Video Summary


How does a lender determine a borrower’s eligibility for a loan modification?  The lender’s usually need a loan modification when they are in a mortgage foreclosure action and the standard is they look at 31 percent of your gross income and see whether or not they can modify your loan for principle, interest, taxes and insurance to see if it comes within the 31 percent.  I do not know what guidelines they have and how they do that but they usually do not forgive principle.  They try and spread your loan out over say a 40-year amortization to see if they can make that work, depending on the size of your loan.


They usually reduce your interest rate to in or around four percent and they may modify this for the entire 40-year period or they just may modify it for a short period of time.  But each lender looks at each loan on an individual basis but the 31 percent of gross income is what they look at.  If you are in foreclosure and want to have a mortgage modification you can call my office and we will undertake representation of you in the foreclosure.  My associate Jaleh Piran-Vesseh has done a lot of work as far as modifying mortgages.


That’s not, you’re not guaranteed that you’re going to get a mortgage modification and it’s up to the individual lenders.  There are some other programs that were available which if you haven’t missed a payment in 12 months and your loan was current, the lenders would give you, refinance your mortgage even if the value of the property was less than the amount that was owed.  I don’t know the name of that program but that was available.  I don’t know if it’s still available or not.  But that hopefully that gives you some insight about getting a mortgage modification.


If you have some questions about it, well give me a call at 727-847-2288.  Thank you.


Video Summary


Can I dispute a foreclosure action on my home?  The answer to that is yes you can.  In Florida we are a judicial foreclosure state, which means that the person who holds your mortgage, must file a lawsuit called a mortgage foreclosure action against you and you will be served with the papers. That is usually done by a process server.  The summons provides that you have 20 days in which to respond.  That is the best time to engage an attorney and to file a response. That is how you dispute the mortgage foreclosure action in the event that there is some allegation in the complaint that is not correct.


So if you want to dispute it and try and save your home, the courts have set up what they call mediation.  And you can take advantage of mediation once you receive the summons and ask the court to send you to a mediator which will be automatic.  If you want to participate in mediation to try and resolve the foreclosure action, you need to file certain paperwork such as your financial statements to send to the lender.  If the foreclosure action is just flat wrong and you have made all your payments and you are not in default well then the attorney would file an answer to the complaint.  I think that you would be well served by hiring a lawyer to handle this because you are governed by the rules of civil procedure and it would be an expense to you.  But that’s the best way to bring forward any defenses you have to a mortgage foreclosure action.


So the best time to defend a mortgage foreclosure action as soon as you receive the summons which has attached to it the mortgage foreclosure complaint.  We do any number of foreclosure defense cases and attempt to get mortgage modifications, participate in mediation as well as defend and try mortgage foreclosure cases to try and save your home for you.


If you have any questions, give me a call at 727-847-2288.


Video Summary


How long do I have to wait before I can obtain a mortgage if I sell my property in a short sale?  You have to wait at least a minimum of two years before you are able to apply for a mortgage if you have been foreclosed by a federally insured lending institution.  Some lenders may require a longer waiting period than two years but that’s the minimum and you need to of course have your credit recover since that period of time.  There is certainly no harm in applying to refinance or obtain a mortgage on your home after a short sale.


So if you have any questions about that, well give me a call at 847-2288.


Video Summary


Can I short sell my home if I’m not behind in my mortgage payments? The answer to that is if the lender will negotiate with whoever’s negotiating the short sale for you, you can. Our experience has been that many lenders are very, very reluctant to discuss with you the short sale. Now if you want to sell your home and the sales price is less than the full mortgage amount and you want to preserve your credit, you are in a position to pay the difference between the mortgage and what you sell your home. Or work out an arrangement with the lender so you can pay it out over time. But the key to selling it, if you want to be released from liability and not have to pay the deficiency between the amount that you sell the property on and what you owe the lender is getting the lender to go along with it.


And as I’ve indicated, most lenders are very reluctant to enter in to those negotiations. In fact some lenders have told certain borrowers that “Well we’re not gonna talk to you until you quit making your payments for two months. After you quit making your payments for two months, call us back and see about negotiating the sale.” Which bothers some people because then that’s going to affect their credit and they would like to preserve their good credit. So if you have any questions about short sales well give me a call at 727-847-2288. Thank you.


Video Summary


Do I qualify for Foreclosure Relocation Assistance Program? The answer to that question is, it depends on the lender. Recently we have not seen a lot of lenders volunteering that information or volunteering those funds. We have been successful in cases that are litigated to offer to the lender a judgment of foreclosure or a deed in lieu of foreclosure called Cash for Keys. And that may be considered relocation money, but it’s basically money if you agree to go nicely and leave the house in good order. So that is available; however, you’re probably going to have to retain an attorney and fight the foreclosure.  And in order to try and resolve the case on that basis in the industry or the lawyers call that “Cash for Keys” and could be considered relocation expense money which was a term that was used probably a couple of years ago.


And I believe that the Bank of America was using it, or Wells Fargo, one of the two, and they were doing that even after the foreclosure took place, and they would let the people stay in there and work out something. They’d give them some money to relocate them.  But now it’s now just Cash for Keys, and it’s something that has to be negotiated and the lenders are not necessarily offering that without a foreclosure defense. If you need some help with your foreclosure, give us a call at 847-2288.  Thank you.