It is that time of year again when Lee County is experiencing longer traffic delays, throwing your hands up at the driver who stops in the middle of US41 to decide if he wants to turn or not, and of course you never think you are going to be involved in an accident. Call your insurance agent and make sure you have uninsured motorist coverage. This protects you against being hit by a driver from in-state or out-of-state that does not have insurance. Although it varies from person to person, a normal recommendations would be to have $100,000 in uninsured motorist coverage. If you have an accident make sure you call Lusk, Drasites, Tolisano & Smith P.A. for a free consultation.

Labels: Uninsured Motorist Insurance

Did you know that many homeowner insurance carriers exclude many types of dogs such as Pitbull Terriers, German Shepards, Bull Mastiffs, and Rottweilers from injury caused on your property. If you are planning on purchasing a certain dog breed, you should check with your own homeowners insurance to verify if you are protected from any claims made against you and your dog. Many insurance companies now are excluding all dog bites. Responsibility for medical claims and pain & suffering will fall on you personally if not covered properly. Get all the information before you plan on adopting or purchasing that next cute puppy. If you have received a dog bite on someone else property, contact us to talk to an attorney about your rights at no cost to you as an individual.

If you have been struggling to make mortgage payments for the last several months but things have been sliding downhill at an increasing rate, you may be faced with a foreclosure. Foreclosures can greatly affect your credit score and make it difficult for you to buy another home within the next few years. Like a bankruptcy, a foreclosure will be visible on your credit report for a very long time.

If you are faced with losing your home, someone may have recommended a short sale to you, which is different than a foreclosure in several ways.

Foreclosure
Foreclosure means the lender receives ownership of the property. You do not pass Go, you do not collect $200. Once the bank has control of your property, it will be sold at auction to the highest bidder, or sold at the lender's discretion. However, you may still be held liable for any difference between the amount you owed and the amount the new purchaser paid for the house. This is known as a deficiency ruling.

Short Sale
In a short sale, you still own the house, and the lender agrees to accept less than the amount owed on the loan. Contrary to the name, a short sale may take months to complete, and your lender may continue to send negative marks against your credit score if you do not continue to pay your monthly mortgage during this time. Although there is no deficiency ruling against a house sold by short sale, the IRS may still count the difference between your outstanding loan and the short sale amount as taxable income.

To find out more about foreclosure law, please contact Lusk, Drasites, Tolisano & Smith, P.A., serving the Fort Myers, Lee County, and Cape Coral areas in Florida.