Education
* Juris Doctor, Nova Southeastern University
* Masters of Gifted Education, Florida International University
* Add on Certification in Special Education, Florida International University
* Bachelors of Education, Florida International University
Memberships
* The Florida Bar
* American Bar Association
* Florida Bar Real Estate and Probate Section
* Florida Bar Family Law Section
* American Immigration Lawyers Association (AILA)
* Florida Bar Business Law Section
* Business Network International (BNI)
* Palmetto Middle School PTSA
* Killian Oaks Academy PTA
* USTA Tennis
Agents of
* Old Republic National Title
* Stewart Title Insurance Underwriters
* National Title Insurance Underwriters
In association with and of counsel for
* Airan2
* Airan-Pace
* Crosa & Fernandez, P.A.

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By DIANA GOLOBAY
February 13, 2009 1:02 PM CST

President Barack Obama’s administration is reportedly in talks to finalize a mortgage subsidy program geared toward at-risk borrowers not yet delinquent on their loans. Unnamed sources on Thursday told Reuters the plan involves a reappraisal of homes for value and affordability, as part of an examination of homeowners to determine eligibility for the subsidy program. Sources also told Reuters that homeowners would not need to prove hardship to qualify for the program, which would subsidize lenders that lower monthly payments.

In addition to the segment of not-yet-delinquent borrowers the plan targets, another distinguishing feature of the subsidy program would be its lowered mortgage payment-to-income ratio from the level that currently defines other workout programs like the one employed by the Federal Deposit Insurance Corp. at failed IndyMac Federal Bank. Most modification and workout strategies currently target a 38 percent debt-to-income ratio, meaning homeowners with mortgage payments of more than 38 percent of their gross monthly income are eligible for participation. (Sources told the New York Times the new ratio would likely be 31 percent.)

Government-sponsored agencies Fannie Mae (FNM: 0.60 +7.14%) and Freddie Mac (FRE: 0.61 +10.91%) may have a role to play in administering the program, although details are unclear — and may not necessarily involve the much-anticipated push for the 4 or 4.5 percent government-sponsored mortgage interest rate — according to the Reuters article.

The subsidy program might be introduced as part of the $50 billion plan to address homeowners that has been discussed as a new TARP initiative, a foreclosure reduction program that sources told the Washington Post may be announced as early as next week. The Post’s sources also said a provision within the plan may endorse the so-called “cram-down” legislation that would allow bankruptcy judges to alter mortgage terms. The program would come in excess of the $789 billion financial stimulus package, which passed a Senate vote earlier this week and is expected to pass a final Congressional vote as early as today — and as late as this weekend — in time to reach the President’s desk by the preliminary Feb. 16 target date.

Write to Diana Golobay at diana.golobay@housingwire.com.

Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.

Full article here

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Foreclosure and Bankruptcy eBookAs part of the “Ask Dania” Series and her commitment to find the best foreclosure solutions to her clients, Florida attorney Dania Fernandez has just released her newest eBook: “Foreclosure & Bankruptcy Today: What You Should Know?”, which aside from valuable content compiles hundreds of the most common questions her own clients have posed to her during these last months of growing financial hardship and record foreclosure reports. Her eBook also includes several appendices with important sample documents such as Note and Mortgage, Notice of Default, Lis Pendens, Complaint of Foreclosure, Answer to Complaint of Foreclosure, Summons, Reinstatement Notice, Forbearance Notice, Loan Modification Agreement, Hardship Letter, Financial Statement, and Real Estate & Bankruptcy Glossary of Terms. Learn more about “Foreclosure and Bankruptcy Today – What You Should Know?” »