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Bankruptcy Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789

407-740-7379

E-Mail Eric A. Lanigan HereE-Mail Roddy B. Lanigan Here
real estate

mortgage workouts

Mortgage Workouts

Orlando bankruptcy and foreclosure attorneys Eric Lanigan and Roddy Lanigan wanted to offer clients financial relief through a value-added service. The answer was mortgage workouts — mortgage refinances with creative options for homeowners.

The Lanigans saw the Florida real estate market go rapidly downhill and foreclosures increase in 2007. Clients didn’t want to lose their homes to foreclosure and the Lanigans wanted more negotiations with banks and lenders. 

The banks need creative refinance ideas. Homeowners are willing to try new things. Mortgage workouts provide this.

Mortgage Workouts Florida

Lenders didn’t want to foreclose on homeowners because they would have to deal with unwanted real estate. Homeowners didn’t want to lose their homes.  But the two sides weren’t talking or negotiating to keep families in homes. There were too many foreclosures to keep up with the paperwork.

There was a need for financially-sound renegotiated mortgage plans but homeowners couldn’t figure them out alone. The answer for homeowners and Lanigan and Lanigan clients has been mortgage workout agent Rich Marquez.

When the Lanigans send refinance plans to the banks it changes the outcome of foreclosures. At the root of the problem was the lack of a direct contact with the banks. If homeowners could speak with lenders quickly both sides could come to an economically-feasible renegotiated mortgage. 

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Mortgage Workout Agent Rich Marquez 

orlando mortgage workout agent rich marquezLanigan and Lanigan brought on mortgage workout agent Rich Marquez who is not a lawyer, but who has worked exclusively in mortgage workouts since 2001. A mortgage workout is a kind of mortgage refinance that provides many more options to reduce home mortgage costs than a typical refinance. 

Instead of only offering a lower interest rate, the entire mortgage contract is reconfigured with creative alternatives to lower the overall mortgage and the mortgage payments.

A former mortgage and loan officer, Rich, a non-attorney, has helped complete paperwork, structure files, get in contact with mortgage officers and decision makers for Lanigan and Lanigan, P.L., clients since 2007. Rich positions clients with properly prepared, financially-sound and bank-friendly packages for clients trying to renegotiate mortgages. 

Usually, an individual facing foreclosure who is trying to get a lowered mortgage payment has filled out a few forms, faxed in a pile of paperwork to a lender, makes a call and hopes for the best. This is not how mortgage workouts should be achieved.  

It takes an experience to get through to the banks and lenders respond positively to the concisely structured payment options that Rich provides because they are institutionally based. 

rich marquezBanks are receptive to the Home Affordable Modification Program (HAMP) plans completed by Rich Marquez and his team  because they are viable and work for both sides–homeowner and lender–which can ultimately prevent a foreclosure. 

At the end of the mortgage workout, a bank may accept a lower monthly payment; a family can stay in the home they love with a mortgage that they can afford with the possibility of a reduced principal, a forgiven second mortgage, or a lowered interest rate. 

The options are considerable for the mortgage workout that Eric and Roddy Lanigan and Rich Marquez present for acceptance by the lender. However, it’s important to realize that every situation is different. There are various mortgage workout results based on the financial situation and economics of a family, a business or an individual.   

Find out if your mortgage payment can be lowered through a mortgage workout by scheduling an appointment to consult with Lanigan and Lanigan, P.L. Rich Marquez, Eric Lanigan and Roddy Lanigan will work with you to get the best results for you.  

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Lenders Don’t Want Your Home Back

Lenders don’t want your home back. They’re not interested in handling real estate. Real estate is not the business banks are in. Lenders want to manage money. Homes are in foreclosure across the country. There are more foreclosures than courts can handle.

Banks would rather negotiate and keep homeowner in the house. 

Rich Marquez has  banking and mortgage industry experience and 10-year career in the mortgage and banking business make him able to know how to prepare and present a structured rebuilt mortgage package on behalf of a homeowner who would have gone into a foreclosure without the new plan. 

The bank wins because the property will not be sold in a short sale for less value. The homeowner wins because the monthly home fee is reduced and in the long-term an option has been presented to lenders to continue to generate revenue. 

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Creative Ways to Refinance

Rich designs a package quickly after assessing a clients’ financial history and economic situation. Where there are roadblocks, he finds small paths that will eventually open a bank or lender to the possibility and existence of a viable payment plan down the road.

Rich Marquez has done deals, created plans and through experience knows what lenders will like, what they want and what they can work with. He finds creative ways to refinance and offers ideas to accommodate owners and lenders.

In a foreclosure, from a lender’s perspective, they don’t want to put their time, money and legal fees in a situation where the property is going to be lost anyway. The average lender doesn’t want to pursue a foreclosure that’s going to keep the lender tied up in real estate that will be foreclosed on. It’s a waste of time and money.

Rich Marquez can get the lender to negotiate and agree quickly to an acceptable new home repayment plan.

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Present HAMP Forms Properly 

There are far more outcomes available to homeowners than are usually heard of by the average person. When a homeowner fills out the Home Affordable Modification Program (HAMP) form, close to 98% of homeowners are turned down.

Why? Because forms are not completed properly, paperwork is missing, paperwork is dated and not followed up to make current. Homeowners are despondent, frustrated and unaware of the banking and lender financial needs.

But Rich knows the other side of the mortgage: the banking industry. Rich can quickly present HAMP forms properly, provide reasonable options to banks who are receptive to plans that keep homeowners paying reasonable sums to stay in their homes.

The options are advanced, complex, legitimate and detailed, however, not familiar to an average person outside the banking and finance industry.

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HAMP Applications Are Key

Almost 98% of HAMP applications for mortgage workouts are turned down because of the way that homeowners fill them out. HAMP applications are key and the most successful modifications are not known by the average person without loan and banking experience.

Rich positions HAMPs to a bank with win-win financials so that it makes the lender more willing and open to renegotiate a mortgage.

Ultimately it’s in everybody’s best interest to keep an owner in the home.

Rich Marquez knows how to engage a lender to negotiate a workout because he provides viable solutions to what had been a problem due to incomplete or inaccurate paperwork, poor financial rationale.

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Renegotiating With Mortgage Options 

Rich is very skilled at renegotiating with mortgage options for lenders including:

  • Rate reduction–getting interest rates as low as 2 percent per year and that by year eight, it’s at 4.5 percent which significantly saves homeowners money.
  • Extensions of the term of the loan, from 30-year to 50 years
  • Permanent principal balance forgiveness and or deferral
  • Settlements of second and third mortgages for pennies on the dollar
  • Forbearance
  • Repayments
  • Deferments

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Homeowners Get Better Mortgages

At the end of the day homeowners get better mortgages. Lanigan and Lanigan is able to put homeowners in the best position to reach the best outcome under the circumstances.

Rich knows to what goal mortgage workouts need to be directed for banks to consider them for approval.

The options that Rich is familiar with and that he can offer clients as constructive payment alternatives and mortgages will dramatically increase the likelihood of a mortgage workout.

In structuring a file, Rich is able to offer all the options that a lender will find appealing. He creates a proactive plan that will often lead to a mortgage workout with a lowered home payment.

Why is it that most mortgage workouts are denied? Because 98% of the HAMP forms are completed by inexperienced yet well-meaning individuals who are not offering banks what banks want in a mortgage. Rich positions clients with the right elements in the mortgages so that banks will accept them.

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Success in Reaching Decision Makers

What Rich does is help to qualify a client for the mortgage workout with the bank as opposed to a person who fills out a HAMP form is that Rich has success in reaching decision makers. This is why he can complete renegotiations with a lender. He knows guidelines to qualify you through rate reductions, balance extensions, settlements on second mortgages and can make acceptable offers that will be in line with the amount of money that’s owed.

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Hardship Can Effect Mortgage 

  • A loss of income
  • A mortgage with a high interest rate
  • A community or regional decrease in home values
  • BPO to find out value of home to see how upside down it is
  • The details of unemployment
  • Decrease in home value in your area

Sometimes Rich offers unusual and unexpected mortgage modifications to lenders. Rich finds solutions he knows banks will like even though they’re not within an official program. He will inform a lender if a homeowner has a hard time because hardship can effect mortgage.

It’s like putting together a map or pieces of a puzzle to the untrained homeowner who is not familiar with banks and the way that banks operate.

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Proactive Offers to Banks Quickly

When Rich works with clients he provides proactive offers to banks, quickly. He offers unique options to lenders. “Why don’t we do this, can we try that?”

Prior, to negotiations, the file needs to be structured so that the case is positioned, so that a client is able to offer all the options available.

Very few clients have in mind what’s needed for an alternative complex payment structure. A lender needs to have the resolutions that the banks usually offer. We know how to structure the clients case so that it takes the lender down the road to negotiation that will keep an owner in a home.

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The Process

The process for HAMP application denial is common. You fill it out and send it in. Lanigan and Lanigan pre-plan and structure a package that goes beyond fill in the blank. Rich can follow up on paperwork, he knows who to talk to, who needs to approve your renegotiation and how to reach the most favorable outcomes for a clients.

What is a Mortgage Workout?A mortgage workout is a renegotiated mortgage with actions and options provided to banks to create new terms. There is usually a foreclosure that could occur due to late payments, however, this is not always the case.

Mortgage holders may contact a bank or lender before payments are late if they know that finances will soon cause late mortgage payments. There are usually alternatives to existing mortgages, but no mortgage workout is the same. Each outcome depends upon a careful review of the financial status of a business or individual.

There have been instances where the banks have come in and dropped the mortgage $50,000 or $75,000. If the second mortgage is gone and the first mortgage is dropped by $50,000, then sometimes families will be able to stay.

Every case is different and there is never one clear answer. Every single mortgage and situation varies.

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Forbearance

A forbearance is a brief amount of time from a matter of weeks, to months to a year or more where a lender allows partial payments or no payments. A legal agreement is made with homeowner to have a break from payments, that will resume with payment of past due amount with regular payment to catch up. 

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Re-Amortizing

Re-amortizing allows a substantial delinquency to be added to an existing loan. The inability to catch up could involve converting and adding late payments amounts to existing principal and re-amortizing the loan. This sometimes can be done at a lower interest rate. 

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Rate Reduction

A temporary or permanent interest rate reduction would be enough to pull things back together. Homeowners would be surprised at the amount of money that can be negotiated off of a mortgage principal balance.