June 12, 2013

Jacqueline A. Salcines, Esq.Way Signs "Bailout - Collapse"

It appears that all these penalties to lenders for failing to modify borrowers’ loans is finally doing homeowners some good.  The Streamlined Modification program is really taking off and really working to assist borrowers.  The Freddie Mac Streamlined Modification program provides remedies to seriously delinquent borrowers that may not qualify under other programs.

While the Streamlined Modification program offers the same terms and conditions as the standard modification program, the program is intended for borrowers who have stopped paying on their mortgages at least 90 days but no more than 720 days delinquent.    You can not have stopped paying your mortgage for more than 2 years.

If you are eligible for this program, you may have already received a letter in the mail from your mortgage servicer offering you the service and sending you an application to apply.  Upon receiving the solicitation letter, the borrower can contact us to help fill out the forms and make sure that they provide accurate numbers to qualify for the program. It is extremely important that figures for the financial worksheet be provided accurately since you get one shot at getting it right, or risk being declined.

The following properties are eligible for this program:

  • Primary Residence
  • Second Home
  • Investment property (whether owner occupied or not)
  • Vacant properties and,
  • Condemned properties

To be eligible, the borrower must have the following (including but not limited to):

  1. Be behind on their mortgage by at least 90 days but no more than 2 years;
  2. Market to Market loan to value ratio must be greater than or equal to 80 percent (we figure this out for you).
  3. The mortgage must have originated at least 12 months prior to the date applying for the modification
  4. The mortgage must be a conventional first lien mortgage


There are numerous other qualifications and numbers that must be calculated.  Call us for a free, no obligation consultation to see if you qualify.

The Law Offices of Jacqueline A. Salcines, PA

706 S. Dixie Highway Second Floor

Coral Gables, FL  33146

Tel: 305 | 669 | 5280