When Is a Loan Modification Necessary?
If you are struggling with your mortgage payments and having trouble making ends meet, you are not alone. Statistics show that 1 in every 6 homes in the State of Florida is in foreclosure.
A Loan Modification may help!
We at the Law Offices of Jacqueline A. Salcines, PA, handle the loan modification process differently than other loan modification attorneys or companies. First and foremost, the initial consultation is with attorney Jacqueline A. Salcines, not a legal assistant or member of staff that is unfamiliar with law or the process.
During the initial consultation, we will gather all your financial information to make sure that you qualify under the either the Making Home Affordable Program, HARP 2.0, Short Refinance program, lender internal program or other existing program based on your lender, in order to reap the best results. The firm uses our state of the art computer programs that contain all lender mitigation options to determine what options exist and whether you qualify.
At the initial face-to-face consultation with attorney Jacqueline A. Salcines, Esq., we will gather all your financial data and enter it into our computer which will then generate a report advising what government specific loan modification program you are eligible for. These tools will in turn generate a proposal to the lender based on the best loan modification programs out there for you.
These tools are made to generate all options available to you, the prospective client, and not just limited to HAMP or MHA modifications; allowing you the potential to reduce your principal balance and interest rate to as low as 2%!
In addition, our computer tools will allow us to calculate your proposed new monthly payment and determine whether you may be able to keep your home.
If you qualify, the proposal is then submitted to the lender advising them what you qualify for and what loan modification your lender could provide you with. This process is more effective than the traditional way of letting the lender drive the loan modification process themselves and giving you the options that best suit them.
The result is a modification with the bet possible terms allowing you to stay in your home.
NEW RULES AND REGULATIONS UNDER THE M AKING HOME AFFORDABLE PROGRAM
Of equal importance , is the fact that at the Law Offices of Jacqueline we are always current on the up to the minute legal and regulatory changes for loan modifications and short refinances. This permits us to keep our clients and potential clients informed on programs available as well as provide the best advice as to the program best suitable to clients.
Additionally, Jacqueline A. Salcines, Esq. has key noted and given seminars relating to loan modification and short sales HAMP, HARP, Making Home Affordable and HAFA. We maintain our clients informed and protected.
Recent changes to the Making Home Affordable Program now allow for additional Principal Reduction Alternative as well as Modifications not only to Second Lien or Second Mortgages but also on second homes or investment properties. Of equal importance is that on some programs, the borrower does not even need to show the ability to repay the loan. This may have disqualified many applicants for loan modifications in prior years. These borrowers, who were turned down previously may now may be eligible for a loan modification or short term refinance.
Effective March 1, 2012, new changes will allow for greater ease for qualifying individuals who were previously denied as well as formulas to calculate principal reductions, making the loan modification process shorter and more efficient.