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New Year offers chance to deal with foreclosure in Miami, restore credit rating

The New York Times reports that credit is beginning to flow again as the nation slowly climbs out of the recession sparked by the unprecedented crash of the real estate market.

As we prepare for a New Year, getting your credit back on track is a worthwhile goal. Consulting a Miami foreclosure defense attorney is a good first step. Banks and their law firms are being investigated for wrongdoing from coast to coast. The odds of successfully fighting foreclosure in Miami have never been better. In other cases, fighting a deficiency judgment or negotiating for the removal of black marks from your credit report may be possible. In still others, a monetary settlement or a fight to reclaim your property may be possible.

Credit card offers are surging again after virtually drying up during the past three years. Even riskier borrowers who would not have received credit just months ago are being made new offers for credit. However, the days of everyone being “preapproved” do not appear to be returning. Banks are being choosier and are setting strict terms to guard against a renewed onslaught of loses.

With the offer of credit comes the opportunity to begin repairing your credit score. By dealing with your real estate issues, you will be tackling the elephant in the room. From there, repairing your credit rating will be a matter of moving forward and getting on with your life in a responsible manner.

But it’s a case of buyer beware: many of the cards come with higher interest rates and annual fees.

Lenders are looking beyond credit scores in extending this new line of credit. Things like registering on a jobs website could be a sign of differences in the payment abilities of two people with similar scores. The digital age is allowing for ever-increasing amounts of data to be collected on consumers. Dealing with real estate problems and rebuilding your credit scores are positive first steps toward reclaiming your life and the future financial well-being of you and your family.

Signs of strategic default — property owners who made bad real estate bets and simply walked away — may earn a borrower a second look. First-time defaulters, who had been good risks but ran into trouble during the recession because of job loss or other reasons, may also be getting a second look.

The absence of available credit in recent years has apparently stoked the appetite of consumers. Credit card companies report about 4 percent of those propositioned with offers have submitted applications — that is about 10 times the traditional response rate.

If you need help with foreclosure issues in Miami or the surrounding areas, including short sales, deficiency judgments, strategic defaults or other help for Miami homeowners, contact Jacobs Legal for a confidential appointment to discuss your rights. Call (305) 358-7991.

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