MIAMI DADE LOAN MODIFICATION
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, ESQ.
706 S. DIXIE HIGHWAY
CORAL GABLES, FL 33146
TEL. 305 669 5280