January 14, 2011·
The federal government has responded to the increase of foreclosure in South Florida and across the nation by developing the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable initiative. HAMP is a loan modification program designed to help homeowners with making their mortgage payments affordable and avoid foreclosure in South Florida.
Eligibility for HAMP involves:
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- owning and occupying a 1-4 unit residence;
- owing $729,750 or less on your home;
- having financial circumstances making it difficult or impossible to make your mortgage payments;
What is HAMP and how does it affect foreclosure in Florida?
January 10, 2011·
If you are one the many Florida homeowners having trouble making your mortgage payments, you should consult with a South Florida attorney with experience in foreclosure law to discuss the Home Affordable Modification Program (HAMP). The goal of this program is to provide homeowners a possible alternative to foreclosure.
Eligibility Requirements to Apply for HAMP
You must meet certain criteria before you can apply for a HAMP loan modification.
Requirements include: Read more...
- you must be the homeowner as well as the occupant of a 1- to 4-unit home;
HAMP Eligibility Guidelines (Part A)
January 7, 2011·
The government’s Home Affordable Modification Program (HAMP) is available to help you avoid foreclosure, but to apply, you must meet certain criteria. To find out if you meet the criteria, you can take the online test on the HAMP website.
You will be asked the following 5 questions to help determine HAMP eligibility: Read more...
- Is your home your primary residence?
- Is the amount you owe on your fist lien mortgage no more than $729,750?
- Are you having trouble paying your mortgage?
- Did you obtain your mortgage before January 1, 2009?
HAMP and Other Foreclosure Options
January 5, 2011·
If you have officially received approval for a loan modification under the Home Affordable Modification Program (HAMP), your loan servicer will make sure that your new monthly mortgage payment is no more than 31% of your monthly income.
The strategies used to lower your mortgage payment under HAMP include the following: Read more...
- Reduction of your interest rate – a rate as low as 2% is a possibility. In return for the low rate, the U.S. Treasury Department extends financial incentives to your loan provider. This doesn’t mean that everyone who qualifies for a HAMP loan modification will get 2% interest rates. If a 5% rate is sufficient to lower you mortgage to an affordable payment, then a 2% rate would not be necessary.
Affordable Mortgages Under HAMP
January 2, 2011·
When a mortgagor, such as a bank or other lending institution, successfully forecloses on your property, that lender takes full ownership of the property. The process, however, cannot begin until you fail to make your mortgage payments.
In Florida, a lender must use the judicial foreclosure process to seize a property and the foreclosure process must take place under Florida’s equity laws. If you have been served with a foreclosure notice, you have 20 to 60 days to take action before the bank seizes your home. Read more...
Overview of the Foreclosure Process in Florida (Part A)
December 27, 2010·
Borrowers have one very important right they can exercise throughout the Florida foreclosure process, which is the right of redemption. Redemption is an equitable right that is intrinsic in all mortgages written in Florida. This is in addition to any other rights you are allowed to exercise as spelled out in your loan papers.
The right of redemption provides you with the opportunity to save, or redeem, your property up until the Certificate of Sale of the property is filed. In order to use this right, you must pay your debt in full to the lending institution. Read more...
The Borrower’s Right to Redemption in Foreclosure Proceedings
January 27, 2010·
Falling behind on your FHA mortgage? Help may be on the way
by : Joe Sloboda, Burgess Law Firm
Across America millions of homeowners are trying to get their mortgages modified, many times these people are told that they need to “fall behind” or to be late on their payments before their lender will even consider talking to them about a loan modification. Let me first say that while it is true, many lenders are acting more quickly to help those homeowners who are at risk of foreclosure, it is NOT necessary for a homeowner to be late on payments in order to get assistance. 
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Falling behind on your FHA mortgage? Help may be on the way
December 18, 2009·
This is a re-post from an article that appeared in a monthly newsletter for the Arizona Area of Realtors earlier this year. What is so good about this article is that it clearly lists some very specific questions that every home owner should be asking when they are considering the decision on either attempting to modify their current mortgage or simply selling the house for Short Sale. If these are questions that you are seeking answers too, please call or contact our offices to schedule a consultation.
Re-Posted from AARNEWS . . . Read more...
The Pre-Foreclosure Decision: Top 10 Questions to Talk Over with Your Attorney
August 31, 2009·
South Florida Sun-Sentinel.com
More than 16,100 mortgage modification complaints filed in past six months
Mortgage modifiers must be licensed under new Florida law
State regulators cracking down, with 83 active investigations
Originally published By Diane C. Lade
South Florida Sun Sentinel
6:38 PM EDT, August 26, 2009
Hundreds of people calling themselves “foreclosure rescue specialists,” promising to quickly cut through red tape and reduce mortgage payments, have taken millions of dollars from South Florida homeowners over the past year for their services.
But unlike mortgage brokers or real-estate agents, mortgage modifiers are not required to have any special training or even a license — something many consumers don’t know. Read more...
Homeowner beware ! Make sure your mortgage modifier is licensed
May 29, 2009·
Troubled mortgages hit record high
More than 616,000 homeowners were hit with foreclosure actions in the first 3 months of the year, the Mortgage Bankers Association reports.
By Les Christie, CNNMoney.com staff writer
Last Updated: May 28, 2009: 12:30 PM ET
NEW YORK (CNNMoney.com) — Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report. Read more...
Troubled mortgages hit record high
May 15, 2009·
May 14, 2009
Slow Start to U.S. Plan for Modifying Mortgages
The Obama administration’s plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground.
So far, two months after the program went into effect, about 55,000 homeowners have been extended loan modification offers, according to a senior administration official. At the same time, foreclosures continue apace. RealtyTrac reported Wednesday that foreclosure filings reached 342,000 last month, up 32 percent from April 2008. Moody’s has estimated that more than 2.1 million homeowners will lose their homes this year. Read more...
Slow Start to U.S. Plan for Modifying Mortgages
April 30, 2009·
No bankruptcy help for homeowners
Measure to modify delinquent loans in bankruptcy court fails in Senate. Obama administration loses big stick to prod loan servicers to aid troubled borrowers.
By
Tami Luhby, CNNMoney.com senior writer
April 30, 2009: 3:55 PM ET
NEW YORK (CNNMoney.com) — The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president’s loan modification plan. The so-called cramdown provision, which would have allowed judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy. Read more...
No bankruptcy help for homeowners
April 16, 2009·
Obama launches mortgage rescue plan
First participants in the Treasury Department’s program to help homeowners avoid foreclosure include some of the nation’s largest banks.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: April 15, 2009: 8:10 PM ET
NEW YORK (CNNMoney.com) — The Obama administration’s loan modification program is finally underway.
The Treasury Department announced Wednesday the first six participants to sign up for President Obama’s plan. They include three of the nation’s largest banks: JPMorgan Chase (JPM, Fortune 500), which will get up to $3.6 billion in subsidy and incentive payments; Wells Fargo (WFC, Fortune 500), $2.9 billion; and Citigroup (C, Fortune 500), $2 billion. The others are GMAC Mortgage, $633 million; Saxon Mortgage Services, $407 million; and Select Portfolio Servicing, $376 million. Read more...
Obama launches mortgage rescue plan
April 9, 2009·
Mortgage help: Do you qualify?
President Obama’s new real estate rescue plan offers two key possible benefits: More refinancing opportunities and greater chance for a loan modification.
By Les Christie, CNNMoney.com staff writer
Last Updated: February 19, 2009: 11:57 AM ET
NEW YORK (CNNMoney.com) — The eagerly anticipated foreclosure prevention program unveiled Wednesday by President Obama targets 9 million borrowers for help – are you one of them?
The $75 billion effort, dubbed the Homeowner Affordability and Stability Plan, boils down to two basic solutions:
First, the government is aiming to help more homeowners refinance to take advantage of new low interest rates. Read more...
Mortgage help: Do you qualify?
April 7, 2009·
Tips on protecting yourself from illicit mortgage-relief firms
- April 7, 2009
Buyer, Beware
Protecting yourself from illicit foreclosure-rescue firms:
Beware of companies calling themselves “mortgage consultants,” or “foreclosure services” promising to save your credit or pay closing costs.
Don’t ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. If you have a problem, try to negotiate a new loan arrangement with your lender before considering outside experts.
Never transfer your property deed or title to a rescue firm.
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Tips on protecting yourself from illicit mortgage-relief firms