If your first mortgage was permanently modified under Home Affordable Modification Program and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage as well, through MHA's Second Lien Modification Program. Second Lien Modification Program works in tandem with HAMP to provide comprehensive solutions for homeowners with second mortgages to Read More

If a Lender writes off debt in a short sale, it’s a “taxable event,” and the lender tells the IRS about the transaction by submitting a “Form 1099-C, Cancellation of Debt” at the end of the year. Home sellers must acknowledge the amount when they fill out their federal taxes. Through December 31, 2012, however, the federal government forgives any tax liability associated with forgiveness of a mortgage loan of your Read More

What to expect at a foreclosure case mediation? The purpose of the mediation at its highest value is a loan modification for the borrower. All banks have different standards that borrowers are supposed to meet, and all banks offer different outcomes. Some are willing to reduce the principal and adjust it to market value (which is a great help for someone with an “upside down” house), others will work and reduce Read More

As Florida homeowners, we are sometimes placed in situations where we are left in financial distress, questioning if thedecisions we’ve made are for better or for worse. We’ve all faced, or are facing what is known as the famous “fork in the road”. Well, let me tell you something! When it comes to that fork in the road in the world of mortgages, you may not have to wonder which direction to take any longer! If you Read More

The ROBO signed documents may create legal trouble for homeowners for years. Mortgage documents are being invalidated by courts in Florida, furthermore, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on certain homes based on the invalid documents. Some law firms are intentionally removing or withdrawing previously filed documents. The issues with improper mortgage documents Read More

What options do I have if my house is being foreclosed? There are several options a person facing foreclosure might take.  It mostly depends on what the person wants.  For example, when I meet with clients for the first time, I usually inquire whether they are occupying the home, or whether they are renting the home.  In Miami-Dade County, if a house is a homestead, the parties will be referred to mediation to review Read More

With the way the economy is on it’s major down fall, who wouldn’t enjoy less expenses? I mean, I know I would! And I’m sure you guys have heard your neighbors say the words “Loan Modification” at least once or twice then wondered what those two words meant. Well, don’t wonder any longer! Here’s how those two words may benefit YOU! A loan modification is a change to your loan agreement with your lender. Yes! I said Read More

What are some benefits from filing a chapter 7 bankruptcy? Chapter 7 bankruptcy is one of the top forms of bankruptcy in Miami, Florida. A person may be considering bankruptcy because of harassing creditors, garnishment, repossession, foreclosure, lawsuits, illness or disability, loss of job/income, or divorce. Financial situations have changed all throughout the world and many people are unable to keep up with bills Read More

The Palm Beach Post in Florida had a very interesting article about the future loan modification plans of Ocwen Financial Corp. We quote the article as follows: Lenders have long resisted cutting loan amounts for struggling homeowners, fearing it would entice more borrowers to default. But one locally based servicer, Ocwen Financial Corp., believes it has found a solution. The company is rolling out a new loan Read More

1.     Payment Increase Your mortgage payment has increased substantially from one month to the other.  It was a shock to realize that your payments would adjust to the amount that they have reached, or, if you did realize they would, you could not reasonably foresee the catastrophic economic effects of the mortgage crisis on the economy.  Another devastating reality is that your home value has fallen so Read More