The State of Florida has the third highest foreclosure rate in the United States after Nevada and Arizona. Florida's legislature appropriated $9.6 million this year to hire semi-retired judges and case managers to preside and assist in foreclosure hearings such as those in Tampa. The idea is to avoid “Rocket Docket” type jurisprudence. The goal is to clear 62 percent of the backlog by next July. These facts are per a Read More

In mid-April, Bank of America announced the roll out of a new and more efficient short sale process. Bank of America claims that this new shorter and quicker process will allow for decisions on short sales within twenty (20) days. Although many in the short sale business remain skeptical of whether Bank of America can meet such a timeline considering the prolonged short sale process of six (6) months or more, Bank Read More

1. Beware of anyone who is not an attorney and offers assistance in modifying your loan 2. Beware of anyone who asks you to pay a fee in return for advice, services or the modification of a delinquent loan. 3. Beware of anyone who carries themself out as a non-profit organization or government entity. 4. Beware of people who pressure you to sign papers immediately or who try to convince you that they Read More

There are some very basic requirements that will allow you to determine whether you may be eligible for Home Affordable Refinance Program (HARP) if you meet all of the following criteria: •The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. •The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. •The mortgage cannot have been refinanced under HARP previously Read More

If your home is currently worth significantly less than you owe on it, MHA's Principal Reduction Alternative was designed to help you by encouraging mortgage servicers and investors to reduce the amount you owe on your home. You may be eligible for Principal Reduction Alternative if: •Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac. •You owe more than your home is worth. •You occupy the Read More

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