SOUTH FLORIDA MORTGAGE AND DEBT SETTLEMENT LAWYERS

MORTGAGE DEBT SETTLEMENT IN FLORIDA

A recent news article predicts a steep increase in line of credits and HELOC foreclosures this year based on the number of borrowers that took out lines of credits or second mortgages (HELOC) on their houses when property values increased over the last two years.  After Hurricane Irma and with stagnant property values in the past months, some borrowers were forced to default on their lines of credits.

If you are one of the many homeowners who have lines of credit or HELOC’s on their homes, in a second position after their first mortgage,  you may now be 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 18 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

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

MIAMI DADE LOAN MODIFICATION AND FORECLOSURE ATTORNEYS

The Federal Housing Finance Agency (FHFA) announced last week a new program to significantly reduce and forgive mortgage principal balance for delinquent Fannie Mae and Freddie Mac loans.  The impact of the program is expected to assist underwater homeowners that are still struggling with mortgage payments, high interest rates, and inability to refinance because of lack of equity.

Approximately 33,000 homeowners will be eligible for the program.  Applicants must be:

  1. Primary Residence applicant;
  2. Fannie Mae or Freddie Mac loan;
  3. 90 days or more past due on the mortgage as of March 1, 2016;
  4. Mortgage outstanding unpaid principal of no more than $250,000.00

The program will more than likely result in many borrowers reaching out to lenders to see if they qualify.

If you feel you can benefit from this program, and meet the requirements above, at the Law Offices of Jacqueline A. Salcines, PA, we are here to help.

We are 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 16 years experience in the foreclosure, mortgage and real estate field as well as 20 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

Loan Modification Green Road Sign with dramatic clouds and sky.The Government has announced that the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) will be extended until the end of 2016.

HAMP provides modifications for homeowners that are  facing hardships and can no longer afford their mortgages.

In order to qualify for a loan modification under HAMP, the guidelines are strict and  require a homeowner to have income (although disability and unemployment qualify).  Once qualified, HAMP is a loan modification program that can lower interest rate to 2%, and significantly  lower homeowners  monthly mortgage payments.

At the law firm of Jacqueline Salcines, PA we handle homeowner qualification for HAMP since the program was initiated in 2009.   We are keenly aware and have programs to qualify borrowers, while they continue to face the challenges of paying their mortgage or refinancing their loans.

Our HAMP experience has been obtained by working closely with lenders and  borrowers, in both the mortgage and real estate arena, to represent them in litigation involving foreclosures and loss mitigation options.

South Florida Loan Modification and Foreclosure Lawyers

Many homeowners do not know they have options when their properties are underwater.  Since 2009,  HAMP has been successful at providing relies for hundreds of thousands of homeowners and frankly is the best program to qualify for.  The fact that the government has elected to extend HAMP for Homeowners is wonderful news.

The most important thing a homeowner can do is hire an attorney to qualify them prior to submitting any loan modification application. By qualifying you up front, a HAMP modification becomes streamlined and often approved quickly.

If you need assistance to see if you qualify, call us today.

 Or email attorney Jacqueline Salcines directly  at 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

Loan Modification Green Road Sign with dramatic clouds and sky.If you are  currently having difficulty making your mortgage payments and in fear of losing your home to foreclosure, the Making Home Affordable Program has options available to assist you.  There are many new and different programs to assist a wide array of borrowers.  Whether:

 

  • Your home value has dropped
  • You are a member of the Military
  • Your are Family of Military
  • You are Unemployed
  • You no longer occupy the property
  • You are divorced
  • You are facing medical bills
  • You have a second mortgage
  • You have a reverse mortgage

and

  • You occupy the house as your primary residence
  • You obtained your mortgage prior to January 1, 2009; and
  • You owe no more than $729,750.00 on your mortgage balance

-Source –  Makinghomeaffordable.gov

The Making Home Affordable Program may offer you

  • lower monthly payments
  • lower interest rates
  • principal forgiveness and/or principal reduction
  • 40 year amortization

Not all servicers participate however.  And it is critical to make sure yours does.  This is easy to check on the Making Home Affordable Website or you can contact our office to  see if your lender participates in the plan in order to see what you qualify for.

It is also critical to find out if your loan is owned by FANNIE MAE or FREDDIE MAC. This make a huge difference in the reduction and cancelation of debt to the borrower.

Many attorneys take on any client coming in their doors to modify their loans. However, we at the Law Offices of Jacqueline A. Salcines, P.A. handle our modifications differently.  First and foremost, we use a program designed just for our firm under the Making Home Affordable guidelines to qualify you and determine your new projected mortgage payment and balance.

During the initial consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the HAMP Program. If your numbers do not qualify you under the HAMP Program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.

Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

If you are  currently unemployed, and having difficulty paying your mortgage, the Making Home Affordable Program has options available to assist you.  You may be eligible for the HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP) modification if you meet the following criteria:

  • You are unemployed and eligible for unemployment benefits;
  • You occupy the house as your primary residence
  • You obtained your mortgage prior to January 1, 2009; and
  • You owe no more than $729,750.00 on your mortgage balance

-Source –  Makinghomeaffordable.gov

The Making Home Affordable Program may offer you lower monthly payments, lower interest rates, principal forgiveness and/or principal reduction.  However, not all servicers participate.  It is crucial that we check to see if your lender participates in the plan in order to see what you qualify for.

During a consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the  UP Program.

If your numbers do not qualify you under the HAMP UP Program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.  Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

Home floating on a life preserver.If you are a service member and having difficulty paying your mortgage, the Making Home Affordable Program has options available to assist you.  You may be eligible for HAMP modification if:

You occupied the property but were transferred to an out of area job causing a permanent change in station (PCS) order ;

  • You intend to return to the home at some point in the future; and,
  • You do not own any other single family real estate

 

If you do own other property, you may still be eligible under HAMP modification under an expanded rental property modification option or a short sale.

The Making Home Affordable Program may offer you lower monthly payments, lower interest rates, principal forgiveness and/or principal reduction.  However, not all servicers participate.  It is crucial that we check to see if your lender participates in the plan in order to see what you qualify for.

During a consultation with attorney Jacqueline A. Salcines, Esq., we will run your numbers and see whether you qualify you for a loan modification under the HAMP Program.

If your numbers do not qualify you under the HAMP MHA program, your servicer may still participate in other in house modification programs.  We are well versed in the lender programs and can provide qualification and guidance on them.  Call today for a free, no obligation consultation with Attorney Jacqueline A. Salcines, Esq.

TRUST  |  COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.

706 S. DIXIE HIGHWAY

SECOND FLOOR

CORAL GABLES, FLORIDA 33146

TEL. (305) 669-5280

DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM

Home floating on a life preserver.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.

TRUST |   COMMITMENT  |  RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

mini-logoJACQUELINE A. SALCINES, P.A.
706 S. DIXIE HIGHWAY 2ND FLOOR
CORAL GABLES, FL 33146
TEL: 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM

Way Signs "Bailout - Collapse"In an announcement Thursday afternoon, the Consumer Financial Protection Bureau said it will engage in additional foreclosure protection to consumers. The announcement comes on the heals of a recorded $16 Billion record settlement by Bank of America for violations in failing to resolve its claims related to its toxic mortgages leading up to the financial crisis.

Among the proposed rules would be a requirement that servicers actively participate in extending additional loss mitigation options to its borrowers in crisis. Those targeted are consumers that brought their loans current during the mortgage crisis, either through a loss mitigation option or otherwise, but are still struggling.  Those who obtained permanent loan modifications and have made payments as required, but have suffered an unexpected death of a spouse, medical bills or otherwise, will be targeted for assistance.

Mortgage Heirs.  Equally as important, are the excluded class, that has struggled so hard to obtain loss mitigation options, after the death of the mortgagor, but has faced probate hurdles, with lenders excluding them since they did not sign the note or mortgage.  Mortgage heirs, or successors in interest of the properties left behind by mothers, fathers, deceased spouses, or property transferred through a family trust, or through death of a joint tenant, will be afforded additional protection.  The lenders will be required to work with them to identify and communicate about possible loss mitigation options available to ensure the heirs receive foreclosure protection.

Divorced spouses.  Property transferred through a divorce settlement, wherein one spouse wants to keep the house and is unable to due to the loss of income from the other spouse, will also be afforded protection under the proposed measures.

Additional safeguards are also proposed to ensure lenders work with borrowers once the loss mitigation applications are received. Included in such protections, which has been the center of much complaints over the years since the Making Home Affordable Program began are:

Loan Service Transfers during a pending loan modification.  Under the proposed plan, borrowers will need to be timely notified of any service transfer when the loss mitigation applications are in process or complete. If completed and approved, the new servicer would be required to evaluate it within 30 days of receipt.  If incomplete, other safeguards will be put in place.  For involuntary transfers to new servicers, the new servicer would have 15 days to evaluate it from transfer.

Bankrupt Borrowers.  Servicers will be required to provide early intervention notices to let borrowers know of their options prior to filing for bankruptcy.

And perhaps the greatest proposed measure:

Stalling a foreclosure during the pendency of a loan modification application. This seems to be the number one misconception for many borrowers, particularly the elderly, and non-native Americans, or Hispanics, who are under the false impression that applying for a modification will stop or stall the initiation of a foreclosure.  While measures and protections were already in place with prior CFPB regulations, lenders often failed to follow them.  The proposed CFPB measures will more strictly monitor this requirement to make sure lenders take adequate steps to work with borrowers so that wrongful foreclosures are not initiated, costing millions of dollars in attorneys fees, and costs, for wrongfully initiated foreclosures.

A full summary of the proposal can be found on the Consumer Financial Protection Bureau website.  The rules and disclosures are open for public comment for 90 days after publication in the Federal Register.

For additional information, call attorney Jacqueline A. Salcines, Esq.  We are well versed in all the Consumer Financial Protection Bureau rules and regulations as well as hold lenders accountable for their loss mitigation violations.  We work closely with consumers to make sure they are qualified for the type of loss mitigation program they desire,  and then work zealously to obtain those goals on behalf of the consumer client.

Call us today for a free consultation to see if you qualify for a loss mitigation program.

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Stacks of One Hundred Dollar Bills with Small House.FHA, VA and USDA all offer programs for homeowners that are upside down on their mortgages, struggling to make ends meet. These programs offer reduce mortgage payments, up to 31 percent of the monthly gross income, making payments affordable. Programs can also decrease the interest rate, stretch out the amortization of existing loans and often provide principal forgiveness on loans that do not have to be paid back.

Proving eligibility for the programs can be tricky however if you qualify, the rewards are significant and can be the difference between losing your home because of inability to afford, to keeping a roof over your head at an affordable price.

Attorney Jacqueline A. Salcines, PA and her staff are knowledgeable about all these programs under the Making Home Affordable Program and can advise what you qualify for. The first consultation is free of charge.

TRUST  |    COMMITMENT  |  RESULTS

 
Law Offices of Jacqueline A. Salcines, PA
706 S. Dixie Highway
Second Floor
Coral Gables, FL33146
Tel:  305 669 5280