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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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Line of Credit Mortgage Settlement

SOUTH FLORIDA MORTGAGE AND DEBT SETTLEMENT LAWYERS

MORTGAGE DEBT SETTLEMENT IN FLORIDA

Many homeowners who have lines of credit or HELOC’s on their homes, in a second position after their first mortgage, are now 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 17 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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MORTGAGE DEFAULT? DONT LOSE YOUR HOME. YOU CAN STILL OBTAIN A LOAN MODIFICATION

MIAMI DADE LOAN MODIFICATION

AND FORECLOSURE ATTORNEYS

Interest rates on the Making Home Affordable mortgage loan modifications have risen, where some borrowers are now facing hikes of 1% or 2%. A mortgage that was modified in 2009 under the Making Home Affordable Program and had a fixed interest rate of 2% in 2015, may now be at 3 or 4 % in 2017. With limited opportunities to refinance due to credit reporting problems due to the derogatory information for a mortgage loan default, borrowers are up against the wall. They may not have sufficient equity or credit rating to refinance and may not have equity to sell.  So what does a borrower do?

While the  Making Homes Affordable Program may have expired to submit a loan modification (the last date for submission was December 30, 2016 and has not been extended by the Trump or Obama Administration) programs still exist for loans modification if your mortgage is  owned by Fannie Mae, Freddie Mac, Veteran Affairs or the USDA.  Loan Modification Programs include interest rate reductions and often principal forgiveness.  Even if your loan is not Fannie Mae or Freddie Mac, your lender may still be willing to work with you.  Just not a loan modification under the Making Home Affordable Program unless it gets extended.

Lenders continue to be understandable and are allowing homeowners to enter into loan modifications and modify their mortgage and loans under these programs that continue to exist into 2017.

If you are facing a mortgage foreclosure due to inability to pay or a mortgage loan default, there are options for a loan modification.

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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SHORT SALE ATTORNEY IN MIAMI

office_outside-med In the current Florida housing market, many people hear the term short sale or even look at these properties when trying to purchase a home, but they do not understand what a short sale is. A short sale occurs when someone owes more on his or her home than it is worth, which also known as being underwater on your mortgage, and are no longer able to maintain the mortgage payments. The bank may then agree to accept an amount short of the balance due on the mortgage, thus allowing the owner to sell the home to a new owner who can afford to make payments.

In certain situations, short sales are a viable solution that can help avoid foreclosure. Although the amount of the loan does not change, the bank is now willing to accept less than the balance owed in return for allowing the home to be sold. It takes an experienced attorney to analyze whether a short sale is in the best interest for a homeowner and to steer through the complex procedures successfully in order for a bank to accept a short sale petition.

At The Law Offices of Jacqueline A. Salcines, PA we can help you explore your options if you can no longer afford the payments on your mortgage. We can help you fight foreclosure or stop a foreclosure by pursuing a short sale, based on what will put you on a path to a better emotional and financial future. We will carefully listen to your concerns and explain all of your options fully, so you can make an informed decision.

If you need help, start seeking answers from experienced Miami short sale attorneys today. Understand your rights, and contact us at 305-669-5280 to schedule a free consultation.

In order to have a short sale accepted, we will help you prove the following:

  • You are no longer able to make the mortgage payments
  • You must have a hardship such as an illness in the family, a job loss or other serious situation that affects your finances
  • You must prove the current value of the home is substantially less that the balance owed
  • The bank or lender agrees to accept a sale price that is less than what you owe
  • You must have a qualified buyer offer to purchase the property
  • The bank or lender must accept the buyer’s offer

There are tax implications and the possibility of a deficiency balance to a lender, which we can help you understand, negotiate and handle.  Our personal, detailed service has helped thousands of people from all walks of life and income bracket and now we are ready to help you.  Call us today!

TRUST  |   COMMITMENT |   RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE SALCINES, P.A.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL.  305 669 5280

J.SALCINES@SALCINESLAW.COM

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SHORT SALES HELD HOSTAGE BY SECOND MORTGAGE HOLDER

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You’ve all heard the story before, months and months of laboring to get the short sale approval, you finally get it and the second lien holder or mortgage company will not accept what the first lien holder is agreeing to pay them.  Result:  Now your short sale is held hostage.  The first will not pay more, the second will not accept less.  What are the alternatives to get this approved after so much hard work?short_sale

Well, first of all, anyone negotiating or selling their home in a short sale must be familiar with their rights. Under the HAFA (Home Affordable Foreclosure Alternative) Program, the first lien holder MUST, not may, MUST, pay the 2nd lien holder $8,500.00. There are rules that regulate this payout and therefore the 1st lien holder can not wiggle its way out of this.  And the 2nd lien holders are keenly aware of these regulations.

Now, if the short sale falls outside of the HAFA Program, then you have a dilemma.  For the most part, the 1st lien holder will request a payoff statement of the first and typically (I say typically because in short sales there is nothing typical), they will pay 10% or a maximum of $6,000.00

“I have been negotiating short sales for quite some time and they (the lenders), for the most part, do adhere to the 10% rule.  But, in the event they pay less and the 2nd lien holder demands more, this is NOT necessarily the end of the line.  There are still options.  If the borrower is receiving an incentive at closing from the 1st lien holder, the 1st bank will allow the borrower/seller to contribute that money towards paying off the 2nd.  They will also permit you to enter into a promissory note, usually at 0% interest, ten (10) years, in order to reach that number.  Or, in the alternative, all the other parties in the game can make some contributions. Often times, realtors as well as the buyer are agreeable to making certain concession in order for the great deal to go through.  After all, if the closing falls through, the nobody gets paid and the buyer doesnt get their property.”  –  Jacqueline A. Salcines, Esq.

So, while the 2nd lien holder can certainly hold a short sale hostage and there are no laws you can use to force them to agree to a payout, there are still some alternatives to make the short sale go through to closing.

Short sales are crafty games played by crafty players.  Everyone has to have some skin in the game to make the process work smoothly.

And, if it goes smoothly, then as in any games, there will be many winners, and perhaps a few losers (the banks).

Dont go it alone. Consult a professional real estate lawyer to handle your mortgage problems.  We are a phone call away.

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

JACQUELINE A. SALCINES, ESQ.     TELEPHONE:  305  | 669 | 5280

 

 

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