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LOAN MODIFICATION AFTER HAMP – THE NEW FLEX MODIFICATION

MIAMI DADE LOAN MODIFICATION

 FORECLOSURE ATTORNEYS

While the Making Home Affordable Program may have fizzled out on December 31, 2016, there is a new loan modification program, the FLEX Modification or Flex  Loan Modification, being offered by Fannie Mae and Freddie Mac.   Effective as of February 1, 2017 but not being considered until May 1, 2017, this new program was rolled out by Fannie Mae  and Freddie Mac, to help those that are in default on their mortgage or in imminent default (not yet behind but about to be).

While the Flex Modification is somewhere between the Freddie Mac Standard and Streamlined Modifications, there are a few significant changes worth noting:

  • Can be applied to all mortgage loan delinquencies
  • The program will offer additional payment relieve allowing forbearance of principal up to an 80% mark to market loan to value ration for eligible borrowers.
  • For borrowers more than 90 days past due on their mortgages, the  program targets a 20% payment reduction and requires no borrower documentation.

The new Flex Modification will replace the current Fannie Mae Standard and Streamlined loan modifications on or after October 1, 2017, meaning those programs will no longer be available.

Evaluation and qualification for this new loan modifications program still is key.  Therefore, if you are facing a mortgage foreclosure due to inability to pay or a mortgage loan default, it is important to speak to a knowledgeable attorney who can determine  your eligibility and qualifications. You certainly do not want to waste time thinking you qualify, risk foreclosure, only to be turned down by your lender.

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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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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HAMP LOAN MODIFICATION AFTER DEADLINE OF DECEMBER 30, 2016

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MIAMI DADE LOAN MODIFICATION AND FORECLOSURE ATTORNEYS

Now that the deadline to submit a Home Loan Modification request under the Making Homes Affordable Program has expired (the last date for submission was December 30, 2016 and has not been extended by the Trump or Obama Administration) what will happen with all the borrowers who are again struggling to pay their mortgages?  While the program has not been keyed for renewal, like the HARP program that was extended, borrowers face a myriad of questions and concerns as to what will happen with their underwater properties.  Loan Modifications continue to prevail with other plans that are available.  Fannie Mae, Freddie Mac, FHA Federal Housing Authority and even the USDA have programs that continue to exist to help underwater home loan borrowers with their default and delinquent mortgages.

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.

There is Hope and Help for these borrowers.  While 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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KEY CHANGES TO FANNIE MAE AND FREDDIE MAC SHORT SALES TO IMPACT INVESTORS

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On Friday, January 18, 2013, Fannie Mae and Freddie Mac announced changes to their servicing requirements for short sales. These changes apply to all Fannie Mae and Freddie Mac short sales, with an offer and without an offer.

• Title Transfer requirement change:

o The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.

o After a 30 day period, and until 90 days from the date of the deed, the buyer is further prohibited from selling the property for a sales price greater than 120% of the short sale price.

This restriction runs with the land, meaning that it is not personal to the seller and will transfer to the new buyer.

Below is an example on how to calculate the 120%:

o Purchase Price is $100,000.00
o 120% of the purchase price would be $100,000.00 X 1.2 = $120,000.00

• Relocation Assistance:

o The borrower may be entitled to an incentive payment of $3,000 from Fannie Mae / Freddie Mac to assist with relocation expenses following successful completion of a short sale unless:

1. The borrower is required to contribute funds or execute a promissory note.

2. The borrower has Permanent Change of Station (PCS) orders and receives a Dislocation Allowance (DLA) or other government relocation assistance.

3. The servicer has knowledge that the borrower is receiving relocation assistance from another source other than the servicer.

Note: If the borrower receives relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer, the difference in the relocation assistance amount up to the $3,000 incentive maximum may be provided. If the borrower will receive relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer and the amount is equal to or greater than $3,000, no relocation incentive will be provided.

With all these changes, now more than ever, it is crucial to have an attorney negotiate and close your short sale. THE LAW OFFICES OF JACQUELINE A. SALCINES, P.A. is dedicated to negotiating short sales, and providing both title work and title closing services for all closings. Call us for a free consultation. Tel: 305.669.5280. or visit us on the web WWW.SALCINESLAW.COM

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