Florida Foreclosure Defense Lawyers Blog

In a Florida Foreclosure Lawsuit the court will often times allow an individual to amend their answer after it has been filed. If you make a mistake in your answer to the foreclosure complaint you may be given the opportunity to amend that mistake. In some instances the lender will amend their complaint to change the plaintiff or to change the language within the complaint. Although courts will generally allow a party to amend their complaint or their answer, the court is not required to do so. Some of these changes are not permitted in Florida. You should discuss any changes made in your answer or any changes made in the lender's complaint with a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer

The Home Affordable Foreclosure Alternatives program "HAFA" is a program for those homeowners who do not qualify for mortgage modification under the HAMP program or who did not successfully complete a HAMP trial period. The HAFA program became effective on April 10, 2010 and functions to provide additional foreclosure avoidance options, primarily through a Short Sale or a Deed-in-Lieu of foreclosure.

Under the HAFA Short Sale Program a homeowner sells their home for less than the actual amount due on the mortgage. The servicer approves the terms of the sale in advance of the home actually being listed and once the home is sold the servicer accepts the proceeds of the Short Sale in full satisfaction of the Mortgage.

Under the HAFA Deed-in-Lieu of Foreclosure Program the homeowner voluntarily agrees to transfer the ownership of the property to the servicer in exchange for the servicer agreeing that once the ownership is transferred the full value of the mortgage is satisfied. In some instances the servicer may require the homeowner to attempt to sell the home before they agree to a Deed-in-Lieu arrangement.

If you need help determining if a HAFA program is a possible option for your family contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer to review your position.

The Home Affordable Refinance Program or "HARP" was established through and functions much like the HAMP program detailed previously. The HARP program was created to allow homeowners who are current on their mortgages but who have not been able to takes advantage of today's lower interest rates because their homes have decreased in value and they are subsequently "upside down" or "under water" with regard to their home.

In order to be eligible to refinance under HARP a homeowner must be:

-The owner-occupant of a one-to-four unit home;
-The loan on the property is owned or guaranteed by Fannie Mae or Freddie Mac;
-You must be current on your mortgage payments at the time of your application for HARP. To be current a homeowner must not have been more than 30 days late on your mortgage payment in the last 12 months; or if a homeowner has had the loan for less than 12 months, they have never missed a payment;
-The amount of the first lien mortgage does not exceed 125% of the current market value of the property;
-The homeowner must have a reasonable ability to pay the new mortgage payments;
-The refinance improves the long-term affordability or stability of the loan;

The objective of a refinance under HARP is to get homeowners into more stable and more affordable loans through getting them into a new mortgage with better terms. A HARP refinance will not lower your monthly mortgage payments by reducing the amount of principle you owe on your mortgage; it lowers your monthly mortgage payments by replacing your mortgage interest rate with one of today's current market rates.

Given the significant drop in home values over the last several years most people may not qualify due to the excessive loan to value. In order to find out if you qualify for the HARP program or if the HARP program will be beneficial to you contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Defense Lawyer today to review your circumstances.

The Home Affordable Modification Program "HAMP" is part of the Obama Administrations Making Home Affordable Program which was designed to get the economy and the housing market back on track. The HAMP program was created to modify first and second mortgage loans of distressed homeowners in order to keep them in their homes and give them a manageable monthly mortgage payment. In order to be eligible for a mortgage modification under the HAMP program a homeowner must:

-Be the owner-occupant of a one to four unit home: -Have an unpaid principle balance that is equal to or less than:

1. • 1 Unit: $729, 750
2. • 2 Units: $934, 200
3. • 3 Units: $1,129,250
4. • 4 Units: $1,403,400

-Have a first mortgage that was originated on or before January 1, 2009: -Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income: -Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

Not all mortgages will be modifiable under the HAMP program. Only those mortgages that meet the above criteria and have servicers who have joined the HAMP program are eligible for modification under HAMP. It is mandatory for any mortgage loans owned by or guaranteed by Fannie Mae or Freddie Mac to be covered by HAMP. It is voluntary for services of mortgage loans not owned or guaranteed by Fannie Mae or Freddie Mac to join the HAMP program. While it is voluntary for those servicers to join the HAMP program there are substantial incentives for those servicers who complete mortgage modifications under HAMP and most major servicers have already committed to the HAMP program. If you are interested in your potential rights under the HAMP program contact a Jacksonville Foreclosure Lawyer who helps clients from many states who are subject to a Florida Foreclosure. A Jacksonville Foreclosure Defense Lawyer will discuss your situation and what options you have and how we can help save your home. For a complete list of servicers please follow this link