“The Hidden Threat of HOA Liens: Why Delinquent HOA Accounts are a Threat to Investor ROI and First Mortgage Lien Positions”

This is a very interesting article to read.  This will provide a solution to the problem of last minute HOA liens at the closing table. I am providing the link b/c this is also an e-book for your information. Read on my fellow investors and default specialist! https://www.sperlongadata.com/news.html

Help me leave my home and avoid foreclosure…

Question #1 Did you obtain your mortgage on or before January 1, 2009. #2 Do you live in Florida. If you answered yes to both of these questions you maybe eligible for the Home Affordable Foreclosure Alternatives (HAFA) Programs. There are two, a short sale and the Deed in lieu. Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer. HAFA has a less negative effect on your credit score than foreclosure or conventional short sales. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them. When you close, HAFA may provide $3,000 in relocation assistance in the case of both options.

Early in 2010, Treasury announced that the Hardest Hit Fund® , this program varies by state but is not limited to homeowners eligible for Making Home Affordable programs. This fund is designed to help with :
Mortgage payment assistance for unemployed or underemployed homeowners
Principal reduction to help homeowners get into more affordable mortgages
Funding to eliminate homeowners’ second lien loans
Help for homeowners who are transitioning out of their homes and into more affordable places of residence.
Now, for all short sales you must have a licensed Real Estate Professional, my suggestion is to get someone knowledgeable of these programs.

Here is my shameless plug: To get professional and expert help with any of the Making Homes Affordable programs CALL Linda J Willis, 561-231-0113. All consultations are confidential and FREE. Allow me to give you the power of knowledge to get through this tough time. CALL TODAY.

Help me reduce my interest rate:

Question #1, Will you be current on your mortgage at the time of refinance and have a good payment history over the past 12 months? #2 Is you mortgage owner by Freddie Mac or Fannie Mae? If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). If the answer is no to either of the question you can move on the HAMP program which is a modification. To find out which is best for you call a housing expert at 561-321-0113

Help me lower my Mortgage Payment!

Help me lower my mortgage payment Here are a few questions you will be asked for this program. 1 Did you obtain your mortgage on or before January 1, 2009. 2 Do you have a second mortgage on your home? 3 Are you unemployed. 4 Do you owe more on your home that it’s worth. (call me to find out) 5 Do you live in FLORIDA? 6 Do you have a federal agency program such as FHA, VA or USDA? Here are a the programs you may be eligible for: Home Affordable Modification Program (HAMP®). In an effort to continue to provide solutions to the housing crisis, effective June 1, 2012, this program was expanded. SO even if you do not occupy the home, or did not qualify the first time TRY AGAIN! The next one is Principal Reduction Alternative (PRA) This program was designed in cases that your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac and you owe more than your home is worth. Next, Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF) of which Florida is one of the 18 states that qualify. If you are unemployed or underemployed, need a Principal reduction, have a second lien loan, or are transitioning out of their homes and into more affordable places of residence, this program can help you. FHA Home Affordable Modification Program (FHA-HAMP), FHA, VA and USDA all offer mortgage modification programs for struggling homeowners designed to lower monthly mortgage payment to no more than 31 percent of the homeowner’s verified monthly gross (pre-tax) income. These program are unique to your loan, for more information call call FHA’s National Servicing Center at (877) 622-8525, Veterans Affairs Regional Loan Center at (877) 827-3702 or
visit HomeLoans.va.gov. and for USDA call 888-995-HOPE (4673). As you can see, there are several programs – lots of information – and can be time consuming. Throughout this series you will here me say over and over CALL TODAY, time is of the essence for you to save your home.

Finding a program that works for you

Finding the program that works for you. The following link is to that page on Making Homes Affordable page. There is: “Help me lower my mortgage payment” “Help me reduce my interest rate” and “Help me leave my home and avoid foreclosure” http://www.makinghomeaffordable.gov/get-started/finding-the-right-program/Pages/default.aspx – answer the series of questions and that will help lead you in the right direction. Be sure to contact a housing expert – like me (smile). This process can be very long at times, and frustrating, so take it from someone who worked in the loss mitigation department and don’t go it alone.

The Hardship Letter

The Hardship Letter. This is the “WHY” you can not pay your mortgage. The explanations go anywhere from the dog ate my homework to the housing crash (which was beyond your control). People don’t realize the effect the housing crash has had and is having. It has effected the person who gathers the dirt to make the bricks all the way to the high end developer who puts the finishing touch of polish on the granite counter tops. There are over 70 thousand types of jobs connected to building a single home. Let us not forget “life” . Your reason may be illness. We may be one of the riches countries in the world but if we get sick obtaining that wealth we could lose everything. So whatever your reason – allow it to be heard. Your letter should contain “I want to keep my home or I want to sell my home” – and your WHY. The documents in the previous blog support this letter.

More stuff the Servicer might ask for:

Once you have begun the process your servicer will more than likely ask for additional stuff like this: Monthly mortgage statement
Information about other mortgages on your home, if applicable
Two most recent pay stubs for all household members contributing toward the mortgage payment
Last two years of tax returns
If self-employed, the most recent quarterly or year-to-date profit and loss statement
Documentation of income you receive from other sources (alimony, child support, social security, etc.)
Two most recent bank statements
A utility bill showing homeowner name and property address
Unemployment insurance letter, if applicable
Account balances and minimum monthly payments due on all of your credit cards
Information about your savings and other assets
It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.)

Call your Servicer

for those of you who are falling behind with making your mortgage payments call your servicer and Request a Home Affordable Modification. Even though you have head “oh the banks won’t do this” or Modification never works” don’t believe everything you hear. Our makets have began recovery and the banks are willing to help you stay in your home – SO call and Request a Home Affordable Modification. Here is the link to the form: http://www.makinghomeaffordable.gov/get-started/request-modification/Documents/RMAFormRev0412.pdf. You will also need Tax information, here is that form: http://www.makinghomeaffordable.gov/get-started/request-modification/Documents/4506-EZ%20Form.pdf and proof of income or lack there of. Send these to your servicer to get started.

The next step is to Speak with a Housing Expert

(that would be me) to see which of the many program you may qualify for. AVOID SCAMS – DO NOT PAY SOMEONE FOR THE SERVICE. I offer guidance, direction and understanding. I will give you a clear path and help you with what you need to get to the next step in this process. You can also call 888-995-HOPE (4673), 24 hours a day, 7 days a week, 365 days a year, to immediately speak to an expert advisor in over 160 languages. Calls are answered within seconds. This valuable, around-the-clock service is available completely free of charge. HEAR THAT PEOPLE (FREE OF CHARGE)!