Breakthrough Mortgage & Financial Services, Inc.
615 East Atlantic Blvd
Pompano Beach, FL 33060
United States
ph: 954-785-8099
fax: 954-785-8188
gladysc
Services and Programs
Making Homes Affordable Modification Information
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
To request a modification fill out these two forms:
Contact our office for assistance we will be glad to help.
IRS Mortgage Forgiveness Debt Relief Act and Debt Cancellation Rule
The IRS Mortgage Forgiveness Debt Relief Act and Debt Cancellation rule. If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. Always seek the advice of a CPA or Tax Attorney if you are considering a short sale on your property.
Applies to Primary Residence and Investment Properties.
Visit: www.irs.gov For additional information
IF YOU ARE CURRENTLY NOT A LICENSED MORTGAGE BROKER
All unlicensed loan originators, processors, underwriters and account executives employed by a state licensed lender (or correspondent lender) must apply for their individual mortgage broker license by July 8, 2010. After July 8, 2010 the Department of Financial Regulation will no longer be accepting mortgage broker applications. This license will expire on 12/31/2010. On 12/31/2010 everyone that currently holds this mortgage broker license will need to apply for the Florida Loan Originator license (see below) and take not only a State of Florida test, but a national test as well. If you do not get a mortgage broker license you will no longer be able to do any mortgage related activities after October 1, 2010 until you are able to get a new Florida Loan Originator license. It could take into the spring/summer of 2011 to be issued this new license. If you don't get a mortgage broker license you will not be allowed to be in the business after October 1, 2010.
Please find the attached application to start the mortgage broker license process. Please also look at the bottom of the page for the complete list of licensing requirements www.flofr.com
IF YOU CURRENTLY HAVE A MORTGAGE BROKER LICENSE.
If you currently have a mortgage broker license regardless of the expiration date on the front it will expire on 12/31/2010 unless you apply for a loan originator license by the same date. The last date to apply for the Florida Loan Originator license will be on 12/31/2010. There will no longer be a “mortgage broker” license it will be a “loan originator” license.
New Mortgage Brokers, Mortgage Brokerage Business and Lenders Requirement
On October 1, 2010, Florida will begin participation in the Nationwide Mortgage Licensing System. All licensed mortgage brokers, mortgage brokerage businesses and lenders must reapply for licensure under the new requirements. This includes anyone granted a license prior to October 1. The reapplication period runs from October 1 through December 31. Based on current numbers, more than 39,000 mortgage brokers and 7,000 businesses and lenders could be reapplying for licensure plus unlicensed loan originators, processors, underwriters and account executives . Due to the sheer volume of expected licensees, applications will take longer to process than the average two to four months. It could take up to twelve months if filed incomplete, incorrect or lacking full disclosure. However, if you have a pre-existing license, approved prior to the October 1 deadline, you can continue working while your new license is being processed. Starting in 2011, all licenses must be renewed annually by December 31.
Please find the attached application to start the mortgage broker license process. Please also look at the bottom of the page for the complete list of licensing requirementsMortgage License Applicants: 494 Changes
First Time Homebuyers Tax Credit Extended
First Time homebuyers who had a purchase contracts pending as of April 30 had until June 30 to close on their purchases to claim the federal tax credit.
Under the legislation that passed last night, these households now have until September 30 to close.
Contact a Tax advisor for information on how to qualify for the tax credit.
WORKSHOPS AND TRAININGS
Our office has been servicing the tri-county community for over 10 years empowering and educating homebuyers. We structure every workshop tailered to fit todays circumstances and situation. We educate large or small groups on purchasing a home, credit issues, modification and budgeting for a home. We are also an approved Fannie Mae Home Counseling Agency for First Time Homebuyers throught out the state of Florida.
We are authorized to provide workshops and counseling for all HUD Approved Housing Counseling Agencies.
Call Us we will structure a workshop to fit!
954-785-8099
Breakthrough Mortgage & Financial Services, Inc.
615 East Atlantic Blvd
Pompano Beach, FL 33060
United States
ph: 954-785-8099
fax: 954-785-8188
gladysc
