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.
When served with a foreclosure lawsuit, a defendant has 20 calendar days to file their answer with the court and the bank’s attorney. The 20 day time period starts the day that the defendant is served. Service by a process server, or pseudo-sheriff is required, and the foreclosure can not merely be mailed or left on your door step. The process server is only required to serve anyone over 16 that resides at the household, even if it is not the named defendant. Often, family members of children accept service on the borrowers behalf and leave the papers lying around, which often leads to defendants being defaulted for not timely filing their answer.
Once served, the best thing to do is hire an attorney. Only by having an experienced and knowledgeable ally on your side, that can review the foreclosure and make sure that the bank through their attorney, has followed all of the rules of procedure in serving you and attaching all required documents to the complaint, can you be sure that your rights are 100 percent protected.
The first document filed with the court should be a motion to dismiss, assuming there are grounds for dismissal of the suit. Often, defendants that appear pro se, file an “Answer” and tell the court that they are attempting to modify the loan or that they have no ability to pay it. This tactic while great in serving to stop the 20 days and avoid a default, actually is not a great move on the part of the Defendant. Certain defenses and procedural inaccuracies, such as jurisdiction and service, if not claimed on the first document filed with the court, are considered waived and can not be later brought up before the Judge.
What can be raised on a motion to dismiss:
Jurisdiction of the court – is the lawsuit filed in the proper courthouse, in the proper venue where the property is located?
Was the defendant properly served with a process server? Was the recipient over 16 years of age?
Was the spouse served if married?
Bond – is the Plaintiff a Florida based corporation or authorized to do business in Florida? If no, then they can not file a lawsuit without posting a bond.
Acceleration Notice – did the lender send the correct acceleration notice to the borrower and attach it to the complaint?
Notice of Default – was the borrower sent the correct notice of default in written correspondence?
RESPA – were RESPA rules violated?
Is the Plaintiff the proper party to bring the lawsuit? Is it the named lender in the mortgage documents? If not, are the proper assignments attached?
Are the assignments recorded? Was the borrower placed on notice?
Did the lender attach the correct certifications as to the location and holder of the original note?
Did the banks attorney attach the note to the complaint?
This is only a sample of the many different issues that an attorney looks for when combing over a complaint in order to draft a proper motion.
Foreclosure defense by an attorney does not have to be expensive and is your best line of defense to protect yourself in order to save your home or short sale it in order to walk away from the balance.
The first consultation with me is free and can provide the much needed guidance in order to protect your rights and provide you the time you need to save your home and obtain the loss mitigation option that is right for you.
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IF YOU ARE EXPERIENCING TROUBLE MAKING YOUR MORTGAGE PAYMENTS, ANTICIPATE A JOB LOSS OR LOSS OF INCOME, OR A MEDICAL CONDITION OR DIVORCE HAS LEFT YOU UNABLE TO MAKE THE MORTGAGE PAYMENT, WE ARE HERE TO HELP!
AT THE LAW OFFICES OF JACQUELINE A. SALCINES, P.A. WE HAVE BEEN ASSISTING BORROWERS WITH THEIR BANKING AND REAL ESTATE NEEDS FOR OVER 14 YEARS.
WHAT SETS US APART, IS THAT I LISTEN TO THE CLIENT. OFTEN A CLIENT WANTS TO SAVE THEIR HOME AND VISIT THE LAW OFFICES OF AN ATTORNEY WHOSE ULTIMATE GOAL AND BULK OF THEIR PRACTICE IS BANKRUPTCY. WITH THAT END GOAL IN SITE, THEY MAY STEER THE CLIENT TO JUST “GAIN TIME”, WHILE COLLECTING A MONTHLY ATTORNEY FEE, TO ONLY LOSE THEIR HOME IN THE END, FORCING THE BORROWER TO HAVE TO FILE A BANKRUPTCY.
HOWEVER, AT MY FIRM, FIRST AND FOREMOST, WE EVALUATE THE CLIENT FOR THEIR ULTIMATE WISH. IF THE DESIRE IS TO SAVE THE HOME WITH A LOAN MODIFICATION, THE CLIENT MAY NOT HAVE THE MEANS, THE INCOME OR THE ABILITY TO STAY IN THEIR HOME. OUR LOAN MODIFICATION PROGRAM ALLOWS US TO EVALUATE THE MORTGAGE BALANCE, WHETHER THE HOMEOWNER IS ENTITLED TO A PRINCIPAL REDUCTION, ELIMINATE FORCE PLACED INSURANCE, TO SEE IF THE NEW MORTGAGE PAYMENT IS SOMETHING THAT THEY CAN AFFORD.
IF THEY CAN NOT, THEN THERE ARE A MYRIAD OF OTHER OPTIONS AVAILABLE, SUCH AS A DEED IN LIEU OF FORECLOSURE, A SHORT SALE, A FOREBEARANCE OR DEBT SETTLEMENT.
OFTEN A SECOND MORTGAGE MAY BE ASSUMED OWED, HOWEVER IF DISCHARGED OR WRITTEN OFF THEN THE LENDER IS REQUIRED TO FILE A SATISFACTION OF MORTGAGE. ONCE THAT IS DONE, THAT M MORTGAGE CAN BE IGNORED. OR WE CAN NEGOTIATE WITH THE SECOND MORTGAGE, WHETHER A HELOC OR OTHER LINE OF CREDIT, OFTEN TO ACCEPT PENNIES ON THE DOLLAR AND ISSUE A COMPLETE SATISFACTION OF MORTGAGE. THAT LEAVES MORE INCOME TO SUPPORT A LOAN MODIFICATION.
CALL OR EMAIL ME TODAY TO SEE WHAT OPTIONS ARE AVAILABLE TO YOU
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If you are in the market to buy or sell real estate, looking for a title agent to examine and issue a title commitment, looking for someone to review any liens on the property prior to bidding on an REO, Fannie Mae, HomePath or Freddie Mac property, or need to create a business to purchase and take title to new real estate, contact us.
At the Law Offices of Jacqueline A. Salcines, PA, we have been assisting consumers with the purchase and sale of their real estate for almost 15 years. Attorney Jacqueline A. Salcines, PA is a title agent, real estate lawyer and accountant, and can assist with a myriad of real estate and business law needs including:
Title Insurance
Closing Services Drafting of Contracts
Negotiating Contracts
Commercial Transactions
Incorporation of businesses/LLC for deed purposes
Powers of Attorney
Quit Claim Deeds
Escrow Services
Suits for returns of Deposits
1031 Exchanges
And a whole lot more.
Before you enter into a contract, contact us. We can, at no charge to you, assist you with contract preparation and review, submit to the seller or buyer, and are there for you the whole way.
Before you enter into a binding application for a loan, at no charge to you, we can review the Good Faith Estimate and advise whether the charges are valid or not, and provide you with an estimated HUD so you can have a pretty close to true estimate of closing costs and closing proceeds.
Call or email us today. The first consult is always free of charge.
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In the market to purchase a new property and think that your derogatory credit, foreclosure, prior short sale, bankruptcy, deed in lieu or mortgage default will prohibit you from obtaining a new loan? Think again. Fannie Mae released a report that it intends to revise the waiting period, from seven to four years for borrowers that have less than great credit. In some cases, with extenuating circumstances, the four year waiting period has been reduced to two years. Extenuating circumstances are nonrecurring events beyond the borrowers control, such as an unexpected reduction in income or sudden catastrophic event.
If a borrower has a previous foreclosure on their credit report, Fannie Mae would require, in prior years, for them to wait seven years to obtain a new Fannie Mae loan. However, under the new relaxed waiting period, with extenuating circumstances, it is now three.
For those with prior bankruptcies, the waiting period is four years, and shortened to two yeas with extenuating circumstances.
Fannie Mae is making a strong effort to help credit worthy buyers that were heavily affected in the mortgage crisis, to reenter the real estate market as homeowners, and is committed and focused to help lenders make sure they are able to allow such borrowers access to their programs.
The new relaxed policy goes into effect for applications after August 16, 2014.
Further details can be found on the Fannie Mae website or speak to your mortgage broker.
Or call or write us today, to put you in touch with our mortgage partners so that we can work together to find you the home and financing of your dreams.
https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.png00jaspa1https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.pngjaspa12015-01-04 13:04:212022-12-20 13:59:40GOOD NEWS FOR BORROWERS WITH LESS THAN STELLAR CREDIT
The new wave taking over the courthouse these days, is lenders filing suits against the prior homeowner/borrower for the deficiency of the mortgage judgment, after the foreclosure auction or short sale. A deficiency balance is the short fall, or balance that is left due and owing, after a property either sells on the foreclosure auction or in a short sale. With relation to a short sale, a deficiency balance can almost always be negotiated to be “waived” or forever forgiven so that the lender does not and can not come after the borrower for any monies owed post closing. That is, the lender agrees to receive a certain NET or proceeds, and call it a day after the borrower. In this scenario a Satisfaction of Mortgage must be issued, signed and recorded against title to the property to make title marketable to the new owner.
In a foreclosure auction, a judgment is the amount the borrower is left owing after the case ends. Often times, however, the lender will not recuperate the full judgment amount at the foreclosure bidding site. The balance is called the deficiency. The lender then has one year to collect on that deficiency.
New laws and statutes with shortened time periods to collect that deficiency have been recently enacted. Although consumers don’t know it and lenders file suits anyhow, that is the biggest defense a consumer has to defeat the suit.
If you are facing a lawsuit for a deficiency balance, or your short sale lender does not want to negotiate the waiver of deficiency, speak to an attorney today. At the Law Offices of Jacqueline A. Salcines, PA, we are not only experienced and knowledgeable on how to handle the negotiation of these deficiencies, but we defend borrowers every day against such suits. Call or write for a free evaluation of your case today. The first consultation is always free of charge.
https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.png00jaspa1https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.pngjaspa12015-01-04 13:04:062015-01-04 13:04:06COLLECTION OF DEFICIENCY AFTER FORECLOSURE
WHETHER YOU ARE BUYING OR SELLING REAL ESTATE… THE MARKET IS HOT!! WE ARE BACK TO THE DAYS OF THE BIDDING CASH WARS, WITH BUYERS PLACING OFFERS AT OVER LISTING PRICE, AND SELLERS CHOOSING THEIR BUYER FROM MANY A POOL OF EAGER TAKERS.
HOWEVER, IN THE TAIL END OF THE FINANCIAL FORECLOSURE CRISIS, WITH SO MANY PROPERTIES PURCHASED AT AUCTION, WITH MORTGAGE AND ASSIGNMENT ISSUES, FRAUDULENT DOCUMENTS SIGNED, LAW FIRMS THAT FORGED INSTRUMENTS, AND SO MANY TITLE ISSUES, IT MAKES SENSE TO NOT GO IT ALONE.HAVING A REAL ESTATE ATTORNEY IN YOUR CORNER IS THE SINGLE MOST IMPORTANT DECISION YOU CAN MAKE. A REAL ESTATE ATTORNEY THAT IS BOTH A TITLE AGENT AND ACCOUNTANT WILL LOOK OUT FOR YOUR INTERESTS, WILL EXAMINE TITLE, MAKE SURE THAT THE CHAIN OF TITLE IS CLEAN FOR YOUR SALE OR PURCHASE, SO THAT PROBLEMS DO NOT ARISE AFTER CLOSING THAT MAY COME BACK AFTER TO HAUNT YOU.
AT THE LAW OFFICES OF JACQUELINE A. SALCINES, THE ATTORNEY HAS OVER 18 YEARS EXPERIENCE AS A REAL ESTATE LAWYER AND ACCOUNTANT. WE ARE ALSO TITLE AGENTS WRITING FOR ATTORNEYS TITLE AND OLD REPUBLIC NATIONAL TITLE, THE LARGEST UNDERWRITER IN FLORIDA.
WE ARE A FULL SERVICE REAL ESTATE LAW FIRM PROVIDING:
CONTRACT AND DOCUMENT REVIEW
TITLE SERVICES
SELLER DOC PREP
MORTGAGE AND NOTE PREPARATION FOR SELLER FINANCING OR PRIVATE LENDERS
WE MARK AND WATCH ALL INSPECTION AND FINANCING DEADLINES AND GUIDE Y OU EVERY STEP OF THE WAY
WE ARE HERE TO SERVE YOU.
CALL US TO SEE HOW WE CAN HELP YOU IN YOUR PURCHASE OR SALE.
THE FIRST CONSULTATION IS ALWAYS FREE.
DONT GO IT ALONE. WE WELCOME THE OPPORTUNITY TO ASSIST YOU WITH ALL YOUR REAL ESTATE NEEDS.
TRUST | COMMITMENT | RESULTS
LAW OFFICES OF JACQUELINE A. SALCINES, P.A.706 S. DIXIE HIGHWAYSECOND FLOORCORAL GABLES, FLORIDA 33146TEL. 305.669.5280EMAIL: J.SALCINES@SALCINESLAW.COM
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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.
