Posts Tagged ‘Mortgage Modification’

Avoiding Foreclosure

The Treasury Department has released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under the new HAFA program, a borrower (the current owner) may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL).

The new HAMP program provides some new very important guidelines to assist Borrowers avoid the devastating consequences of a Foreclosure. Some of the important aspects of the program are noted below.

• Use borrower financial and hardship information already collected in connection with consideration of a loan modification under HAMP. Use standard processes, documents, and timeframes/deadlines. This will dramatically decrease the amount of time it currently takes to Approve a Short Sale                                                                           
• Allow borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

• Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed). Being fully released from future Liability from the mortgage debt is Huge.
• Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis; up to 3% of the unpaid principal balance of each subordinate loan).

Click Here  to read the complete article written by Jeff Lischer for RISMedia.


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Foreclosures in Florida

An article by Duane Marstellar of Bradenton.com revealed that Florida will be creating a state-wide managed mediation program designed to help more homeowners avoid foreclosure. The Florida Supreme Court has directed judges to refer all new foreclosure cases involving primary residences to mediation, in hopes of easing a glut of foreclosures that is clogging the court system. More than 456,000 foreclosure cases currently are pending in Florida, which has the nation’s highest foreclosure rate. Read more of this article to find out the guidelines for this new program.

Click Here  to read more of this article.

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According to the SunSentinal, 35,000 South Florida homeowners have gotten a mortgage loan modification under an

No money to pay the Mortgage

Obama administration program designed to reduce foreclosures. But that is less than 5 percent of the borrowers who qualify for them.

Click Here to read more about it in this SunSentinal article.

If you or someone you know is having difficulties making their mortgage payment, or facing possible Foreclosure, please call us at 305-408-9200 for a free no Obligation consultation to discuss your Options.

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Weighing Your Options

Weighing Your Options


The Making Home Affordable has two key components, lowering interest rates on an existing mortgage and refinancing with a new mortgage. A key point is that the program does not lower the principal, only the interest rates. This article from RisMedia outlines some Guidelines on who may be eligible. Click Here here for more information about the Making Home Affordable program. Those who are truly desperate, such as those who are laid off and have no savings, do not qualify. 

If you or someone you know is facing financial difficulties and possible foreclosure, please call us at 305-408-9200 for a free, no obligation consultation. You don’t have to face your hardship alone!


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The Making Home Affordable Program is moving forward slowly. A recent report reveals that only 4% of applicants receive a permanet modification. The government is keeping the pressure up to convert more mortgages. Click Here to read the entire article from RisMedia.

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