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:
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:
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.
239.337.1147 www.KFJLaw.com
*Please note: These are preliminary criteria and may be interpreted differently by your lender.
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