The Ugly Surprises That Await if you Wait For State Farm Florida to Cancel Your Home Insurance

October 8th, 2022 by admin No comments »

State Farm Florida Insurance Company announced earlier this year that it intends to leave the Florida Property and Casualty Insurance Market. The only thing still yet to be determined is the actual terms of the withdrawal plan and the timing around when the policy cancellations will begin.

Front and center are the estimated 700,Guest Posting000 State Farm Florida home insurance policies that are expected to be cancelled over a two year period – that’s over 29,000 policies that will be cancelled each and every month for two years. Regardless of your perspective, this is the most significant event that has ever occurred in the history of the Florida homeowners insurance market – and you could not pick a worse time for this to happen.

To begin with, many of the home insurance policies that will be dropped by State Farm Florida will occur at the exact same time that Citizens Insurance Florida will be moving forward with higher rates in 2010 as required by law.

Although dumping on big insurance in Florida has become one of our favorite things to do, here are some little known facts that won’t ever make the coverage of State Farm Florida’s planned withdrawal from the state

Florida Loan Modification Companies – What You Need to Know

March 16th, 2022 by admin No comments »

I’ve spoken to many Florida homeowners in recent months that that have fallen behind on their mortgage. I explain to them that they need to take action and seek loan modification assistance if they want to avoid foreclosure on their home. That is usually followed by the commonly asked question “what is a loan modification?” Some have asked if it’s better to just short sale their home or just file for bankruptcy.

The South Florida areas of Miami, Ft Lauderdale, and West Palm Beach have been among the hardest hit areas in the state of Florida since the foreclosure crisis hit. If you are one of those homeowners struggling to make ends meet then I will tell you the same thing i’ve told Florida homeonwers i’ve spoken to in recent months…seek a Florida Loan Modification company and find out what your options are to stay in your home.

A recent report on CNN states that a short sale can cause between a 120 to 130 point drop in your credit score. If you are thinking about letting the banks foreclosure on your house then that would mean a 140 to 150 point drop in your credit score. What if you file for bankruptcy? That is the absolute last thing you would want to do if you want to maintain your credit score. A bankruptcy can cause your credit score to go down from 355 to 365 points.

However, a loan modification will have a minimal effect on your credit score…almost meaningless. Any reputable Florida loan modification company will tell you that.

Another question I am asked is, “why would lenders want to help me?” The answer is simple. Lenders do not want to pay the costs necessary for a foreclosure. The foreclosure process can cost the banks $50,000-$60,000. It would benefit them more if they kept you in your home. Of course, you would need to show them that you can keep up with monthly payments once the terms of your mortgage have been restructured.

Keep in mind that while a loan mod can help you reduce your interest rates, reduce your monthly payments, and modify the terms of your loan, the process can take as long as 3 or 4 months. Be patient and in the end, with a successful loan modification, everything can work out for you.