According to the U.S. Treasury Department, more than 1.2 million homeowners have received permanent modifications through the Home Affordable Modification Program. The average savings being about $547.00 per month on the mortgage payment. This accounts for almost 40% savings from the previous payment average. For those that have received principal reductions, there has been granted, […]
The South Florida housing market, as well as that across the country, has witnessed double digit price increases over the span of a year, from 2012 to 2013. In fact, industry leaders and professional claim that we are in or entering another bubble in South Florida, due to the lack of inventory. It is a […]
Anytime a mortgage is taken out on a property, the borrower pledges the property as collateral for the loan. As part of the mortgage terms, the borrower is then required to maintain property insurance including hazard, wind, and often times flood insurance, covering the property. The amount of the coverage is usually determined by the […]
Recent, significant changes in Florida’s Foreclosure law have shortened the time period in which a lender can collect a deficiency, or balance after a mortgage foreclosure or short sale. The statute of limitations period for a lender seeking a deficiency judgment on a note secured by a mortgage on a residential property, is now one […]
Effective October 1, 2013, HUD announced new and favorable changes to their FHA short sale requirements for homeowners seeking to short sale their homes. This new Streamlined Short Sale, may no longer require the borrowers seeking a short sale to submit financial information or prove a financial hardship. The following properties will be eligible: Principal Residence […]
On June 7,2013 HB87, also referred to as the “Speedy Foreclosure Law” went into effect. HB87 greatly reduces the bank’s requirements, in filing a foreclosure lawsuit, to prove the mortgage agreement. More importantly, it shortens the timeline for having a foreclosure complaint or action to reach the end of the case and be put up […]
If you have fallen behind on your mortgage payments and can no longer afford your mortgage, the best thing to do is open up the lines of communication with your lender to see what options exist. If you lender will not work with you, then contact us and we can get your file escalated in […]
On June 17, 2013, Governor Rick Scott signed into law House Bill 87, known as Chapter 2013-137, which changes the procedure for the filing and processing of foreclosures by lenders in Florida. In the advent of so much foreclosure fraud committed by Plaintiff banks, and bank’s attorneys, the bill favors the homeowners and requires additional […]
Language in almost every single Mortgage requires that your lender send an “Acceleration Letter” or “Notice of Intent to Accelerate” or more commonly known as the “Default Letter” with very specific language before they can foreclose or initiate foreclosure against you in court for non-payment or default of a mortgage. Standard Fannie Mae and Freddie Mac […]
At my firm, we have processed over 250 short sales to date and the numbers keep growing. With so many borrowers upside down on their mortgage, second mortgages, SBA loans and a myriad of liens and judgments on the property, faced with a foreclosure sale, they think their options are limited and throw in the […]