You are not alone... SOLUTIONS FOR ALL
HOMEOWNERS WE HELP YOU KEEP YOUR HOME, SELL YOUR HOME, OR WE BUY YOUR HOME.
1-800-300-HOME (4663) FLORIDAHOMEOWNERSOLUTIONS.COM
ABOUT US As South Florida residents, we care deeply about our neighbors and community. We understand that, due to circumstances beyond our control, we sometimes find ourselves at risk of losing our most valuable investment, our home. Our families lost homes to the bank. This devastating experience inspired us to start Florida Homeowner Solutions, where we can serve as a free resource to families and homeowners who find themselves in the same situation.
FLORIDAHOMEOWNERSOLUTIONS.COM 1-800-300-HOME (4663)
WE ARE HERE FIRST AND FOREMOST TO HELP YOU KEEP YOUR HOME Florida Homeowner Solutions is here to help you and your family in any way we can. If you are wanting to keep your home a Loan Modification is the only way you will be able to keep your home. We will help guide you through the process to give you the best chance at getting your Loan Modification approved. Here is some helpful information to help you decide if a Loan Modification is for you……
1-800-300-HOME (4663) FLORIDAHOMEOWNERSOLUTIONS.COM
WHY CHOOSE FLORIDA HOMEOWNER SOLUTIONS? Navigating through the process can be an overwhelming and emotional task, but you don't have to go through it alone. We offer services FREE OF CHARGE that equip you with the information needed to avoid foreclosure and possibly keep your home. We also help others who need to sell their homes whether due to divorce, probate, or even fire or water damage. All you have to do is call us, and you will quickly learn what our only motivation is; to serve you and help you find relief. We specialize in helping homeowners of all types facing all types of issues with their properties. With our experience, we will help you keep your home if your lender will allow it. Not all lenders will allow a “workout” plan for you. So in some cases, your lender will decide if you get to keep your home or not. If not, then we will come up with the best financial solution for you to either sell your house or we will buy it cash if that is what it is in your best interest.
OUR SERVICES Loan Modification Assistance We help you fill out and submit your Loan Modification Application Monitor Court Dockets We will have our staff monitor your court dockets of your Foreclosure Case to let you know if there is anything important that you need to know about. Explain Documents Sent By Mail You can take a picture of any document you get from the bank or courts in the mail. We will let you know if you need to take action. Strategies To Avoid Foreclosure If your Loan Modification is not approved, we have other strategies to guide you avoiding foreclosure.
1-800-300-HOME (4663)
TIPS TO APPLY FOR A LOAN MODIFICATION Make Sure You Have Equity In Your Home If you don’t have Equity in your home, you would be overpaying for your property. It might not be a good idea to modify your loan and keep making payments. Some would say “you are throwing good money at bad debt”. Go To Your Bank Or Servicers Website To Print Out An Application You can also call you Bank/Servicer to ask for an application to be mailed or emailed to you. This may NOT be the same Bank that you took out the loan with. Whatever company name your Mortgage Statements come from is who you need to contact. You may have gotten your loan from Bank Of America, but now SPS Select Portfolio Services manages your mortgage. They are who you would contact. Make Sure You Have At Least 6 Months Of Employment The Bank is not going to allow you to apply for a Loan Modification if you cannot prove at least 6 months of income. Driving for Uber or Lyft will not qualify as employment. Any job without a weekly or bi-weekly paycheck will not qualify. Submit A Full Package With ALL Of The Required Documents Whatever paperwork your Bank/Servicer asks for is what you need to make sure you provide. If there are any missing documents it will delay the process. Do Not Agree To Escalated Payments Most Loan Modifications are approved with the payments at a lower amount today, but in the next 2-3 years, that payment could escalate and be much higher than it was when you were approved. This could cause you to back into Foreclosure.
There is NO guarantee that your Bank or Servicer is going to approve your Loan Modification. Less than 20% of Homeowners that apply ever get approved.
LOAN MODIFICATION
LET US HELP YOU KEEP YOUR HOME!!! A loan modification is a permanent restructuring of the mortgage where one or more of the terms of a borrower's loan are changed to provide a more affordable payment, although, the payment is not always affordable.
HOW DOES A LOAN MODIFICATION WORK? STEP #1
Your lender allows you to apply for a Loan Modification.
STEP #2
You will send in the following: A request for the Mortgage Assistance Form A complete signed IRS Form 4506-T or 4506-T EZ Your most recent signed and filed Federal Tax Return Most recent paystubs Bank statements
STEP #3:
Your lender allows you to apply for Loan Modification. The modification process should take 2-5 months.
Unfortunately, many banks have made getting a Loan Modification far more difficult than it is meant to be. Some banks will only consider borrowers who are two to three months behind on their mortgages, even though Federal guidelines clearly do not require this. Your lender may "lose" your paperwork repeatedly or claim that you never sent in the requested documents.
1-800-300-HOME (4663)
LOAN MODIFICATION
WHAT
PROS
ARE
THE
PROS
AND
CONS?
+ You will be able to remain in your home + Your loan will be reinstated
- Less than 20% of loan modifications are ever approved
- If using an attorney, this will cost $3,000-$6,000 - You will most likely never see equity in your home - You will be making payments on a bad debt
CONS
-
Your home will be worth less than what you owe Your mortgage will now include:
- late fees, penalties, interest and attorney fees If you miss any payments, your loan will not be
- reinstated during trial period
It can delay other possibilities to get cash - from sale of property
LOAN MODIFICATION WORKSHEET
Fill out this form and see if you would be approved for a loan modification.
I. HOMEOWNER'S CURRENT MONTHLY GROSS INCOME II. The LOWEST PROPOSED MONTHLY PAYMENT would be at least 31% of the current monthly gross income III. Calculate the MONTHLY EXPENSES
Add up the HOMEOWNER'S OTHER IV. DEBT that appears on their credit report. This includes personal loans, car loans, credit cards, student loans, etc.
Add together the TOTAL MONTHLY V. DEBT along with the new proposed monthly mortgage payment to determine TOTAL MONTHLY DEBT. Current MONTHLY GROSS INCOME VI. multiplied by .55
$___________ MONTHLY GROSS INCOME X .31 = MONTHLY PAYMENT
$___________ MONTHLY EXPENSES
$___________ MONTHLY + OTHER DEBT = TOTAL DEBT
$___________ TOTAL DEBT + PROPOSED MONTHLY PAYMENT = TOTAL MONTHYL DEBT
$___________ $___________
If the TOTAL MONTHLY DEBT amount EXCEEDS THE 55%, then there VII. will be no possible loan modification no matter who the lender is per federal guidelines. If the difference between the ORIGINAL MORTGAGE PAYMENT VIII. and the 31% new proposed payment is MORE THAN 40%, the bank would mitigate losses better by foreclosing on the property.
1-800-300-HOME (4663)
LOAN MODIFICATION FACT SHEET
LOAN MODIFICATIONS ARE BASED ON THE DIFFERENCE BETWEEN INCOME AND EXPENSES. If you are not currently employed, you cannot be qualified for a loan modification.
LOAN MODIFICATIONS TAKE BETWEEN 2-5 MONTHS. If you have been working with your bank for more than 5 months, they are most likely stalling the process in order to eventually foreclose on your home! If you are working with an attorney, paying them monthly, they are most likely stalling the process in order to make more money.
LOAN MODIFICATIONS THAT ARE APPROVED WILL HAVE HIGHER PAYMENTS IN 18-24 MONTHS! The payment that you agree to now will most likely not be the payment next year. 65% of homeowners that qualify for a loan modification go back into foreclosure within 18-24 months, so you would have to do this process all over again.
1-800-300-HOME (4663)
THE PROCESS OF FORECLOSURE HARDSHIP OCCURS YOU HAD TO STOP PAYING YOUR MORTGAGE MAYBE YOUR PAYMENTS WENT UP?
30-60 DAYS
90 DAYS
LENDER IS STARTING TO SEND LETTERS
LENDER FILES FORECLOSURE ACTION IN PUBLIC RECORD
PAYMENTS MISSED
PAYMENTS MISSED
THIS COMES IN THE FORM OF A LIS PENDENS OR “NOTICE OF FORECLOSURE LAWSUIT"
MAYBE YOU LOST YOUR JOB?
1-800-300-HOME (4663)
YOUR ACCOUNT MOVES FROM COLLECTIONS TO LOSS MITIGATION NOTICE OF DEFAULT RECEIVED IN 3-6 MONTHS
FORECLOSURE SALE IF YOUR BANK DENIED YOUR LOAN MODIFICATION AND WON'T ALLOW YOU TO KEEP YOUR HOME, THEY WILL START THE PROCESS FOR A FORECLOSURE SALE. THE COURTS WILL SET A HEARING. THIS COULD BE A NON JURY TRIAL, CASE MANAGEMENT HEARING, FWOP HEARING, OR OTHER. THESE ALL MEAN THEY ARE GOING TO SET A SALE DATE TO SELL YOUR HOUSE AT AUCTION!!
1-800-300-HOME (4663)
FINAL JUDGEMENT YOUR PROPERTY WILL NOW BE SOLD TO THE HIGHEST BIDDER AT THE PUBLIC AUCTION.
HOW FORECLOSURE WILL AFFECT YOU? > LOWERS CREDIT UP TO 400 POINTS. > BANK CAN GARNISH YOUR WAGES OR BANK ACCOUNT FOR UP TO 20 YEARS. > AFFECTS CREDIT FOR 10+ YEARS. > MAY BE 7 YEARS BEFORE YOU ARE ABLE TO PURCHASE ANOTHER HOME. > FUTURE LOAN AND RENTAL APPLICATIONS WILL LIKELY BE DENIED. > CAN NEGATIVELY IMPACT FUTURE EMPLOYMENT OPPORTUNITIES. > THE BANK MAY WANT YOU TO VACATE AND START EVICTION PROCEEDINGS IMMEDIATELY.
FLORIDAHOMEOWNERSOLUTIONS.COM 1-800-300-HOME (4663)
AVOIDING FORECLOSURE
WHICH IS THE BEST OPTION TO AVOID FORECLOSURE?
BANKRUPTCY
SHORT SALE
COST: $3,000-5,000 CREDIT SCORE: DAMAGED
COST: $0-FREE CREDIT SCORE: GOOD (ONLY LOWERS 50-70 POINTS)
May not be able to keep your home. Will not be able to buy another home for up to 7 years. Just as bad as being foreclosed on.
Can purchase another home in 1-2 years.
LOAN MODIFICATION
EQUITY
May never see the equity in your property.
COST: STANDARD CLOSING FEES CREDIT SCORE: GOOD
COST: MONTHLY ATTORNEY FEES $500-600 (CAN RUN UP TO $6k+) CREDIT SCORE: DAMAGED Less than 20% are approved. All lates fees, penalties and interest will be added to your mortgage.
Can purchase a new home immediately.
Monthly payments increase in 80% of modifications.
1-800-300-HOME (4663)
BANKRUPTCY IS THE LAST RESORT!
Please talk to us first BEFORE you ever declare Bankruptcy. The only time Bankruptcy can help is if you have a Foreclosure Sale Date coming soon. Bankruptcy not only COSTS YOU MONEY, but it will ruin your credit! This is the last option you ever want to take! The reason why most attorneys suggest filing for BANKRUPTCY is that they don't have any other options and have to stop the Foreclosure Sale. There are other options that would not cost you money and would protect your credit! BANKRUPTCY does NOT allow you to automatically keep your home. You will have less than a 5% chance in keeping your home if you declare BANKRUPTCY. So, let us show you better options. Just don’t wait too long to call us……
1-800-300-HOME (4663)
STOP FORECLOSURE A 5 MINUTE CALL COULD CHANGE EVERYTHING. CALL US TODAY! JO COLONNA jo@floridahomeownersolutions.com 954-684-1368 VICTOR CARRERA victor@floridahomeownersolutions.com 305-998-9212
FLORIDAHOMEOWNERSOLUTIONS.COM 1-800-300-HOME (4663)
2021 TYLER STREET, SUITE 101 HOLLYWOOD, FL 33020
FLORIDAHOMEOWNERSOLUTIONS.COM
1-800-300-HOME (4663)
FLORIDA HOMEOWNER SOLUTIONS 2021 TYLER STREET, SUITE 101 HOLLYWOOD, FL 33020 Before using this service, consider the following information. Florida Homeowner Solutions is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.