Loan Modification with Mr. Cooper ?

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SOUTH FLORIDA REAL ESTATE AND MORTGAGE CLOSING LAWYER

While we are not in yet another mortgage and real estate bubble, the recent hurricanes and loan and mortgage forbearances caused many homeowners to become late on their mortgage payments.  Additionally, many Making Home Affordable and MHA loan modifications that were completed years before, have escalating mortgage interest rates which cause mortgage payments to increase.

If you are falling behind on your mortgage,  don’t lose hope. Mr. Cooper, formerly Nationstar, and countless other lenders still offer loan modifications to help. There are many assistance options that have helped homeowners get back on track.

At Jacqueline A. Salcines, PA, we’ll do everything we can to determine your eligibility and match you with the help you need.

REFINANCING

If it’s getting harder to make your payments but you haven’t fallen behind yet, you may have a simple, effective option: Refinancing your mortgage to one with a lower monthly payment.   To refinance as part of a mortgage assistance plan, your account needs to be current and you must also have equity in your home. Most refinances are for 80 percent of the property value. It helps to have an attorney on your side, working with your numbers and making sure you qualify.

There are a few other eligibility requirements we’ll be glad to go over with you to see if you qualify.

If you qualify, refinancing can be one of the easiest ways to get back on track without big impacts to your credit score or living situation.

REPAYMENT

If you fell behind on your payments due to a temporary hardship—such as a hurricane, loss of income,  medical bills or something else, but you have returned to a point where you can pay your amount due each month, you may be a candidate for a repayment plan.

If you qualify, lenders can  spread the past due amounts over a manageable timeframe. Instead of owing it all at once and potentially incurring late fees, you’ll just have a relatively small increase to your future monthly payments until you’re all caught up.

Like all mortgage assistance options, the sooner you reach out to an attorney to assess the problems and discuss a solution to your mortgage needs,  the more likely a  plan will be available to you.

LOAN MODIFICATION

If you’re facing long-term hardship, we can see about modifying your loan so it has more manageable terms.

While refinancing means replacing your existing loan with a new one, loan modification keeps your existing loan and changes its terms.

If you qualify for loan modification, we will work closely to qualify you, see if you can obtain principal forgiveness and lower your monthly payment.

Lenders may also be agreeable to a lower interest rate or extending the loan’s timeframe to lower each month’s payment.

“The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements”. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines  has been handling all your mortgage and real estate law needs  for over 20 years.

 Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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2019 NEW CONFORMING LOAN LIMITS

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SOUTH FLORIDA REAL ESTATE AND MORTGAGE CLOSING LAWYER

 

FHA/VA loans and Jumbo Loans have changed.  If you are a foreign national borrower or self employed, it is also now easier to get a loan, with stated income or stated asset programs available.

Maybe you are looking into a reverse mortgage?

Or a refinance?

Conforming loan limits for 2019 have increased:

1 unit   $484,350.00

2 unit   $629,200.00

3 Unit  $749,650.00

4 Unit  $931,600.00

 

For a 30-year fixed rate, interest rates are as low as 4/25%.  And a 15-year fixed rate mortgage on a loan is as low as 3.75%,  as of January 7, 2019.

Don’t While. Consult today. Living in Miami and South Florida is a dream to many,  buying a home and purchasing real estate is a scarry decision, and  often is one of the biggest purchases you will make in your life.

Always hire the services of a real estate lawyer owned title company to help you navigate the mortgage and closing world.

A real estate attorney in Miami, is there to work for you and to protect your interests.

Services we offer include:

  1. Checking mortgage documents for any hidden terms the buyer will need to know about to make an informed decision.
  2. A real estate lawyer can also help in negotiating the mortgage terms with the lender or bank.
  3. Reviewing the inspection reports required by all mortgage companies, and renegotiating the price based on such inspection reports and its findings.
  4. Checking the title for encumbrances to ensure there are no others who hold an interest in the home and could be in a senior position to the seller. The lawyer will endeavor to ensure the buyer gets full title to the property before any closing documents are signed.
  5. Purchasing title insurance; this will protect the buyer should someone own a senior interest in the property that was not uncovered in the title search.
  6. Help the buyer understand the necessary surveys of the property.
  7. Overseeing the closing documents, and making sure that the closing goes without hitch and on time.
  8. Recording the deeds and the mortgage documents.
  9. A  real estate attorney in Miami will stand by after closure should any issues arise once the buyer has moved into the property. He or she may also advise on matters such as the $50,000 Florida Homestead Exemption.

A seller of real estate would be advised to enlist the services of a real estate attorney to protect their interests, from negotiations through to closing.

Buying a property is a huge investment and it is vital all legal matters are dealt with by professional real estate lawyers, to ensure everything goes as smoothly as possible, and there are no surprises after the sale or purchase has gone through.

“The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements”. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines  has been handling all your real estate and business law needs  for over 20 years.

 Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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HOW TO SETTLE A LINE OF CREDIT SECOND MORTGAGE (HELOC)

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SOUTH FLORIDA MORTGAGE AND DEBT SETTLEMENT LAWYERS

HOW TO SETTLE A LINE OF CREDIT SECOND MORTGAGE (HELOC)MORTGAGE DEBT SETTLEMENT IN FLORIDA

A recent news article predicts a steep increase in line of credits and HELOC foreclosures this year based on the number of borrowers that took out lines of credits or second mortgages (HELOC) on their houses when property values increased over the last two years.  After Hurricane Irma and with stagnant property values in the past months, some borrowers were forced to default on their lines of credits.

If you are one of the many homeowners who have lines of credit or HELOC’s on their homes, in a second position after their first mortgage,  you may now be in a position to settle the debt.  With so many properties still under water, that is, the mortgage balance owed on the first mortgage is greater then the value of the property, many lenders who hold lines of credits are more than willing to settle the amounts owed on the mortgage with the borrowers.

In order to have a successful negotiation and settlement wherein the result is the complete forgiveness of the debt owed on the line of credit, it is crucial to following certain steps in order to have the mortgage lender agree to accept a short payoff.

After years of  negotiating these line of credit mortgages for our clients, we are well versed in first obtaining a CMA or Comparative Market Analysis, crafting a correct hardship letter and sending the lender the documents they required.

This settlement is not a loan modification nor does it require the production of mountains and mountains of financial documents to the lender.

There is no required Request for Mortgage Assistance (RMA) nor loan modification applications required either.

Rather, we start with a demand and proposal letter and provide the documents we know the lender will request.  And from there, the negotiation often is resolved within 30 days.  Our extensive experience working with mortgage lenders  and borrowers places us in a position to extensively negotiate for you. So that you end up paying only a small portion of the debt.

Allow us to go to work for you and negotiate your Home Equity Line of Credit debt.

We offer free phone consultations, and a no cost review of your case. 

Call us today.   305.669.5280 and see how we can help you.

About the Author:

Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 18 years experience including holding a dual degree in Accounting, her broad knowledge of DEBT SETTLEMENT serves to aggressively protect and defend our firm’s clients.

Call us today to set up a  free consultation to discuss your specific needs. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

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FANNIE MAE AND FREDDIE MAC MORTGAGE LOAN ASSISTANCE

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MIAMI DADE LOAN MODIFICATION AND FORECLOSURE ATTORNEYS

While the  Making Homes Affordable Program may have expired (the last date for submission was December 30, 2016 and has not been extended by the Trump or Obama Administration) programs still exists if your loan is owned by Fannie Mae, Freddie Mac, Veteran Affairs or the USDA.  Programs include interest rate reductions and often principal forgiveness.

These lenders continue to be understandable and are allowing homeowners to remodify their mortgage and loans under these programs that continue to exist into 2017. Many borrowers under the HAMP program had adjustable rates which increase after the 5th year.  That would put anyone that modified their loan in 2009 or 2010 into a higher interest rate.  A mortgage default however doesn’t mean you have to lose your home. A Miami Dade Loan Modification attorney at our firm can help.  However, with a deadline of December 30, 2016 to submit, the Making Homes Affordable Program may no longer be available but others are.

There are strict eligibility requirements under these programs,  and it may be necessary to make sure you qualify before submitting a modification request, we are here to help.  At the Law Offices of Jacqueline A. Salcines, PA, we are Miami Dade Loan Modification attorneys and keenly aware of the requirements and are able to sit with the borrowers, review their financials data, and provide solutions for their homeownership mortgage problems.  Allow my team of attorneys and accountants to go to work for you so you do not fall victim and lose your home.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 17 years experience in the foreclosure, mortgage and real estate field as well as 22 in the accounting field. Ms. Salcines has been helping homeowners in foreclosure for over 10 years and is available by email to answer all your questions and concerns, without ever charging a consultation fee.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.SALCINES@SALCINESLAW.COM

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MORTGAGE PRINCIPAL REDUCTION UNDER NEW PROGRAM

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MIAMI DADE LOAN MODIFICATION AND FORECLOSURE ATTORNEYS

The Federal Housing Finance Agency (FHFA) announced last week a new program to significantly reduce and forgive mortgage principal balance for delinquent Fannie Mae and Freddie Mac loans.  The impact of the program is expected to assist underwater homeowners that are still struggling with mortgage payments, high interest rates, and inability to refinance because of lack of equity.

Approximately 33,000 homeowners will be eligible for the program.  Applicants must be:

  1. Primary Residence applicant;
  2. Fannie Mae or Freddie Mac loan;
  3. 90 days or more past due on the mortgage as of March 1, 2016;
  4. Mortgage outstanding unpaid principal of no more than $250,000.00

The program will more than likely result in many borrowers reaching out to lenders to see if they qualify.

If you feel you can benefit from this program, and meet the requirements above, at the Law Offices of Jacqueline A. Salcines, PA, we are here to help.

We are keenly aware of the requirements and are able to sit with the borrowers, review their financials data, and provide solutions for their homeownership mortgage problems.  Allow my team of attorneys and accountants to go to work for you so you do not fall victim and lose your home.

At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 16 years experience in the foreclosure, mortgage and real estate field as well as 20 in the accounting field. Ms. Salcines has been helping homeowners in foreclosure for over 10 years and is available by email to answer all your questions and concerns, without ever charging a consultation fee.

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.SALCINES@SALCINESLAW.COM

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GOVERNMENT EXTENDS THE HAMP PROGRAM TO 2016

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Loan Modification Green Road Sign with dramatic clouds and sky. The Government has announced that the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) will be extended until the end of 2016.

HAMP provides modifications for homeowners that are  facing hardships and can no longer afford their mortgages.

In order to qualify for a loan modification under HAMP, the guidelines are strict and  require a homeowner to have income (although disability and unemployment qualify).  Once qualified, HAMP is a loan modification program that can lower interest rate to 2%, and significantly  lower homeowners  monthly mortgage payments.

At the law firm of Jacqueline Salcines, PA we handle homeowner qualification for HAMP since the program was initiated in 2009.   We are keenly aware and have programs to qualify borrowers, while they continue to face the challenges of paying their mortgage or refinancing their loans.

Our HAMP experience has been obtained by working closely with lenders and  borrowers, in both the mortgage and real estate arena, to represent them in litigation involving foreclosures and loss mitigation options.

South Florida Loan Modification and Foreclosure Lawyers

Many homeowners do not know they have options when their properties are underwater.  Since 2009,  HAMP has been successful at providing relies for hundreds of thousands of homeowners and frankly is the best program to qualify for.  The fact that the government has elected to extend HAMP for Homeowners is wonderful news.

The most important thing a homeowner can do is hire an attorney to qualify them prior to submitting any loan modification application. By qualifying you up front, a HAMP modification becomes streamlined and often approved quickly.

If you need assistance to see if you qualify, call us today.

 Or email attorney Jacqueline Salcines directly  at J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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HELPING HOMEOWNERS MODIFY THEIR LOAN AND AVOID FORECLOSURE

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Loan Modification Green Road Sign with dramatic clouds and sky. If you are  currently having difficulty making your mortgage payments and in fear of losing your home to foreclosure, the Making Home Affordable Program has options available to assist you.  There are many new and different programs to assist a wide array of borrowers.  Whether:

 

  • Your home value has dropped
  • You are a member of the Military
  • Your are Family of Military
  • You are Unemployed
  • You no longer occupy the property
  • You are divorced
  • You are facing medical bills
  • You have a second mortgage
  • You have a reverse mortgage

and

  • You occupy the house as your primary residence
  • You obtained your mortgage prior to January 1, 2009; and
  • You owe no more than $729,750.00 on your mortgage balance

-Source –  Makinghomeaffordable.gov

The Making Home Affordable Program may offer you

  • lower monthly payments
  • lower interest rates
  • principal forgiveness and/or principal reduction
  • 40 year amortization

Not all servicers participate however.  And it is critical to make sure yours does.  This is easy to check on the Making Home Affordable Website or you can contact our office to  see if your lender participates in the plan in order to see what you qualify for.

It is also critical to find out if your loan is owned by FANNIE MAE or FREDDIE MAC. This make a huge difference in the reduction and cancelation of debt to the borrower.

Many attorneys take on any client coming in their doors to modify their loans. However, we at the Law Offices of Jacqueline A. Salcines, P.A. handle our modifications differently.  First and foremost, we use a program designed just for our firm under the Making Home Affordable guidelines to qualify you and determine your new projected mortgage payment and balance.

During the initial consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the HAMP Program. If your numbers do not qualify you under the HAMP Program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.

Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

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MAKING HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)

If you are  currently unemployed, and having difficulty paying your mortgage, the Making Home Affordable Program has options available to assist you.  You may be eligible for the HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP) modification if you meet the following criteria:

  • You are unemployed and eligible for unemployment benefits;
  • You occupy the house as your primary residence
  • You obtained your mortgage prior to January 1, 2009; and
  • You owe no more than $729,750.00 on your mortgage balance

-Source –  Makinghomeaffordable.gov

The Making Home Affordable Program may offer you lower monthly payments, lower interest rates, principal forgiveness and/or principal reduction.  However, not all servicers participate.  It is crucial that we check to see if your lender participates in the plan in order to see what you qualify for.

During a consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the  UP Program.

If your numbers do not qualify you under the HAMP UP Program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.  Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

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MAKING HOME AFFORDABLE FOR MILITARY

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Home floating on a life preserver.If you are a service member and having difficulty paying your mortgage, the Making Home Affordable Program has options available to assist you.  You may be eligible for HAMP modification if:

You occupied the property but were transferred to an out of area job causing a permanent change in station (PCS) order ;

  • You intend to return to the home at some point in the future; and,
  • You do not own any other single family real estate

 

If you do own other property, you may still be eligible under HAMP modification under an expanded rental property modification option or a short sale.

The Making Home Affordable Program may offer you lower monthly payments, lower interest rates, principal forgiveness and/or principal reduction.  However, not all servicers participate.  It is crucial that we check to see if your lender participates in the plan in order to see what you qualify for.

During a consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the HAMP Program.

If your numbers do not qualify you under the HAMP MHA program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.  Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

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REVERSE MORTGAGE SETTLEMENTS

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Home floating on a life preserver.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.

TRUST |   COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

mini-logo JACQUELINE A. SALCINES, P.A.
706 S. DIXIE HIGHWAY 2ND FLOOR
CORAL GABLES, FL 33146
TEL: 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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