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National Mortgage Settlement

The Law Office of Kevin F. Jursinski & Associates introduces the MIRROR Programsm Legal Assistance in Mortgage Interest Rate Reduction Or Refinance processing

The State of Florida, in conjunction with 48 other states and the US Department of Justice recently entered into the National Mortgage Settlement (NMS), a historic mortgage settlement with the above five national lenders which results in certain benefits and programs available to their mortgage borrowers who meet certain initial criteria.

If you are interested in:

  1. Refinancing your existing mortgage to current rates but your home has negative equity (value is less than the mortgage balance) and/or
  2. Obtaining a principal reduction of your mortgage so that not only are the mortgage payments reduced by a lower interest rate but by a lower principal balance;

then please consider the opportunities that are being made available to you by this historic settlement:

Example: Interest rate reduction: $200,000 existing mortgage at 6.25% amortized over 30 years: Monthly mortgage payment is $1,209.12. Reducing the interest rate to 4.25% results in a monthly mortgage payment of $974.46, a monthly savings of $234.66 and a yearly savings of $2,815.92.

Example: Interest rate reduction coupled with principal reduction: $200,000 existing mortgage on a home valued at $150,000. Principal reduction of $80,000, to an 80% Loan-to-Value ratio (mortgage balance reduced to $120,000). $120,000 modified mortgage with a reduced interest rate of 4.25% fixed and amortized over 30 years results in a monthly payment of $584.68, a monthly savings of $624.48 and a yearly savings of $7,502.88 using the example of refinance and modification of an interest rate and a principal balance reduction.

The largest amount of the NMS ($10 Billion nationwide) has been allocated to at-risk mortgages that are in default, allowing for principal reductions on these mortgages. To qualify* for a principal reduction, the criteria are that the mortgage is in default and at risk together with negative equity.

$3 Billion nationwide has also been allocated to borrowers who are current in their mortgages who want to obtain interest rate reductions but have been unable to do so since they owe more on their mortgages than the current fair market value of the property. Borrowers may qualify* for the interest rate reduction program if:

  1. The borrower is current on the mortgage payments, with no delinquencies in the last 12 months.
  2. The borrower owes more than the property is worth (negative equity)
  3. The loan was obtained prior to Jan 1, 2009
  4. The current interest rate is 5.25% or higher
  5. The loan is under $729,500
  6. The loan is in first mortgage position
  7. No modifications of the loan have taken place within 24 months of NMS application
  8. The mortgage is owned by one of the five lenders who are part of the settlement

Please contact the Law Office of Kevin F. Jursinski & Associations to obtain free information on the MIRROR Programsm or to schedule and appointment to determine if you qualify for the proceeds of the National Mortgage Settlement.


*Please note: These are preliminary criteria and may be interpreted differently by your lender.

Kevin F. Jursinski, B.C.S. Attorney Photo
Kevin F. Jursinski, B.C.S.
Principal Attorney

Kevin F. Jursinski is recognized by the objective rating services of Martindale Hubbell as one of Southwest Florida's premier attorneys. He has concentrated more than 35 years of practice in the area of real estate, business and construction law in Naples and Fort Myers.

Kara Jursinski Murphy, LL.M., B.C.S. Attorney Photo
Kara Jursinski Murphy, LL.M., B.C.S.

Firm Partner, Kara Jursinski Murphy, focuses her area of practice on Real Estate Litigation, Business Litigation and Real Estate and Business Transactional Law. Kara has earned the highly-esteemed designation of Board Certified Specialist (B.C.S.) and Expert in Real Estate by the Florida Bar.   This certification recognizes attorneys who have special knowledge, skills and proficiency in various areas of law, including Real Estate, and professionalism and ethics in practice... 

Michelle "Micki" Hurvitz, Esq. Attorney Photo
Michelle "Micki" Hurvitz, Esq.
Associate Attorney

Associate Attorney, Michelle “Micki” Hurvitz, practices in the areas of Real Estate Litigation and Business Litigation.

William  R.  Murphy, Esq. Attorney Photo
William R. Murphy, Esq.
Associate Attorney

William Ryan Murphy focuses his practice in the areas of Real Estate, Business and Construction Law.

Justin  T. Mooney, LL.M. Attorney Photo
Justin T. Mooney, LL.M.
Associate Attorney

Attorney Justin Mooney concentrates his area of practice in Taxation and he handles a wide variety of Estate Planning and Probate related legal issues. In addition, Justin assists clients with civil taxation matters to include tax compliance for individuals, businesses and estates regarding federal and state tax issues as well as resolving legal issues with the Internal Revenue Service to include tax collection alternatives as well as international tax compliance with the Financial Crimes Enforcement Network.

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