RISING MORTGAGE RATES BRINGS A SWARM OF CASH INVESTORS AND BUYERS

Hand with a house key. We can blame the higher interest rates in the past months for the swarm of cash buyers picking up properties in Florida. “In July 2013, about 40% of the residential property sales were all cash transactions.  This is an increase of 35% from June. Short sales also saw a huge rise in July, increasing by more than 14% from the prior month.” Source –  DS News August 29, 2013.

The high population of Brazilians, Colombians, Argentinians, Mexicans, Canadians are picking up properties at still bargain rates, and closing within 30 days.  In my firm alone, we are able to run and write title, lien search and get a file to closing within 5 days of contract.

The only problem for investors seeking properties in Miami Dade, Broward and South Florida as a whole may be the lack of inventory because of all these sales.  At my firm, we meet daily with property owners that have maintained their properties in good condition, are upside down on their mortgages, and can no longer pay.  Instead of losing their properties in foreclosure, we can immediately get these clients into a short sale and find an investor to match.  The investor can reap the rewards of getting a great property at a great price.

If you are an investor looking for properties or a realtor seeking properties for your buyers, call us today.  We can add you to our list of investors and provide these properties to you at no charge.

Call or write us.  We are always a phone call away.

The Law Offices of Jacqueline A. Salcines, PA
706 S. Dixie Highway
Second Floor
Coral Gables, FL  33146
Tel: 305.669.5280
 

TRUST  |  COMMITMENT  | RESULTS

 

 

 

 

 

 

 

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AVOID A HOA LIEN AND FORECLOSURE BY SHORT SALE

House and lawHomeowners may not be aware of a Florida Statute that permits Homeowner Associations and Condominium Associations to lien a property for nonpayment.  No matter how small the debt owed, sometimes even a $25.00 late fee, the lien can then be  foreclosed upon by the Homeowners Association or Condominium, resulting in the homeowner losing their home.   And condominium and HOA’s are taking advantage of this law.

A great remedy for this debt and to avoid the foreclosure of the property, is to negotiate the debt through a SHORT SALE.  In a short sale, your mortgage lender will pay the HOA/Condo Association typically the full amounts owed (up to 12 months in most instances).  The buyer of the short sale most likely will pick up the balance, resulting in a complete write off of the debt.  The HOA or Condominium Association agreed to cooperate with us by not foreclosing or not moving the case forward in court, in order to allow time for the short sale to close. Once the closing takes place, they get paid, the homeowner avoids the debt and a judgment.  Its a win-win for all involved.

If you are behind on your Homeowner Association or Condominium dues, you have options.

Call us today to discuss how we can help you.

LAW OFFICES OF JACQUELINE A. SALCINES
EMAIL US AT :  J.SALCINES@SALCINESLAW.COM 
TELEPHONE: 305 .  669  . 5280
 
OFFICES LOCATED IN CORAL GABLES

TRUST   |   COMMITMENT   |  RESULTS

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Lenders still offering large monetary incentives in short sales

short_saleLast week, I closed a short sale and I gave the homeowner/seller a check for $35,000.00 from Bank of America as  a seller incentive to short sale their property.  This incentive came directly from the lender.  The terms of the short sale also included a complete write off of the debt and waiver of the deficiency as well as no 1099-C penalty to the IRS.

This was not unusual but rather the norm these days, to see the lender providing large monetary incentives to the borrowers for them to short sale their properties.

Plus, the realtors made their commission of 6%, acting as title agent, we were paid by the lender, and the buyer walked off with a great deal.

At the Law Offices of Jacqueline A. Salcines, PA, our staff of attorneys, accountant, realtor and loss mitigation specialists work around the clock to ensure the best deals for our clients.

Perhaps not a short sale, but a loan modification is what the borrower wants, we can assist.

Or a short payoff of a second mortgage so the homeowner can keep the home and produce equity.

We are trained to find the best loss mitigation option for you.

Call us today for a free consultation with attorney Jacqueline A. Salcines, Esq.

Tel.  305  |   669  | 5280

 

TRUST  |   COMMITMENT  | RESULTS

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Trusted for loan modifications, short sales and deed in lieu of foreclosure

 

In this day and age, it is hard not to find an attorney out there that handles loan modifications, short sales and foreclosure defense.  Yet, many of these attorneys claim they help their clients save their properties, while charging them monthly for their services.  Only to put the homeowner in jeopardy after years of defending a foreclosure, because they have no experience and did not know how to qualify their clients for a loan modification or short sale.

At the Law Offices of Jacqueline A. Salcines, PA, OUR CLIENT REVIEWS SPEAK FOR THEMSELVES.

You can visit us on AVVO.COM and see what clients are saying about our services.  That’s

AVVO.COM

WHAT DO OUR CLIENTS AND  REAL ESTATE PARTNERS SAY SETS US APART:

  • First and foremost, we do not charge a monthly fee.  We only charge a flat fee retainer at the time of starting our representation.  This provides an incentive for us to get the job done quickly and efficiently.
  • We qualify all our clients for the alternative they elect, before taking on any new client  We want to  make sure our clients qualify for the services for which they are retaining us.
  • You will meet only with the attorney, not our support staff.   Your first consult will always be with Jacqueline A. Salcines, Esq. who will qualify you for the services you elect.  As an attorney and accountant, and with our state of the art modification programs, we possess the skills and technology necessary to qualify you for the best program out there.

Call me today for a free consultation to see if you qualify.

LAW OFFICES OF JACQUELINE A. SALCINES, PA
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL.  305  669  5280

TRUST   |   COMMITMENT   |  RESULTS

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Short Payoff of a second mortgage may give property equity

Many homeowners who find themselves underwater with the mortgages on their properties do not know the possibility exists to Stacks of One Hundred Dollar Bills with Small House.reduce or simply eliminate their second mortgage if they qualify.  Many second lenders that hold second mortgages have been in the habit of sending negotiation letters to borrowers, advising them that they will settle for pennies on the dollar to wipe out their loan. Many borrowers get these letters and ignore them.  Not such a great idea.

These letters are real and even if you did not get one, we have found that more and more often, lenders will accept a percentage of the debt, sometimes as low as 5% or 10% and cancel the mortgage.  The most important thing you must do, however, is make sure that the settlement is in writing, the terms are set out specifically and that the bank agrees that upon receipt of the monies from you, they will issue a satisfaction of mortgage.  If not satisfaction of mortgage is negotiated, then you may find yourself paying the lender monies, however, the loan remains against the title of the home.  When the borrower, years later, wants to sell the home, the loan must once again be negotiated and paid off.

“At my firm, we have obtained settlements as low as 2% of the mortgage debt on the second mortgage, with the satisfaction of mortgage sent to us to record.  This puts borrowers in a position to keep their home and perhaps now have equity. ” – Jacqueline A. Salcines, Esq.

With property values continuing to rise, now is the best time to negotiate loan settlements, before its too late and the bank realizes that the property is valued higher than expected.

Call us today to review your particular situation and qualify you for a loan settlement.  The consultation is always free.

Jacqueline A. Salcines

Jacqueline A. Salcines

Law Offices of Jacqueline A. Salcines, PA
305.   669.  5280
 
Email me at  J. Salcines@Salcineslaw.com

 

TRUST   |    COMMITMENT   |    RESULTS

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Access to unique and unlisted properties and real estate investments

In today’s low inventory market, it has become more and more difficult to find great deals.  The deals we saw in 2009 through 2011 of distressed properties that resulted in great investments are few and far between these days.  Brazilians, Argentinians, Venezuelans, Mexicans, Colombians and many other countries, are flocking here in throves, still seeking great dea office_outside-med ls.  Yet, there seem to be less and less great deals out there.

At the Law Offices of Jacqueline A. Salcines, PA, because we represent many home owners that have stopped paying their mortgages and because they can no longer do so, we immediately turn to a short sale.  We thereafter begin looking for buyers and investors to match our sellers that do not qualify for a loan modification and rather, must sell their home in a short sale.

The majority of the time, despite being labeled “distressed” these properties are in good condition and not listed by any realtor.  Hence, we have the ability to offer them to our many investors who wish to purchase them at bargain prices.

 

Contact us today to inquire about our available properties or to be added to our mailing list for new properties.

At the Law Offices of Jacqueline A. Salcines, PA, we know the real estate market has changed.

We are here to help navigate those changes for our clients.

TRUST  |   COMMITMENT  |  RESULTS

TEL:  305 .  669.  5280

EMAIL:  J.SALCINES@SALCINESLAW.COM

OFFICES IN CORAL GABLES, FLORIDA

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AVOIDING BANKRUPTCY BY SHORT SALE

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House and lawUnderwater borrowers these days have many options… and bankruptcy does not have to be one of them.  Often time, a borrower comes into my office, has stopped paying his or her mortgage, and has reached the conclusion, albeit the erroneous one, that filing for bankruptcy is the only way.  Many have been provided wrong or inaccurate information from the neighbors or friends, or have drawn these conclusions on their own, because they have simply not been educated on the many options that exist for underwater properties.

While a bankruptcy can wreak havoc on your credit report, and such derogatory information can last for many, many years, other loss mitigation options are less damaging to a borrowers credit and can allow the borrower to obtain a new loan and recover from the nightmare quicker.

For instance, a short sale.  In a short sale, the borrower remains in their home until the sale gets to closing.  This may mean many months of nonpayment of the mortgage, which while damaging to a credit report, at the time the closing takes place, the lender will most likely report the sale as “settled for less than agreed” or simply “settled”.  The lender will also remove the mortgage balance and replace it with a zero balance on the credit report, which may automatically improve the borrowers debt to asset ratio.  Usually borrowers are able to purchase homes and obtain new loans within a year with this option.

There is also a loan modification option with a settlement of the second loan.  Many lenders are approving loan modifications these days at record speed. Moreover, they are making huge principal reductions, as evidenced by our recent client who obtained a $300,000.00 mortgage write off under the Making Home Affordable program and a new interest rate of 2%

The second lender, if the property is upside down, may agree to accept a 10% settlement for their loan and cancel the loan altogether.  This means the borrower can keep their home with a mortgage value of what the property is worth.  Again, avoiding bankruptcy all together.

A deed in lieu of foreclosure also allows the borrower to deed the property back to the lender, with a possible write off of the mortgage is properly negotiated and primary residence of the borrower. Again, this option avoids bankruptcy.

So for all the borrowers out there that think bankruptcy is their only option, think again.  While many bankruptcy attorneys like to have the borrowers believe this (and I am not knocking any colleagues here) many are simply not knowledgeable enough to provide other options.  Bankruptcy is all they know.

At the Law Offices of Jacqueline A. Salcines, PA, we make it our business to know all the possibilities that exist and all the programs out there to assist homeowners.  Attorney Jacqueline A. Salcines, Esq. personally sits down with each and every prospective client to run their numbers and qualify the person for one of the programs above.  If you don’t qualify, then we do not take your case on.

But most important, we are here to help.  We know how damaging bankruptcy is to your credit and will do everything in our power to have our clients avoid that.

Our offices are located in the heart of Coral Gables. Call for  a free evaluation of your case today.

LAW OFFICES OF JACQUELINE A. SALCINES, PA
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL.  305 .  669.  5280
J.SALCINES@SALCINESLAW.COM

 

TRUST    |   COMMITMENT   |   RESULTS

 

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COURT RULES THAT HOMEOWNERS DENIED MODIFICATION CAN SUE THEIR LENDER

Loan Modification Green Road Sign with dramatic clouds and sky. In an astounding decision today out of California, the 9th Circuit Court of Appeals ruled in favor of the Defendant/Borrowers and against Wells Fargo, finding and ruling that the homeowner who was approved for  a trial period modification could sue the lender when a final modification was denied.  For years now, borrowers, and the attorneys who represent them, have been dumbfounded when their clients were offered a trial period, that went on and on and on, without end. Only to then receive a denial after payments were made timely under the trial period.

When lenders were questioned, the answer was almost always, the borrower did not remit the final package back on time. Therefore, it was denied.  Not until the executive offices of the lender or other complaint procedures were explored, did the banks react and give the final modification.  “I can vouch for this in my own experience.  With modifications we have obtained on behalf of my clients, only to then have the lender change their mind” Jacqueline A. Salcines, Esq.

Now, after this case, styled Corvello v. Wells Fargo and Lucia v. Wells Fargo, the 9th Circuit Court of Appeals rules that borrowers who find themselves in this position, comply with all bank requirements, are offered a trial period and then denied, have standing to fight back and sue the bank.  The court is just not going to put up with this nonsense.

In Corvello and Lucia cases, the homeowners were approved for the HAMP modification.  After the trial period, the lender, Wells Fargo, denied the modification citing that the final mod was not sent back to them on time.

With these pivotal cases, precedent is now set for the banks to be more honest and fair in dealing with homeowners and their attorneys when it comes to loan modifications under HAMP.

In my office, we always qualify the borrower before hand. We know whether they will qualify for HAMP and what they will most likely be given under the program.  We submit all documents on time and follow up timely with the lender to make sure the modification request is moving along to be approved.  Often times, the lender will remit documents directly to the borrower and omit the attorney from the equation. Why this is done, is unclear.  But now, more than ever, under these two cases, as long as the borrower signs all docs and sends them back on time, they can not be denied under HAMP

To see whether you qualify for a loan modification and whether your bank is being honest, contact me.  The consultation is always free of charge.

TRUST  |   COMMITMENT  | RESULTS

 

LAW OFFICES OF JACQUELINE A. SALCINES, PA
706 S. DIXIE HIGHWAY
2ND FLOOR
CORAL GABLES, FLORIDA 33146
TEL.  305  |  669  |  5280

 

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NECESITA DEJAR SU VIVIENDA?

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Stacks of One Hundred Dollar Bills with Small House.Si Usted a tenida problemas de trabajo, de salud, de matrimonio o cualquier otra dificultad que ha hecho perjudicar los pagos hipotecarios, y esta buscando una manera para salir adelante, el short sale or programa de modificacion de Making HOme Affordable puede ser su mejor solucion.

El programa de short sale de HAFA brinda grandes ventajas.  Si es su residencia primaria y califica bajo el programa HAFA, puede ser que al terminar el Short Sale, el balance quede completamente borrado, puede Usted recibir incentivos monetarios de su banco, y evitar penalidades del 1099-C con el IRS.  Nosotros negociamos directamente con su banco para determiner el previo de venta acceptable por adelantado, para asegurar su mayor proteccion.

Si Usted tiene ingresos y quiere quedarse con su vivienda, el Programa de Modificacion bajo el Making Home Affordable es su mejor solucion para ayudarle a reducer los pagos hipotecarios, sea el balance o mensualidad, y reducer el interes, muchas veces hasta el 2%.

Y existen muchas otras alternativas!

Con tanto en juego, Usted se beneficiaria de la ayuda de un expert en viviendas.  Permita que la firma de abogados Jacqueline A. Salcines, PA revisa su estado financiero, a ningun costo para Usted.  Una vez que se revisa, se le ofrece la mejor solucion a su problema hipotecario.

Tambien ofrecemos foreclosure defense, defense de foreclosure, para parar su caso en la corte mientras buscamos su mejor alternativa.

Llamenos hoy para una consulta con la abogada Jacqueline A. Salcines, Esq., completamente gratis.

 

Law Offices of Jacqueline A. Salcines, PA
706 S. Dixie Highway
Second Floor
Coral Gables, Florida 33146
Tel:  305 | 669 | 5280
 

TRUST |  COMMITMENT  | RESULTS

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LOAN MODIFICATION, SHORT SALE, SHORT PAYOFF OR DEED IN LIEU OF FORECLOSURE?

Home floating on a life preserver.During the month of July, we have experienced a large increase in lender modifications and principal reductions in my firm.  While certain loans and lenders will still refuse to make them, if they are Fannie Mae or Freddie Mac backed loans, the majority of the  lenders are truly stepping up to the plate and granting loss mitigation options in record times. Which one is right for your particular situation truly depends on a variety of factors.

A loan modification under the Making Homes Affordable plan will require the borrower to meet strict guidelines set by the lender and the government in order to qualify for a 2% interest rat and possible principal reduction.  The borrower must have substantiated income and must meet the NPV test.

For a short sale, the borrower has to have the opposite financial statement then that required for a loan modification. While the guidelines have been loosened a bit and the restrictions less tight, the borrower will still need to meet certain guidelines and provide a substantiated hardship.

A short payoff consists of negotiating with the lender to write off the bulk of the loan and accept a lesser amount, sometimes as low as 10%, to cancel the mortgage debt and issue a satisfaction of mortgage.  The key to this is to make sure that the attorney negotiating on your behalf has done his or her homework, has prepared a report on comps, has the values of the loans and equity presented to the lender, and has reviewed all loan docs, mortgages, assignments, etc. to find any leverage in order to settle for the lease amount possible.

Then there is the deed in lieu, that gives the title of the property, or deed, to the lender in exchange for a write off of the debt.

These are only a few of the many options available to homeowners that are upside down on their mortgages.

At the Law Office of Jacqueline A. Salcines, PA, we start off with a free consultation to review your financials, speak to the borrower to see what they want to do with the property and then figure out with the information provided and our sophisticated financial programs, whether the option is possible.  If not possible, then we can elect another option that is right for you.  The key is to avoid a foreclosure auction or sale of the property, and most importantly to avoid a foreclosure judgment.

If your home is underwater or you simply can not continue paying your mortgage, call me today to discuss your options.  Or call for an appointment to sit down with me, Jacqueline A. Salcines, Esq.   The consult is always free of charge.

TRUST   |   COMMITMENT  |  RESULTS

 

LAW OFFICES OF JACQUELINE A. SALCINES, PA
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
EMAIL:  J.SALCINES@SALCINESLAW.COM

 

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