The Consumer Financial Protection Bureau (CFPB) reports that the number one complaint they receive is from Non-borrowing spouses who survive the borrowing spouse and wish to keep the house. When the borrower spouse dies, the surviving spouse often faces foreclosure, despite the fact that they wish to keep the house. If they can add their income and other family members income, they are able to make the mortgage payments. But often mortgages are not assumable, specially reverse mortgages that have their own tables and do not permit assumption.
Good news from the Department of Housing and Urban Development through comes from their implementation of new rules to help non-borrowing surviving spouses in situations just like there. As of January 12, 2015, the mortgage companies must begin complying to help non-borrowing spouses with retention options, and allow greater leeway to defer loan payments after the death of the borrowing spouse. This permits them to stay in the house. The rules become mandatory for the banks after March 9, 2015.
If you are a surviving spouse, of either a regular mortgage or a reverse mortgage, and a non-borrower, contact us today to review your options.
The March 2, 2015 deadline to apply for Homestead Exemption in Miami is fast approaching. A homestead exemption is when a property is owned by a person that uses the home as their primary residence as defined by Florida Statutes. In order to qualify for a homestead exemption, aside from being a primary residence, the homeowner must prove that they are either:
U.S. Citizen; or
Resident.
In order to qualify, you can go in person up until March 2, 2015 and requires proof of citizenship, residency and a copy of the deed to the property.
Often, the county also requests proof of residence in the form of either a utility bill (FPL or Water).
Once a homestead exemption is granted, this works to benefit the homeowner on their real estate taxes in two ways;
First if caps out the increases from year to year on taxes by no more than 3%; and
Gives an automatic credit off the assessed value of $50,000.00 meaning that the homeowner automatically experiences a significant discount on their taxes.
Once claimed and granted, the homestead exemption renews automatically year to year. No need to do anything.
You are only allowed one exemption per household.
For more questions, please contact us for a free consultation.
IS YOUR FORECLOSURE SALE FAST APPROACHING? IS YOUR LOAN MODIFICATION NOT YET APPROVED? IS YOUR SHORT SALE STILL NOT APPROVED, OR WORSE, DO NOT HAVE A CONTRACT YET? WE CAN HELP.
AT THE LAW OFFICES OF JACQUELINE SALCINES, P.A. WE HAVE BEEN ASSISTING HOMEOWNERS WITH THEIR MORTGAGE AND FORECLOSURE DEFENSE FOR OVER 15 YEARS. AS BOTH AN ACCOUNTANT AND REAL ESTATE LAWYER, JACQUELINE SALCINES, ESQ. IS WELL EQUIPPED TO NAVIGATE THE FORECLOSURE WATERS AND OBTAIN A CANCELLATION OF YOUR SALE.
THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) HAS ISSUED GUIDELINES FOR LENDER TO STOP FORECLOSURE SALES IF A LOAN MODIFICATION HAS BEEN SUBMITTED 37 DAYS PRIOR TO THE FORECLOSURE SALE. HOWEVER, MANY TIMES THE LENDER DOES NOT MOVE TO CANCEL THE SALE. THEREFORE, IT IS UP TO THE BORROWER TO DO SO, THROUGH THEIR ATTORNEY.
THE COURTS IN FLORIDA ARE VERY LIBERAL AND GRANT EXTENSIONS WILLINGS. BY GOING TO COURT, YOU CAN EXPECT A 90 TO 120 DAY EXTENSION, IN ORDER TO GAIN ENOUGH TIME TO GET THE LOAN MODIFICATION APPROVED OR THE SHORT SALE APPROVED.
CALL AND GET YOUR FREE CONSULTATION TODAY. WE CAN GO TO COURT AND CANCEL YOUR FORECLOSURE SALE AND VERIFY THAT YOU HAVE SUBMITTED A QUALIFIED LOAN MODIFICATION OR SHORT SALE.
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In the current Florida housing market, many people hear the term short sale or even look at these properties when trying to purchase a home, but they do not understand what a short sale is. A short sale occurs when someone owes more on his or her home than it is worth, which also known as being underwater on your mortgage, and are no longer able to maintain the mortgage payments. The bank may then agree to accept an amount short of the balance due on the mortgage, thus allowing the owner to sell the home to a new owner who can afford to make payments.
In certain situations, short sales are a viable solution that can help avoid foreclosure. Although the amount of the loan does not change, the bank is now willing to accept less than the balance owed in return for allowing the home to be sold. It takes an experienced attorney to analyze whether a short sale is in the best interest for a homeowner and to steer through the complex procedures successfully in order for a bank to accept a short sale petition.
At The Law Offices of Jacqueline A. Salcines, PA we can help you explore your options if you can no longer afford the payments on your mortgage. We can help you fight foreclosure or stop a foreclosure by pursuing a short sale, based on what will put you on a path to a better emotional and financial future. We will carefully listen to your concerns and explain all of your options fully, so you can make an informed decision.
If you need help, start seeking answers from experienced Miami short sale attorneys today. Understand your rights, and contact us at 305-669-5280 to schedule a free consultation.
In order to have a short sale accepted, we will help you prove the following:
You are no longer able to make the mortgage payments
You must have a hardship such as an illness in the family, a job loss or other serious situation that affects your finances
You must prove the current value of the home is substantially less that the balance owed
The bank or lender agrees to accept a sale price that is less than what you owe
You must have a qualified buyer offer to purchase the property
The bank or lender must accept the buyer’s offer
There are tax implications and the possibility of a deficiency balance to a lender, which we can help you understand, negotiate and handle. Our personal, detailed service has helped thousands of people from all walks of life and income bracket and now we are ready to help you. Call us today!
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FOR HOMEOWNERS WHO SHORT SALED OR MODIFIED THEIR LOANS IN 2014, THE GOVERNMENT EXTENDED THE PROTECTION UNDER THE MORTGAGE DEBT RELIEF ACT OF 2007. WHILE CONGRESS HAD HOMEOWNERS ON PINS AND NEEDLES TO THE END OF 2014, NOT KNOWING WHETHER THE DEADLINE OF DECEMBER 31, 2013 WOULD BE EXTENDED THROUGH 2014, IT WAS FINALLY ANNOUNCED THAT THE DEADLINE WAS EXTENDED TO DECEMBER 31, 2014. ANY SHORT SALE THAT CLOSED DURING THIS TIME, AS LONG AS IT WAS THE PRIMARY RESIDENCE OF THE BORROWER, IS ELIGIBLE FOR RELIEF. THE HOMEOWNER NEED NOT PAY ANY PENALTY TO THE INTERNAL REVENUE SERVICE UNDER A 1099-c CANCELLATION OF DEBT.
FOR HOMEOWNERS WHO MODIFIED THEIR LOANS AND OBTAINED PRINCIPAL FORGIVENESS, THE SAME PROTECTION APPLIES RETROACTIVE.
IT IS UNCLEAR WHETHER THE DEADLINE WILL BE EXTENDED INTO 2015, BUT IS EXPECTED.
SHORT SALES AND LOAN MODIFICATIONS CONTINUE TO BE ON THE RISE. AND NOW WITH THIS NEWS AND EXPECTED EXTENSION, IT IS A GREAT TIME TO SEE IF YOU QUALIFY.
CALL US TODAY FOR A FREE CONSULTATION TO SEE IF A LOAN MODIFICATION OR SHORT SALE IS POSSIBLE.
Watching the Oscars tonite, I couldn’t help but feel such overwhelming pride for all the winners. Reaching the height of their career, with limitless possibilities for the future. As one of the winners was so poignant to point out “this country was built on hope” and I felt that hope alive for all the actors and actresses nominated and winning their Oscars.
And it made me reflect on my career. After 15 years practicing, one always wants to be recognized by their peers and hope that after so much struggle, defending so many clients’ rights and standing up for justice, that I have reached the peak of my career. There are so many notable cases I am proud of. So many loan modifications and mortgage balances I have been able to get forgiven. So many short sales and over $14,000,000 million in loans written off. So many closings, so many estates and lives planned for the future. Certainly a pat on the back and a smile is in order. Yet, as an attorney, one never really feels at the top of their game. There is always the next client, the next fight, the next case. There is always one other person that wants to buy a house and is in need of my services. Or another person that is struggling to pay their home and needs assistance. Some have never heard of me and I must prove myself all over again. Most come referred, already aware of my skills even before they walk in the door.
Certainly I would love an Oscar for my 15 years practicing and assisting clients. I feel I have earned one. Yet, in the same breath, I feel that there is still so much left to do. I love what I do. It is not work for me. It is a career and my life. I love the practice of real estate and mortgage law. And I could not imagine myself doing anything else.
So, until I get my Oscar, I will continue to help people who need my help. The struggling homeowner or the millionaire looking to purchase an estate.
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This week, the short sale arm of the Making Home Affordable Program, HAMP, known as HAFA, announced an increase to $10,00 in its payout relocation assistance to property owners. For short sales commenced after February 1, 2015, homeowners who qualify under the HAFA program, are eligible to receive a $10,000 check from their lenders. Additionally, under the HAFA short sale rules, the lender must waive the deficiency balance of the mortgage, and forgive the loan in full.
The regulations to qualify under HAFA are strict. Among them, the homeowner must reside in the home, must have a qualifiable hardship and must be financially unable to pay their mortgage. To find out if you qualify to short sale your home under HAFA and receive $10,000.00 contact us today.
In a short sale, a homeowner lists their property for sale. Once a contract is obtained, the contract is submitted to the lender with the borrowers financial information in order to qualify for a short sale. Once the lender verifies value with a BPO, the contract is approved and a closing takes place. At closing, the borrower/homeowner signs all docs and is forever relieved of the mortgage debt owed to the lender. A true short makes sure that the balance is forgiven. In a HAFA short sale, this is guaranteed.
We can qualify you, free of charge, and advise if you are eligible for the $10,000.00 relocation assistance.
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A reverse mortgage is a mortgage taken by an elder homeowner, wherein the lender gives a mortgage on the property, often with a cash out to the owner. The terms of the reverse mortgage call for no payments while the homeowner resides on the home, except for taxes and insurance, rather the principal and interest get added to the balance every month. This frees up social security or other income of the debtor/homeowner to use during their lifetime. The catch is that upon the owner/borrowers death, the bank can take the home, sell it and satisfy the debt. In old times, the heirs were permitted to go out to another lender and seek a refinance in order to pay the reverse mortgage lender and satisfy the debt. However, in the crash of the real estate and mortgage industry, often the property value at the time of the death, were well below what was owed to the reverse mortgage lender, causing the refinance to become an impossibility.
After 2009, reverse mortgage lenders began loosening the rules and allowed settlements of their reverse mortgages with heirs, because they were aware of the inflated prices and impossibility of refinancing. Heirs were then permitted to request an appraisal and the reverse mortgage lender will often agree to take between 95% to 98% of the fair market value, forgiving the balance of the deficiency or remainder.
Recent FHA policy helps the heirs even further. A new policy by the FHA on Thursday under the Home Equity Conversion Mortgage Program calls for delays for lenders seeking to foreclose on homes where the reverse mortgage borrower has become deceased. The new law allows the lender to assign the loan to HUD and thus HUD would then work with the non-borrowing spouse to remain in the house.
The new policy is great news for heirs of borrowers on reverse mortgages as it opens the door for them to remain in the home and work out a loss mitigation option with the lender. Such options can include an assumption or a modification in terms of the mortgage, or a settlement.
At The Law Offices of Jacqueline A. Salcines, P.A. our extensive accounting and legal background has given us an opportunity to negotiate these reverse mortgage favorably for our clients, so that they can keep the home that means so much to them and their loved ones.
Call me today to discuss your situation and see if the new FHA policy will protect you. The first consultation is free of charge.
Hard to believe that with the double digit increase in real estate values in Florida, many homeowners still find themselves underwater with their mortgages, but this is a fact. Victims of overextended credit limits, overinflated home appraisals during the mortgage crisis, and rising taxes and forceplaced insurance, has caused many homeowners to simply not be able to come out from below the water. In fact, many that entered into loan modifications during 2009 and 2014, may be about to default again on their loan modifications due to the increase in interest rates scheduled for the fifth year under the Making Home Affordable Program, or an increase in the required monthly escrow.
While foreclosures in Miami and Broward are at the lowest levels we have seen for years, we are experiencing a new wave of foreclosures from the above borrowers, that tried to make ends meet and meet their financial obligations but with rising taxes and insurance, or a loss of a job, or loved one, can no longer sustain their mortgage payments. This leads to a brand new filing of a foreclosure against these homeowners, and often forgiven debt under the Making Home Affordable Plan is recalculated into the mortgage balance, sending some to be underwater again.
At the Law Offices of Jacqueline A. Salcines, P.A. our dedicated team of foreclosure defense attorney and consumers rights advocates fight shoulder to shoulder with these lenders to protect our clients rights and properties. The aim is to stop foreclosure and the abuses of the mortgage industry by holding lenders accountable for their actions. We practice:
Foreclosure Defense
Commercial and Residential Foreclosure
First and Second Mortgage loan settlement and forgiveness
Loan Settlement
Short Sales
Loan Modifications
Credit Card Debt and Settlement
Debt Collection Abuse
Unfair Collection Practices
HAMP and Internal Modifications
HELP FOR STRUGGLING HOMEOWNERS IN FLORIDA
Whether you find yourself in a current foreclosure, or whether your default of your mortgage is imminent and you wish to plan and strategize all options available before you default, one call can make the difference.
At the Law Offices of Jacqueline A. Salcines, P.A., attorney Jacqueline A. Salcines, has over 15 years experience in the mortgage and real estate law industry. She is an accountant having practiced prior to becoming an attorney. Having an exclusive and extensive background with accounting and business law, as well as mortgages, provides the cutting edge difference when settling the accounts with lenders. “Knowing what a lender can and can not do makes all the difference in the standpoint of a negotiation”. Often lenders in foreclosures are bluffing that they have the note or that their assignments are valid and when pushed against the wall and taken to trial, cases get voluntary dismissals. “This is what we hope for our clients.”
“At my firm, we do not practice delay tactics or the buying time technique that many attorneys do while charging their clients monthly. Rather, I personally sit with the client and explore their needs and desires, while running their financials to see what they qualify for. Our foreclosure defense is foreclosure defense with a result in mind. I will review the complaint, often audit the loan package to see what advantages we have to win at trial. That is the strategy. Not mere delay to then push a bankruptcy on the client.” Says Jacqueline Salcines, Esq.
Call us today for a free foreclosure defense and strategizing session. The first consult is always free of charge and can provide the know-how and options that perhaps many borrowers do not know are available to them.
The foreclosure crisis is on the rise again in South Florida. However with the right team behind you, the foreclosure crisis can be averted.
A new law in Florida passed in 2013, seriously limits the time frame a lender can pursue a deficiency judgment against a borrower in Florida. A deficiency judgment is the difference between the Final Judgment award to the lender on the recorded final judgment document and the amount recuperated by the lender after the foreclosure sale of the property. For example, if a final judgment is for $400,000.00 and the lender obtains $100,000 for the property at the foreclosure auction of the home, the borrower is still on the hook for the $300,000.00 deficiency. Lenders can then file a new lawsuit against the borrower for the deficiency, or the $300,000.00
The new law however, limits the time to one year after sale. That is, once the sale takes place, they have exactly one year to file a lawsuit for the balance owed in the deficiency. The law also caps out the amount the lender can sue for. That is, it is no longer the $300,000.00 but rather the difference between the amount obtained at the sale ($100,000.00 in the example above) and the fair market value of the property AT THE TIME OF THE SALE. Not at the time of the deficiency lawsuit being filed.
At a recent View from the Bench seminar attended by attorney Jacqueline A. Salcines, Esq., various Judge’s provided insight as to what they are looking for as far as evidence of value. That is, a “certified appraisal” will hold more weight than a CMA or report prepared by a realtor, said Judge Freeman.
Therefore, in order to fight and defend such deficiency lawsuits in Florida, the best defense is a knowledgable attorney by your side. If the lender is outside the one year mark for the deficiency lawsuit then this defense if well pled, will get the lawsuit dismissed.
If the values are incorrect, then this will act as another defense to have a deficiency judgment lawsuit dismissed or reduced.
And at the end, even if there are no defenses, negotiation is always an option. Often these lenders will settle for pennies on the dollar if the borrower is insolvent, owns no assets or does not have any property that can be levied. This is evidenced by providing a properly prepared financial worksheet to the lender.
At the Law Offices of Jacqueline A. Salcines, PA, our knowledgable attorney Jacqueline A. Salcines, PA has the tools and experience to defend these suits and obtain the best possible outcome for our clients. As both an accountant and real estate lawyer, Jacqueline A. Salcines, P.A. has been defending these suits and practicing law for over 15 years. Put our experience to the test.
The first consultation is always free and can provide the information and options you are seeking. Call us today.
