MORE AND MORE LATELY, I MEET WITH CLIENTS THAT HAVE HAD AN ATTORNEY HANDLING THEIR FORECLOUSRE CASE, HAVE PAID THEM A MONTHLY FEE FOR SUCH SERVICES, THE ATTORNEY NEVER REVIEWS THE FOUR CORNERS OF THEIR FORECLOSURE COMPLAINT, TRIAL COMES ALONG.  NO FIGHT IS MADE. RATHER, THEY SCARE THE CLIENT INTO A CONSENT JUDGMENT ADVISING THEM THERE IS NO OTHER SOLUTION AND THEN THE HOUSE GOES INTO FORECLOSURE SALE AUCTION AND SELLS.  OR WORSE, AFTER ALL THOSE FEES, THE CLIENT IS NOW TOLD THE ONLY REMEDY IS A BANKRUPTCY.  WE CALL THIS FORECLOSURE DEFENSE WITHOUT A PURPOSE.

AT THE LAW OFFICES OF JACQUELINE A. SALCINES, EVERY FORECLOSURE DEFENSE CONSULTATION STARTS WITH THE QUESTION:  WHAT DO YOU WANT TO DO WITH YOUR PROPERTY? AND DEPENDING ON THE ANSWER, ADVICE IS PROVIDED ON HOW TO MAKE THE CLIENTS WISHES A REALITY.

THAT SAID, MANY CLIENTS MAY WANT A LOAN MODIFICATION HOWEVER, MAY NOT HAVE THE NECESSARY INCOME IN PLACE TO SUSTAIN ONE UNDER THE MAKING HOMES AFFORDABLE.  OTHERS MAY HAVE TOO MUCH INCOME AND NOT QUALIFY UNDER HAMP.

DURING THE INITIAL CONSULT, IF THE INTENTION IS TO SAVE THE HOME, WE MUST QUALIFY THE CLIENT RUN THE NUMBERS TO MAKE SURE THE FINANCIALS QUALIFY.  TO ASSIST US IN THIS, WE HAVE A STATE OF THE ART COMPUTER PROGRAM THAT RUNS ALL THE FINANCIALS AND DETERMINES WHETHER HAMP IS POSSIBLE, AND WHAT THE NEW PAYMENT IF HAMP IS GIVEN, WOULD BE.

IF A SHORT SALE IS THE PREFERRED ROUTE, WE QUALIFY THE BORROWER FOR THE SHORT SALE. WE ALSO WORK WITH REALTORS TO LIST THE PROPERTIES AND OBTAIN INVESTORS TO PURCHASE.

ALL SHORT SALES ARE NEGOTIATED IN HOUSE WITH A FULL SERVICE SHORT SALE TEAM OF KNOWLEDGABLE AND TRAINED PARALEGALS AND LEGAL ASSISTANTS TO GET THE FILES APPROVED IN RECORD TIME.

AND WE NEVER CHARGE MONTHY THE WAY MOST ATTORNEYS DO.  WE ARE HERE TO HELP THE BORROWER AND CONSUMER WITH THEIR FINANCAL  NEEDS. WE BELIEVE THE BEST WAY TO DO SO IS TO MAKE SURE THE BORROWER HAS ENOUGH MONEY TO LIVE AND GET BY.

AS AN ACCOUNTANT AND ATTORNEY, I AM ALSO AVAILABLE TO PROVIDE TAX ADVICE INCLUDING 1099-C INFORMATOIN THAT MAY AFFECT BORROWERS WHOSE LOANS WERE FORGIVEN, SINCE AS OF THE WRITING OF THIS ARTICLE, THE MORTGAGE DEBT RELIEF ACT HAS NOT BEEN EXTENDED TO 2014, MAKING FORGIVEN OR CANCELLED DEBT TAXABLE TO THE IRS.

CALL US TODAY FOR A FREE CONSULTATION TO SEE HOW WE CAN GO TO WORK FOR Y OU

THE FIRST CONSULT IS ALWAYS FREE

TRUST  |   COMMITMENT  |   RESULTS

According to data released from  HOPE NOW, approximately 421,000 homeowners used non-foreclosure solutions from mortgage servicers in the second quarter of 2014. Non-foreclosure solutions take the form of loan modifications, short sales, deed in lieu of foreclosures and other loss mitigation options. The number of non-foreclosure solutions in 2014 Q2 was almost quadruple the number of foreclosure sales for the same period.

The most popular loan foreclosure solution is of court the loan modification, which approximately 116,000 borrowers utilized.  Short sales accounted for 33,000 and deeds in lieu of foreclosure  7,561.

Banks are more than eager to work with borrowers to workout mortgage defaults and get the borrowers back on track.  A loan modification under HAMP, the Making Homes Affordable Program, typically take between 90 to 105 days to process and obtain a trial period.  The most important factor of submitting a HAMP request is to make sure the numbers qualify the borrower for a modification.

Submitting packages blindly, without qualifying the borrower is a huge injustice to the homeowner that wants to keep their home.  There are often the modifications that take 6 to 9 months to process, since the packages may be missing financial information or the ratios under HAMP were not correct.

Another important consideration is knowing whether your loan is Fannie Mae or Freddie Mac backed, which will determine whether you are eligible for principal reduction.

Short sales on the other hand, specially under HAFA, also have strict guidelines that if the borrower is not qualified before submitting, could turn into a 9 to 12 month order with no end in sight.  Lenders quickly deny short sales where financials are missing or contracts have incorrect information.  The scope of knowledge by the preparer and negotiator is so important to determining the final decision for the lender, on whether to approve or deny a loss mitigation request.

At the Law Offices of Jacqueline A. Salcines, P.A. we never submit loan modification or short sale requests blindly. Rather, our firm has a HAMP designed program that allows us to run your numbers beforehand and advise what you qualify for.

While the lender always has the final word, you will know prior to submitting whether a mortgage modification payment is affordable.

Call us today to set up a free consult to see what non-foreclosure solution is right for you.

TRUST  |  COMMITMENT  |  RESULTS