CHANGES IN FHA MORTGAGE RELIEF SHOULD ALLOW MORE BORROWERS TO SAVE THEIR HOMES

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Loan Modification Green Road Sign with dramatic clouds and sky. Recent changes in the handling of FHA loans under the Making Homes Affordable Program  under the Home Affordable Modification Program, has now made it significantly easier for underwater homeowners with FHA loans to qualify.  Many obstacles and requirements were removed, making those with FHA loans that were previously turned down or ineligible to now qualify.  These key changes have paved the way for millions of borrowers who were once denied, to now be eligible for a loan modification under the Home Affordable Modification Program / Making Homes Affordable.

These significant changes explained in detail under the United States Department of Housing and Urban Development (HUD) Mortgagee Letter 2012-22 requires that “lenders must begin to assess mortgagors in default under FHA’s loss mitigation priority order and policies herein” within 90 days of the letter which is dated November 16, 2012.

What do the key changes mean for borrowers?  Well, among other things the following:

1.   Eliminates the requirement that the mortgage be no more than 12 months past due.  This was one of the most significant changes. Previously, on FHA loans that borrowers had stopped paying and tried to obtain a loan modification under the Making Homes Affordable, if they were more than 12 months past due, they were turned down as ineligible.  This is now removed and the borrowers that  need the most help may now apply and qualify.

2.  Permits Borrowers who defaulted on a prior Modification Trial Period to re-apply under FHA-HAMP.  Previously, HAMP was considered a “once in a lifetime” modification. If a borrower was lucky enough to get it once, but inadvertently failed to make a payment or a change in circumstance caused them to default, they were not permitted to reapply. Rather the lender could only consider them for an in house modification at the lenders discretion.  Now, borrowers that have defaulted on a prior trial period are free to reapply.

3.  Eliminates the FHA-HAMP Back End Debt-to Income Ratio requirement of 55 percent.  This is a calculation that we make in our office to determine if a borrower with an FHA loan is eligible.  Primarily, the borrower would not be considered and would be ineligible for a HAMP modification if his or her monthly housing costs including PITI (principal, interest, taxes and insurance) consisted of more than 55% of their monthly gross income.  Now, this rule is removed and borrowers who were once turned down may now qualify.

These are just a few of the changes made under the FHA Mortgage Relief/Loss Mitigation new rules.  As always, we encourage homeowners to speak with qualified professionals such as our firm to see whether you qualify before submitting documents to the lender.

Often times, borrowers believe they know how to fill out the RMA (Request for Modification and Affidavit) forms and do so, only to be turned down by the lender after months and months, because the calculations were done incorrectly.

At my firm, we have the privilege of possessing computer  programs with built in calculations used by the Making Homes Affordable and Home Affordable Modification Program which allow us to qualify individuals right in our office.  Once we run the numbers and know what the borrower is eligible for, we know exactly what the lender is or is not required to do.

This is how we have been able to modify such a large number of client loans with great satisfaction.

Call us today for a free consultation.  Our reviews speak for themselves!

 

TRUST   |    COMMITMENT  |  RESULTS

 
Jacqueline A. Salcines, PA
Jacqueline A. Salcines, Esq.
706 S. Dixie Highway
Second Floor
Coral Gables, FL 33146
Tel: (305) 669-5280
J.Salcines@Salcineslaw.com

 

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What is your property worth today?

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Stacks of One Hundred Dollar Bills with Small House.This is the million dollar question asked by homeowners that are looking to sell their property in today’s market.  Many clients are visiting our offices with the notion of a short sale or loan modification. However, once we are able to run the property on the MLX and prepare a Comparative Market Analysis by square footage, the property may be worth far more than originally anticipated.  This puts the seller in either a great position to sell, or in a terrible position with a second mortgage unable to short sale or modify or sell for a profit.

If there is no equity, second mortgages can still be settled for pennies on the dollar,  thus creating equity.  Then, a regular sale, not a short sale, can be had.  A short sale requires that the property be worth LESS than the first mortgage balance.  And the balance will be what the final judgment reveals after the foreclosure, if the property was foreclosed. Only an attorney can assess the true value and determine whether it is a short sale or not.

IF trying to modify, again the primary question is what is the property worth? The existing value of the property will be the single most important factor to determine whether qualify.  If the property is not upside down, that is the mortgage balance is less than the fair market value, then the lender will typically not modify.  The loan will most probably not fall into the Making Home Affordable Program.  The homeowner is then found in a bind because they can not sell, they can not modify and they can not short sale.  The only option left is to try and negotiate the balance with the lender.

At the Law Offices of Jacqueline A. Salcines, PA, we have a staff of  attorneys, realtors and accountants, all knowledgeable in every aspect of the real estate field, to provide the most accurate and expert knowledge so that our clients can make an informed and proper decision with regard to their properties.

Call us today for a free consultation.  To see what your property is worth and whether a short sale or loan modification is in your future.

Offices in Coral Gables
 
Tel:  305 | 669 | 5280
 
Or email us at J.Salcines@Salcineslaw.com

TRUST   |   COMMITMENT  | RESULTS

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NECESITA DEJAR SU VIVIENDA?

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Stacks of One Hundred Dollar Bills with Small House.Si Usted a tenida problemas de trabajo, de salud, de matrimonio o cualquier otra dificultad que ha hecho perjudicar los pagos hipotecarios, y esta buscando una manera para salir adelante, el short sale or programa de modificacion de Making HOme Affordable puede ser su mejor solucion.

El programa de short sale de HAFA brinda grandes ventajas.  Si es su residencia primaria y califica bajo el programa HAFA, puede ser que al terminar el Short Sale, el balance quede completamente borrado, puede Usted recibir incentivos monetarios de su banco, y evitar penalidades del 1099-C con el IRS.  Nosotros negociamos directamente con su banco para determiner el previo de venta acceptable por adelantado, para asegurar su mayor proteccion.

Si Usted tiene ingresos y quiere quedarse con su vivienda, el Programa de Modificacion bajo el Making Home Affordable es su mejor solucion para ayudarle a reducer los pagos hipotecarios, sea el balance o mensualidad, y reducer el interes, muchas veces hasta el 2%.

Y existen muchas otras alternativas!

Con tanto en juego, Usted se beneficiaria de la ayuda de un expert en viviendas.  Permita que la firma de abogados Jacqueline A. Salcines, PA revisa su estado financiero, a ningun costo para Usted.  Una vez que se revisa, se le ofrece la mejor solucion a su problema hipotecario.

Tambien ofrecemos foreclosure defense, defense de foreclosure, para parar su caso en la corte mientras buscamos su mejor alternativa.

Llamenos hoy para una consulta con la abogada Jacqueline A. Salcines, Esq., completamente gratis.

 

Law Offices of Jacqueline A. Salcines, PA
706 S. Dixie Highway
Second Floor
Coral Gables, Florida 33146
Tel:  305 | 669 | 5280
 

TRUST |  COMMITMENT  | RESULTS

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SHORT PAYOFF OF SECOND LOAN

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foreclosure_defense Many homeowners feel strapped due to a second mortgage on their property, which may cause a property to become “upside down”, owing more on mortgage balances than the property is worth.  “Often in the loss mitigation and loan modification industry I encounter homeowners and property owners that think that they can not do anything to negotiate their loan balance with their second mortgage company except to file for bankruptcy.  This is not the case.”  Jacqueline A. Salcines. Esq.

A second mortgage can easily be “wiped out” and settled for a short payoff.  What this means is that the lender that holds the second mortgage accepts an amount, or percentage of their loan, that is less than the amount owed to them and calls it a day.  Many times these percentages can be as little as  5% or 10%. Thereafter, the house can be kept with only the first mortgage on there, hopefully no longer upside down.  Or a regular sale can take place, where the closing is no longer a short sale.   The key ingredient however is hiring the right attorney to handle the negotiation for you.  If you agree to send the lender something and it is all verbal, with none of the terms in writing, you may be just giving the money away.  Too many times the lenders take the money as a down payment on the balance owed and do not issue a Satisfaction of Mortgage.  This equates to the loan not actually being settled but rather written off as a bad debt or uncollectable. However, when you go to sell the property, the balance is revived and must be paid off.

It is imperative that a real estate attorney familiar with the negotiation process and paperwork involved fight in your corner.  At The Law Offices of Jacqueline A. Salcines, PA, our attorney and staff work diligently not just to put an offer together but to look at the lender documents, closing documents, assignments, mortgages, etc. to see what leverage we can use to fight for the lowest settlement amounts possible.  And, most importantly, make sure that the lender prepares and records a Satisfaction of Mortgage.  This is a true Short Payoff.

Call us to discuss your options today!!!

JACQUELINE A. SALCINES, ESQ.

LAW OFFICES OF JACQUELINE A. SALCINES, PA.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL.  305  | 669  | 5280

TRUST    |   COMMITTMENT    |   RESULTS

 

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LARGEST PRINCIPAL REDUCTION ON A LOAN MODIFICATION TO DATE

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Loan Modification Green Road Sign with dramatic clouds and sky. MY FIRM HAS BEEN WORKING ON A LOAN MODIFICATION FOR A CLIENT FOR THREE MONTHS NOW. THE BORROWER WAS NOT YOUR TYPICAL BORROWER.  HE HAD LARGER THAN TYPICAL EARNINGS BUT THE HOUSE WAS JUST WAY UPSIDE DOWN AND NEEDED SOME REPAIRS.  THE MORTGAGE BALANCE WAS OVER $650,000.00.

TODAY WE RECEIVED THE GREAT NEWS THAT OUR CLIENT WILL RECEIVE A $393,461.85 PRINCIPAL REDUCTION THAT WILL BE COMPLETELY FORGIVEN BY THE LENDER AS LONG AS HE MAKES TIMELY PAYMENTS FOR 3 YEARS.  AND, HIS INTEREST RATE WAS LOWERED DRASTICALLY.

THROUGH PERSERVERANCE, DETERMINATION AND TRUST, WE WERE ABLE TO GET THIS RESULT AND MANY MORE FOR OUR CLIENTS.  MANY HAVE THE MEANS TO PAY AND ARE NOT INSOLVENT, BUT THE PROPERTY VALUES ARE JUST NOT THERE.  AND WHILE THESE LOAN MODIFICATIONS ARE REQUIRE MORE SKILLED NEGOTIATIONS AND TACTICS, SUCH AS PREPARING A REPORT ON VALUE AND REPAIRS, THE BANKS ARE LISTENING!  THIS CASE IS PROOF OF THAT.

IF YOU ARE IN  NEED OF A LOAN MODIFICATION, YOUR HOME IS UNDERWATER AND  YOU OWE MORE TO THE BANK THAN WHAT THE PROPERTY IS WORTH , CALL US. WE MAY BE ABLE TO GET YOU RESULTS LIKE THE ONE WE RECEIVED TODAY.

THERE IS NO FEE TO QUALIFY YOU. WE HAVE THE SAME GOVERNMENT PROGRAMS TO QUALIFY YOU THAT THE MAKING HOME AFFORDABLE PROGRAM USES AND WE CAN TELL YOU DURING THE CONSULTATION WHETHER YOU QUALIFY OR NOT.  THEN YOU CAN MAKE THE DECISION.

LAW OFFICES OF JACQUELINE A. SALCINES, P.A.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FL 33146

TEL.  305 | 669 | 5280

J.SALCINES@SALCINESLAW.COM

 

TRUST  |   COMMITMENT  |  RESULTS 

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SECOND MORTGAGES BEING WIPED OUT AND SETTLED FOR PENNIES ON THE DOLLAR

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Way Signs "Bailout - Collapse"My firm was recently successful in getting a rather large, second mortgage on a property wiped out completely.  No penalty.  No amounts owed the lender.  No deficiency. And the lender immediately sent over a Satisfaction of Mortgage to record.  How did we do it?  It was rather easy actually. We were able to negotiate with the lender and prove that the Fair Market Value of the property was well under the amounts owed the first and second lender and provided a thorough report as to value.

Once the lender received the report and was satisfied with our explanation of the borrower’s hardship, they agreed.  It was that easy.

Many times a second mortgage can thwart a short sale or a loan modification because it simply sends all values for either calculating the Borrower Financial Worksheet or NPV out of wack. Sometimes, it is the kill switch on a short sale because the second lender always retains the right, even under the Mortgage Debt Relief Act, to collect on the second post closing and maintain a deficiency.

The most important advice we can provide is hire the services of a knowledgeable attorney on your side.  One who can run the numbers, provide the proper reports to make the waiver of a second mortgage a possibility.

There are many individuals out there, some in fact attorneys, promising such results.  However, the satisfied client and our results speak for themselves.

Visit us on AVVO. COM and see what our clients are saying about our services.

Or call for a free evaluation of your case.  The consultation is always free of charge.  J.Salcines@Salcineslaw.com

Law Offices of Jacqueline A. Salcines, Esq.

706 S. Dixie Highway

Second Floor

Coral Gables, Fl  33146

T:  305  |  669  | 5280

TRUST    |    COMMITMENT   |   RESULTS

 

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BANK OF AMERICA WHISTLEBLOWER REVEAL THEY WERE ORDERED TO LIE AND DENY LOAN MODIFICATIONS

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Shocking news hit the internet last week about Bank of America and its deliberate denial of Loan Modifications to hundreds of thousands of borrowers.  In a pending class action suit, two whistleblower employees of Bank of America, Simone Gordon and William Wilson, both gave startling Affidavits  stating that they were ordered by their superiors to deny loan modifications, lie to borrowers about the status of their modifications and not process them, and lie about documents being received, when in fact they had been.  Borrowers, who often complain that loan modifications are so tedious and time consuming, as well as frustrating with the lenders not receiving documents, now have an explanation. They were received, just not ethically and lawfully processed.

Simone Gordon and William Wilson, and the pending class action, shed light on the practices of Bank of America internally and its role in the loan modification arena. “I lied because I was told to lie” is how Simone Gordon put it.

Thousands of borrowers who may have been eligible for a modification of their loan, may have in fact lost their home in foreclosure due to the unlawful practices of Bank of America.

You can read more about the suit here as well as both affidavits.

Declaration of Simone Gordon

Declaration of William Wilson

 

If your loan modification was denied or you lost your home and Bank of America was your lender, contact us to see what can be done.

Jacqueline A. Salcines. Esq.

Tel: 305  |  669  | 5280  or email me direct at J.Salcines@Salcineslaw.com

Offices located at: 706 S. Dixie Highway, Second Floor, Coral Gables, FL  33146

TRUST   |   COMMITMENT  |  RESULTS

 

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WHY PAY A FORECLOSURE ATTORNEY MONTHLY TO DEFEND YOU

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House and lawWhy do more and more attorneys charge homeowners a monthly fee to defend their foreclosures and do little to earn their trust or save their home?  The practice has been frowned upon by agencies and the motives behind such actions called into question as unethical.

“In my law practice,  I find more and more homeowners coming in to retain me, after having paid other attorneys, thousands and thousands in attorneys fees, month after month, and are now faced with a final judgment hearing or foreclosure sale date, with no solution to save the home or the borrower from  judgment suggested or initiated.”  I am certainly not suggesting  the attorneys named here follow these practices, nor knocking the ones that do.  Everyone has to make a living and the attorneys that charge monthly are certainly not forcing borrower clients to pay.  They do so because they feel they are getting value for their buck. But many attorneys withdraw from the client foreclosure cases after thousands are paid by the client, either because they want more monies or because they tell the borrower that “time has run out” and there is nothing else they can do.  Now the homeowner is left without a home and with a judgment against them.

On a daily basis, clients sit across from me in my office, and tell me that they have paid $20,000.00 in legal fees to a foreclosure attorney, have never once met with the attorney (just the support staff) and their case is set for trial or has a sale date and the attorney is dropping them, having done nothing to save the home.   I find this practice unacceptable.

Why are foreclosure defense attorneys not finding viable solutions for their clients? And often times, by the time they are in to see me, it is too late.  They are 3 or 4 years in arrears and the unpaid balance is just too high that the bank will not even consider a modification.  Other times, the short sale could have been negotiated with a cash incentive to the borrower/seller but the incentive was not preserved or requested by the attorney.

We are here to help.

At the Law Offices of Jacqueline A. Salcines, PA, every effort is made to protect the homeowner and find the program that is right for them, before they are faced with a final judgment hearing or foreclosure sale date.  Every  potential client sits with attorney Jacqueline A. Salcines, PA and she alone, as both attorney and accountant, analyzes the financial information provide by the client and home values, to determine what options exist.

Thereafter, simultaneous with the foreclosure defense, WHICH IS CHARGED AT A FLAT FEE AND NOTHING IS PAID MONTHLY, the loss mitigation solution is sought.  Be it loan modification, short sale, deed in lieu or short payoff, we fight for you and your rights.

Call us today for a free, no obligation consultation.

Visit our Website at WWW. SALCINESLAW.COM.

VISIT US ON AVVO.COM AND see what other satisfied clients are saying.

 

Jacqueline A. Salcines. Esq.

706 S. Dixie Highway

Second Floor

Coral Gables, FL  33146

Tel.  305  |  669  | 5280

TRUST   |   COMMITMENT   |  RESULTS

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STREAMLINED MODIFICATION PROGRAM

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June 12, 2013

Jacqueline A. Salcines, Esq.Way Signs "Bailout - Collapse"

It appears that all these penalties to lenders for failing to modify borrowers’ loans is finally doing homeowners some good.  The Streamlined Modification program is really taking off and really working to assist borrowers.  The Freddie Mac Streamlined Modification program provides remedies to seriously delinquent borrowers that may not qualify under other programs.

While the Streamlined Modification program offers the same terms and conditions as the standard modification program, the program is intended for borrowers who have stopped paying on their mortgages at least 90 days but no more than 720 days delinquent.    You can not have stopped paying your mortgage for more than 2 years.

If you are eligible for this program, you may have already received a letter in the mail from your mortgage servicer offering you the service and sending you an application to apply.  Upon receiving the solicitation letter, the borrower can contact us to help fill out the forms and make sure that they provide accurate numbers to qualify for the program. It is extremely important that figures for the financial worksheet be provided accurately since you get one shot at getting it right, or risk being declined.

The following properties are eligible for this program:

  • Primary Residence
  • Second Home
  • Investment property (whether owner occupied or not)
  • Vacant properties and,
  • Condemned properties

To be eligible, the borrower must have the following (including but not limited to):

  1. Be behind on their mortgage by at least 90 days but no more than 2 years;
  2. Market to Market loan to value ratio must be greater than or equal to 80 percent (we figure this out for you).
  3. The mortgage must have originated at least 12 months prior to the date applying for the modification
  4. The mortgage must be a conventional first lien mortgage

 

There are numerous other qualifications and numbers that must be calculated.  Call us for a free, no obligation consultation to see if you qualify.

The Law Offices of Jacqueline A. Salcines, PA

706 S. Dixie Highway Second Floor

Coral Gables, FL  33146

Tel: 305 | 669 | 5280

TRUST  |   COMMITMENT  | RESULTS

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INDEPENDENT FORECLOSURE REVIEW AND FORECLOSURE SETTLEMENT CHECKS OFFER LITTLE RELIEF TO AILING BORROWERS

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Way Signs "Bailout - Collapse"As the third round of foreclosure review checks went out Friday, my office is inundated with calls as to what these checks represent, and more importantly, will depositing them waive the borrowers rights to pursue banking and lending violations by the lender?

As of April 25, 2013, 1,150,328 recipients have cashed or deposited $1.1 billion in checks from the settlement reached in January between 13 servicers and federal regulators.  The servicers include Aurora Bank, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.

This new agreement, which  replaces the poorly structured and obsolete “Independent Foreclosure Review process”, which required consent by the borrower, automatically calculates the amount of funds owed the borrower based on the amount of the loan, and arbitrarily remits checks by mail to the borrower.  Unlike the Independent Foreclosure Review, the new settlement is based on the “unpaid balance of the loan” and not the amount of assistance provided to the borrower.    This shifts the focus to assist higher priced homes with larger unpaid balances.  About 2.3 million borrowers will receive $300.00.

The payments will range between $300.00 and $125,000.00, depending on how much harm a borrower potentially suffered as a result of actions by the mortgage servicer.  The vast majority of the recipients of the $300.00 check, include borrowers who had a loan modification request approved but still ended up in foreclosure.  They also include more than 800,000 borrowers whose servicers did not participate in the loan modification or failed to offer any help, when their loan clearly merited it.

It is estimated that up to 1082 borrowers who lost homes in foreclosure even though they were protected by the military services may get up to $125,000.00 as well as those who lost homes in foreclosure and were not even in default. As crazy as that sounds, it has occurred.

Borrowers who were in an active bankruptcy  and the foreclosure sale went through anyhow, may be eligible to receive between $62,500.00 and $31,250.00 .

Overall, borrowers will only get a fraction of the amount they are truly entitled to based on bad banking practice and violation of law.

The banks that did not join the settlement include OneWest, EverBank and GMAC Mortgage.

The new agreement also does not require banks to fix a borrowers credit, specially if it was reported erroneously.  The borrowers would need to go after the bank independently to get any erroneous information removed or corrected.

The settlement will do little to repair the long standing effects of wrongly filed foreclosures, or sales of properties in foreclosure that should have never been sold. However, it is a start.

The final million dollar question remains …” will depositing the check result in a waiver and release of claims by the borrower against the servicer”.  As with all legal settlements, you are urged to consult with an attorney to review the specific terms of your particular settlement in advance of depositing any check, to see what, if any rights, are being waived.

Call us for a free consultation regarding your eligibility.

Law Offices of Jacqueline A. Salcines, PA

706 S. Dixie Highway

Second Floor

Coral Gables, FL 33146

305  |   669  |   5280

 

 

 

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