinguishers, smoke detectors and burglar alarms can also lower the cost of the insurance. In addition, if you have filed a claim to an insurance company before, your premium could be higher. Finally, a good credit history can lower your home insurance.

If I have a homeowner's insurance, is all my property covered?

No, you need to review all limitations and exclusions of your policy. You will need separate policies to protect for example your car, jewel theft, etc.

Do I need a homeowner's insurance if I rent the property?

As you are not the owner you cannot insure the structure, but you can have a renter's insurance coverage to protect your personal belongings.

What happens if someone has an injury on my property?

The liability portion of the property should cover any injury to a neighbor or visitor who are legally liable for. However, household members are not mostly covered.

How can I lower my homeowner's insurance premium?

By using smoke alarms, sprinkler systems, security systems, deadbolt locks and others.

Is there any exclusion in the policy that I should know about?

All exclusions are specified in the policy. Some of them might be intentional loss, flooding, earthquake, damage resulting from war and neglect among others.

What issues cannot be approached in a professional complaint?

In the grievance procedure, issues on pensions of government employees, insurance, retirement, or any other matter wherein the authority to act lies not with the employer cannot be addressed.

How long has a person to file a complaint?

A complaint must be filed with the Office of the President in a period of fifteen days of the event of complaint, or the employee educated of the complaint case. If not filed within the time limits are set by law, the complaint could be dismissed.

What is the difference between a hearing and a conference?

A hearing is a registered method in which plaintiff is entitled to a fair hearing and present evidence. Management is represented by one member of the office of Attorney General. Established evidence rules do not apply, but both parties may present records and test and cross-examine witnesses.

Can employers retaliate on employees when they have a complaint?

Retaliation is specifically prohibited by the statute of complaints and any person participating in this activity will be subject to disciplinary action for insubordination.

Can complaints be consolidated?

Individual complaints regarding the same issue can be make firm at the request of the parties, or by the hearing officer.

What is the typical grievance process?

This process begins with the worker presenting a problem to the supervisor after the offense happened. The supervisor will then have some time to either reply or send the grievance to higher authorities. By this time, a union rep will intercede on behalf of the employee and start negotiations. If the issue is no resolved then the grievance will be sent to even higher authorities. The company will be obligated to resolve the grievance when management fails to do so. If the situation hasnt been resolved yet, then the final step to take is for the parties to present it to the assigned arbitrator. The arbitrator generally makes the final decision and its based on the rights of parties under labor agreement. The grievance can also be presented to a mediator who may be able to assist the parties in solving their differences. Mediation generally takes less time and its less costly than arbitration.

How can a formal grievance procedure help in a Nonprofit?

Implementing a more formal grievance procedure can help disputes at wok to be handled in a timelier manner. A written grievance, for example, can help as long as it has some basic elements such as a requirement that it be used by employees in timely fashion, a statement about how to submit the complaints and to whom, show who will evaluate the complaints and make the final decision, and a statement condemning retaliation against employees involved in the complaint.

What are some questions to consider before meeting with the supervisor?

Learning the facts about everything that happened is crucial. Some questions you should think about and answer when investigating a grievance are:

• Who is involved in the grievance? What exactly was done or said? When and where did everything happen? Why it happened and whats the main cause it happened?

How do I find the appropriate employment attorney defense team?

There are many sources available to you such as the internet and referrals from friends and family along with organizations that can locate a lawyer that specializes in this field of law.

Can I handle employment cases on my own, without the help of an employment attorney?

Absolutely not. Employment law, unlike many other divisions of law, can be very complex and its constantly changing for the benefit of both the employer and the employee. Your employer may have a lawyer on standby waiting to defend any claims you set against the company you work for. We suggest that you do not take your chances on complex cases that can help you secure your job or receive workers compensation benefits. Gallardo Law Firm can guide you through the whole process. Our lawyers have years of experience representing workers just like you.

How long can I wait before I take action against my employer?

Generally, all legal claims have time limitations. This means that the longer you wait to file a claim against your employer , the more evidence or proof you will need in order to convince a judge of the incidents that have occurred. These evidences can become harder to find or use after certain amount of time.