VETERAN’S ADMINISTRATION HOME AFFORDABLE MODIFICATION

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Stacks of One Hundred Dollar Bills with Small House.FHA, VA and USDA all offer programs for homeowners that are upside down on their mortgages, struggling to make ends meet. These programs offer reduce mortgage payments, up to 31 percent of the monthly gross income, making payments affordable. Programs can also decrease the interest rate, stretch out the amortization of existing loans and often provide principal forgiveness on loans that do not have to be paid back.

Proving eligibility for the programs can be tricky however if you qualify, the rewards are significant and can be the difference between losing your home because of inability to afford, to keeping a roof over your head at an affordable price.

Attorney Jacqueline A. Salcines, PA and her staff are knowledgeable about all these programs under the Making Home Affordable Program and can advise what you qualify for. The first consultation is free of charge.

TRUST  |    COMMITMENT  |  RESULTS

 
Law Offices of Jacqueline A. Salcines, PA
706 S. Dixie Highway
Second Floor
Coral Gables, FL33146
Tel:  305 669 5280

 

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ARE YOU REQUIRED TO MISS A MORTGAGE PAYMENT TO QUALIFY FOR A MODIFICATION OR SHORT SALE

DO I HAVE TO STOP PAYING MY MORTGAGE IN ORDER TO QUALIFY FOR A LOAN MODIFICATION OR SHORT SALE?…

This question comes up again and again during consultations with clients.  And the answer is always resoundingly… NO!  You are not required to miss a mortgage payment in order to qualify for HAMP, HAFA, or any loss mitigation or short sale program.  That said, however, the regulations governing the Making Home Affordable Payment require a homeowner to prove hardship.  Hardship requires proving the homeowner’s financial inability to pay.  The homeowner must be ready to outline their current hardship and explain why they are having trouble making the mortgage payment.  Whether it is a short-term or long-term problem, the mortgage company will need to understand the reasons why there is difficulty.  Examples are medical conditions, loss of a job, curtailment of income, loss of hours, death of a spouse or family member, age of parents requiring long term care.  The list goes on and on.

If the homeowner elects to keep paying the mortgage and is able to prove hardship in their RMA or request for modification application forms, then the mortgage can review despite the homeowner being current.  Often, however, certain investor and servicers of loans, make it mandatory that the borrower not be current on their mortgage. Some even require 90 days past due delinquencies. This can be communicated to the homeowner once the application is submitted and the request made to the mortgage lender.

There are certain lenders and certain types of loans that will not even consider a short sale or loan modification if the borrower is current. So once the loss mitigation request Is denied, the homeowner can make a determination whether it wants to move forward with the request, and must at that point, in order to appeal the decision, cease payments.

While an attorney can never counsel their client to stop making the payments, we are here as a go between with the homeowner client and the lender. Knowing the rules and the lender requirements, we are here to communicate the information to the client so that they can make an informed and educated decision, whether they wish to stop making payments or not.

Often, even with a missed payment, with careful planning and quick hiring of an attorney to present the loss mitigation application to the mortgage lender, we can avoid a foreclosure all together.  Often, lenders wait many months to file a foreclosure action and by that time, a loss mitigation option is already approved, avoiding the necessity of filing a foreclosure.

Speak to attorney Jacqueline Salcines, PA to provide sound legal advice for your mortgage questions.  The first consult is always free of charge.

TRUST  |    COMMITMENT   |  RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES, PA
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305.669.5280

 

 
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SETTLEMENT OF A SECOND MORTGAGE

Loan Modification Green Road Sign with dramatic clouds and sky. If your first mortgage was modified or in the process of being modified, and you have  a second mortgage on the property, either HELOC or other type of loan, the Obama Administration has created numerous programs to assist with eliminating the debt on these second mortgages.  Often, a homeowner is upside down and the options are limited, however under the Second Lien Modification Program relief exists.

  • Second Lien Modification Program (2MP)  –  This allows eligible homeowners who are upside down on their mortgage, and owe more on the property then the home is worth, to reduce the mortgage debt to the 2nd mortgage under the HAMP program.

 

  • Treasury/FHA Second Lien Program –  This program is for homeowners with second mortgages whose first mortgage servicers agrees to participate in the FHA Short Refinance- to reduce or eliminate the second mortgage all together.  The total amount of mortgage debts after the refinance can not exceed 115% of the homes current value.

 

  • PRA or Principal Reduction Program – Another program designed to help homeowners whose homes are worth less then they owe, to reduce the balance owed.

 

  • Home Affordable Unemployment Program (UP)   – This program was designed for homeowners that have lost their jobs and became unemployed and unable to make mortgage payments.  UP provides temporary reduction or suspension of mortgage payments, at least 12 months, while the homeowner is seeking reemployment.

 

  • HAFA – Lastly, the program for homeowners who do not wish or simply can not keep their homes. This is the short sale under the Making Home Affordable that can offer relocation assistance to homeowners and extinguish the debt on a first and/or second mortgage.

 

At the Law Offices of Jacqueline Salcines, PA, we can help you navigate through the maze of homeownership.  Knowing what you qualify for, the type of mortgage you have, the servicer participation in the program and the fair market value of your home, is the first step.

The first consultation is always free of charge and can determine, after careful examination of the above details, provide options available to you.   Call today.

TRUST  |   COMMITMENT  |  RESULTS

LAW OFFICES OF JACQUELINE SALCINES, PA.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL: 305 669.5280
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AVOIDING FORECLOSURE – THE MAKING HOME AFFORDABLE PROGRAM

Way Signs "Bailout - Collapse"The Making Home Affordable Program is Obama’s way of helping homeowners avoid foreclosure.  Homeowners that are eligible, can “lower their monthly mortgage payments and get into stable loans at today’s low rates.  And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure.”

Source:  Avoiding Foreclosure – U.S. Department of Housing and Urban Development.

If you wish to modify or refinance your loan, the HAMP program can:  Lower your monthly payment to 31 percent of  your monthly gross pre-tax income.  “The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment.”

You may also qualify for loan forgiveness or principal reduction for homeowners whose houses are underwater to reduce the amount you owe on your home.

Source:  Avoiding Foreclosure – U.S. Department of Housing and Urban Development

You  may further be eligible for a Second Lien Modification (2MP). If your first mortgage was permanently modified under HAMP and you have a second mortgage on the same property, or a HELOC, 2MP works together with the HAMP on the first,  to provide solutions to make the home affordable.

As of September 2014, Servicers participating in 2MP are:

  1. Bank of America, NA
  2. BayviewLoan Servicing, LLC
  3. CitiMortgage, Inc.
  4. Community Credit Union of Florida
  5. GMAC Mortgage, LLC
  6. Green Tree Servicing LLC
  7. iServeResidential Lending, LLC
  8. iServeServicing, Inc.
  9. J.P.MorganChase Bank, NA
  10. NationstarMortgage LLC
  11. OneWestBank
  12. PennyMacLoan Services, LLC
  13. PNC Bank, National Association
  14. PNC Mortgage
  15. Residential Credit Solutions
  16. ServisOne Inc., dbaBSI Financial Services, Inc.
  17. Wells Fargo Bank, NA

To be eligible for 2MP you must have a first mortgage modified under HAMP, must not have been convicted of any felony in the last 10 years and must not have missed three consecutive mortgage payments under the HAMP modification of your first loan.

This eligibility criteria is for guidance only.  Additional qualification and approval is required by your lender.

There is also the HARP program for borrowers that are current on their mortgage but unable to obtain a traditional refinance because the property is underwater without no equity.  This program is designed to help refinance and make the mortgage, including interest rate, more stable.

 

Foreclosure should never be an option when there are so many resources out there to help underwater homeowners.

TRUST   |  COMMITMENT  |  RESULTS

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

 

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HOW TO STOP A FORECLOSURE AND AVOID A BANKRUPTCY

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Hands - Holding HouseYou have stopped paying your mortgage, have been served  with a foreclosure complaint, Lis Pendens, and don’t know what to do.

Although filing an Answer pro se (representing yourself on your own behalf) is better than not filing anything at all, since a reply is required 20 days from the date of service of you will be defaulted,  by filing an Answer you may waive your rights and defenses.

There are many “affirmative defenses” or objections to the complaint that can be filed on the homeowners behalf that, if done correctly, can get the entire lawsuit dismissed.  However, if something is filed and the defenses are not claimed from the beginning, then they may be waived.

The smartest strategy is to hire an attorney to assist you with the foreclosure defense.  By reviewing the complaint, lis pendens and the closing package, defenses are preserved, and the best result achieved.

Foreclosures are often times negotiated and once a settlement or other resolution is reached, it goes away. However, only a legal professional familiar with the complaint, note, mortgage and required legal attachments knows what to do on behalf of a homeowner.

Don’t go it alone.  Defending a foreclosure in court is serious and if done improperly can result in losing your home AND still owing the bank your balance of the mortgage.

At the Law Offices of Jacqueline Salcines, PA, we have over 14 years experience in real estate law, defending homeowners and obtaining the best possible outcome desired.  Whether you seek to keep your home and want to pursue a modification, or want to process a short sale, or perhaps even a loan settlement, let my team go to work for you.

We have a fully staffed Short Sale Department, Title Department, and loan modification/loss mitigation department to handle all of your real estate needs.

The first consultation is always free.

TRUST |  COMMITMENT  |  RESULTS

 

LAW OFFICES OF JACQUELINE A. SALCINES, P.A.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL  33146
TEL:  305-669-5280
 

 

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HOW A PRELIMINARY TITLE REPORT CAN ENSURE CLEAR TITLE

House and lawBidding on a foreclosure auction?   Buying a property through a homeowner association or condominium association auction?

A preliminary title report run by an attorney, which is an examination of title and liens, can spot trouble ahead for a  foreclosure auction bidder, to help make an educated and informed decision as to the future investment potential of the property.

Nobody likes to assume they are getting a bargain, to only find out the property has a second mortgage, association lien, or other liens that attach to the property and are not eliminated at the auction.  A successful bidder must therefore do their homework prior to bidding.

A preliminary title report involves researching title, public records, property history, tax deeds, wills, trust, divorce decrees, bankruptcy filings and tax records to provide accurate and sound advice PRIOR to bidding on the property.

This title commitment or “commitment of title” provides peace of mind for the bidder before proceeding with the sale.

Call us today to see how we can help you obtain peace of mind.  The first consult is always free of charge.

TRUST   |   COMMITMENT  |  RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES, P.A.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33143
TELEPHONE:  305.669.5280
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BUYER AND SELLER REPRESENTATION AT CLOSING

The Law Offices of Jacqueline A. Salcines, PA provides the most comprehensive title insurance processing and coverage, while offering exceptional customer service. We represent both buyers and sellers in real estate transactions, and are a full service real estate firm.  We pride ourselves on offer a wide array of real estate services including:
  • Real Estate Contract Preparation and Review
  • Business Valuations
  • Asset Purchase Agreements for sale of business
  • Title searches and title services
  • Lien searches
  • Real estate services
  • Powers of Attorney
  • Escrow services
  • Probate representation
  • Last Wills and Testaments
  • Estate Planning
  • Landlord Tenant Evictions
  • Writ of Possession
  • Motions for surplus funds
  • Foreclosure defense of homeowners
  • Foreclosure sale cancellations

We strive to provide the finest customer service in the industry.  Call us today. You will see how attorney Jacqueline A. Salcines, Esq. and her staff set the bar in our commitment to provide clients peace of mind.  Offices in Coral Gables.

 

TRUST  |   COMMITMENT  |   RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES, PA

Jacqueline A. Salcines

Jacqueline A. Salcines

706  S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL: 305-669-5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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WHO IS ENTITLED TO THE SURPLUS AFTER A FORECLOSURE SALE?

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Law Offices of Jacqueline A. Salcines, P.A.

Law Offices of Jacqueline A. Salcines, P.A.

In a recent Third District Court of Appeal case, the higher court rules that a Miami-Dade couple was entitled to a $99,500.00 surplus that was left over after the foreclosure sale. The lower court, Judge Diane Ward, held that the bank was entitled to the surplus.  The homeowners had two mortgages, and the property was sold at auction on March 2013. The home was purchased at auction by a third party bidder who bid $184,000.00.  After paying off the mortgage, $99,500.00 remained.

The third party bidder then filed a Motion for Surplus Funds so that the surplus could be remitted to the first lender.  The homeowners also filed a Motion for the surplus.  Because the homeowners had filed for bankruptcy, the third party purchaser argued that they would be “unjustly enriched” a legal term that means that they are getting a benefit without paying anything for it.  The mortgage had been discharged in bankruptcy and a discharge of their debt obtained.  Judge Ward awarded the surplus of $99,500.00 to the third party purchaser.  The homeowners appealed.

The District Court of Appeals state in opinion that the law clearly showed that the property owner of record at the time of the sale is the one entitled to the surplus.    “Where the legislature has provided such a process, courts are not free to deviate from that process absent express authority.  (Quote from Judge Ed Scales on the Opinion ruling).

In order to claim the surplus, homeowners must file motions in a timely manner.  Thereafter, the motion must be heard by the presiding Judge in order to obtain an Order directing the clerk to issue the surplus.

At the Law Offices of Jacqueline A. Salcines, PA, we have extensive experience in seeking surplus funds for our clients.  We invite you to call and speak to attorney Jacqueline A. Salcines, Esq. today. The first consult is always free.

 

TRUST  |   COMMITMENT  |   RESULTS

 
LAW OFFICES OF JACQUELINE A. SALCINES
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL: (305)  669.5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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