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FAQ's

Year End Information

The borrower will be sent a year-end statement (annual statement - Form 1098/1099) for the previous year's reporting. This statement shows the loan balances as well as the interest that borrower has paid. The annual statements are generally mailed to the borrowers no later than January 31st. If borrower is enrolled in paperless billing, borrower will receive an email notification as soon as the statement is available.

It is Brickell Key Capital's responsibility to report the total amount of interest paid during the calendar year. Since Brickell Key Capital does not take a position with respect to the financial interest of each party on a loan, Brickell Key Capital only reports the total amount of interest paid under the primary social security number. The IRS does not require reporting for additional social security numbers. Provided that the combined interest reported for each mortgagor does not exceed the total amount listed on the Form 1098, borrower will be in compliance with IRS regulations.

The borrower may have paid additional payments this year before year-end. For example, if borrower mailed the January 2015 payment prior to January 1st, it may have been posted to the loan account before December 31, 2014, which would result in 13 payments applied in the year 2014.

No. Brickell Key Capital sends one annual loan statement to the primary mortgagor at the current mailing address of record. An additional copy of the annual loan statement will be provided to the co-mortgagor upon written request.

The year-end tax statement or Form 1098's for the new and refinanced loans will be mailed together. The tax and insurance amounts will not be included on the Form 1098 for the refinanced loan. The borrower may verify these amounts with the payees or the loan's payment history. For the amount of "Points Paid", borrower may refer to the Settlement Statement (HUD-1) lines 801-803 for "Adjusted Origination Charges". The "Points Paid" is only applicable for the year that the mortgage loan was originated and is not reportable for a refinance.

Brickell Key Capital reports only the interest received and the real estate property taxes paid while the mortgage loan is serviced by Brickell Key Capital. Any additional amounts need to be acquired from the previous loan servicer. If borrower did not receive an annual loan statement from your previous loan servicer, borrower must contact them directly for any applicable real estate property tax and/or interest information.

The amounts for the escrow reserve disbursements on the year-end tax statement is the difference of the disbursement(s) and the refund(s) received in that year. Brickell Key Capital provides the gross amount actually settled out of the escrow reserve account. The borrower can verify any amounts paid for real estate property taxes or insurance premiums with the payees or the payment history.

If borrower believes that the interest reported is incorrect, borrower should review the payment history for how the interest was applied and the effective dates of when the interest was applied for the year, and if borrower still believes that a discrepancy with the payment history exist, borrower should contact Brickell Key Capital at (305) 325-1010.

Brickell Key Capital and the previous servicer will mail the individual IRS form 1098/1099 by no later than January 31st. Each mortgage lender including but not limited to, Brickell Key Capital, will provide information for the period of time in which the loan was serviced. Each individual statement will reflect what borrower paid in mortgage interest and any real estate taxes for the period of time your loan was serviced by each mortgage lender. All mortgage lenders are not required to report to borrower or the IRS if the total mortgage interest paid on the loan account was less than $600. It is Brickell Key Capital's policy, however, to send the borrower an IRS form 1098/1099 if borrower paid any amount of interest during the year. If you have any questions regarding your prior loan servicer's statement, then borrower needs to contact them directly.

Our tax identification number is 36-4781990

In order to determine Fair Market Value, Brickell Key Capital considered the following:

FMV on a 1099-A Form - gross foreclosure bid price at the time of foreclosure

FMV on a 1099-C Form - last appraised value of the property

The change in borrower's name or address does not affect the reporting to the Internal Revenue Service (IRS) and a corrected Form 1098/1099 is not needed.

The borrower may not have received a Form 1099-INT for the following reasons: (i) A 1099-INT is only issued for interest income accrued from the escrow account for amounts of at least $10.00; or (ii) interest income may have been applied on January 2nd, and therefore, borrower would not receive one until the following year.

No. The borrower must contact the previous loan servicer directly to obtain a copy for any year-end tax statement issued by the previous loan servicer.

Yes. Borrower can obtain tax forms from prior years by contacting Brickell Key Capital at (305) 325-1010. A processing fee of $25 shall be charged for each tax form requested by the borrower.

To visit the website of the Internal Revenue Service you may use the address www.irs.gov

Brickell Key Capital cannot render any advise to borrower regarding the preparation of their income tax returns. The borrower's tax advisor should answer any question about the preparation of their annual tax returns.

Refinance Monthly Payment

Brickell Key Capital offers four convenient ways to make monthly mortgage payments:

  • Check or money order can be sent via US mail;
  • ACH Electronic Funds Transfer (automatic withdrawal from your bank account) is available by filling out the online form at www.brickellkeycapital.com

or by requesting a copy of the ACH Form at Servicing@brickellkeycapital.com;

  • Payments via phone from your checking account may be transacted for a $20.00 fee by calling (305) 325-1010;
  • Payments may be made online at www.brickellkeycapital.com on a one-time only basis for a $20.00 fee.

Please note that Brickell Key Capital cannot accept credit card or bi-weekly payments at this time. Telephone or online payments made by no later than 3:00pm (EST) will be posted on the same-day to your loan account. Any payment made after 3:00pm (EST) will be considered received and posted the following business day, excluding federal holidays.

Payments received by Brickell Key Capital will be applied in accordance with the terms of your promissory note. In most cases, the promissory note will require that funds be first applied to any payments, late charges ... complete this part. Once your account is current, any additional funds will be applied to any outstanding fees, costs and advances, and accrued interest prior to being applied as a principal reduction. If you have any questions regarding a specific payment or the manner in which the funds received were applied, borrower should speak with a loan consultant (305) 325.1010.

Mortgage Payments are posted on the date of receipt. If the mortgage payment is delivered to Brickell Key Capital on a Saturday, Sunday or legal holiday, the mortgage payment shall posted on the next business day. The borrower should indicate the loan number on the mortgage payment to ensure the payment is properly credited.

If two or more weeks have elapsed since borrower sent the mortgage payment to Brickell Key Capital and it has not been debited from borrower's bank account, then we suggest you contact Brickell Key Capital to verify that the mortgage payment has in fact not been received by Brickell Key Capital and also contact your bank and place a Stop Payment on the check, and thereafter, resubmit your mortgage payment to Brickell Key Capital. Brickell Key Capital is not be responsible for the stop payment charge from your bank.

If borrower's mortgage payment was mailed to the previous loan servicer, the prior loan servicer is required by law to send the mortgage payment to Brickell Key Capital in order for borrower's loan account to be credited properly. If you receive a notice from Brickell Key Capital that it has not received the mortgage payment, please contact Brickell Key Capital at (305) 325.1010.

This is known as a partial prepayment. Please be advised if the terms of the promissory note contain a prepayment penalty fee or premium, the extra monies sent by borrower to Brickell Key Capital may obligate the borrower to pay a prepayment penalty fee or premium. Prior to sending any extra monies, the borrower should verify the terms of the promissory note, mortgage and any applicable riders for details. If not fully understood, seek legal advise.

A payment is considered late the day after the payment due date. If the borrower's payment is late, a late charge will be added to borrower's loan. The amount of the late charge is specified in the promissory note.

To view all "payment options" available to borrower, CLICK HERE.

The borrower's mortgage payment is due on the 1st of each and every month. Late Charges are assessed after the end of the 3rd day of the month or the next business day. A reminder notice is sent via email and/or U.S. Mail to all delinquent borrowers if payment has not been received by the 10th of month. The Collections Department may also call the borrower to check the status of any past due mortgage payments.

Brickell Key Capital does not currently offer a bi-weekly payment program. Unless borrower's mortgage loan includes a prepayment penalty, borrower is can make additional payments for principal reduction together with any monthly payment. The borrower can make an extra payment once per year or can divide the monthly payment by 12 and send that amount, plus your regular payment, every month. Upon receipt, these additional principal payments are applied towards reducing the balance of the loan immediately and the results in terms of interest savings will be similar to a biweekly payment program. Please note that third-party companies may offer to save you interest by setting up bi-weekly mortgage payments. This service, however, normally comes with both an enrollment fee and a monthly processing fee and should be agreed to only after careful consideration.

If Brickell Key Capital receives a mortgage payment from borrower that is due to another mortgage company, the mortgage payment will automatically be endorsed and forwarded to the new mortgage company. In the event that the mortgage payment is collected and deposited by Brickell Key Capital prior to the loan mortgage being sold, funds will be disbursed to the new mortgage company for any payments due. All mortgage payments received in error are forwarded to the new mortgage company within 2-3 business days of receipt thereof by Brickell Key Capital.

The QUESTIONS BELOW ARE PENDING:

The monthly billing statement is mailed approximately two weeks prior to your next scheduled due date. If borrower's not received a billing statement, please do not delay your remittance. Mail your payment to:

Brickell Key Capital
801 Brickell Avenue, 9th Floor
Miami, FL
33131

To ensure payments are posted correctly, please write the loan number on the payment.

If your loan, however, is in bankruptcy, a billing statement will not be mailed to borrower. Please contact the Foreclosure Department at (305) 325-1010 to make payment arrangements on the loan account.

For your convenience, the monthly billing statement provides an overview of the loan account. The billing statement provides payment information, various balances, a billing coupon to accompany the payment and important messages. Please CLICK HERE to view your on-line Billing Statement Guide where borrower can obtain detailed information about items presented on the bill.

In addition, the back of the billing statement is full of useful information to assist borrower in understanding your mortgage account. It also includes the opportunity to update the borrower's personal information and sign up for Auto-Pay.

Borrower can request updates to the mailing address or contact information by using this form, or by simply writing them on the back of the coupon at the bottom of the billing statement. Detach and return the coupon with the payment and make sure to check the box on the front of the coupon to indicate that borrower made changes to the account information. Upon receipt, Brickell Key Capital will update our records to reflect the most current information.

Borrower may also contact Brickell Key capital at (305) 325-1010 and a loan consultant will be happy to assist you.

Watch the How to Read Your Billing Statement Guide video by CLICKING HERE

CLICK HERE to download our Monthly Billing Statement Guide.

To view these documents, you must have Adobe® Reader®, which is a free software application.

CLICK HERE TO DOWNLOAD ADOBE READER.

Escrow Reserve

On the date of closing, an account established with Brickell Key Capital in order to pay real estate property taxes, hazard insurance, windstorm insurance, liability insurance and flood insurance, if required, when they become due and payable on behalf of the borrower. The amount in your escrow reserve account is based on the estimated amount necessary to pay these obligations each year. The escrow reserve payment is equal to 1/12th of the total bills that Brickell Key Capital anticipates paying on behalf of the borrower during the next year, including any shortage amount as permitted by federal or state law, and/or the mortgage loan documents. If you have an escrow reserve account was established with the loan account, then the regular monthly mortgage payment will include interest and an escrow reserve payment. The escrow reserve portion of your monthly loan payment goes into an escrow reserve account to pay for future disbursements of real estate property taxes and insurance premiums.

An Escrow Reserve Analysis helps determine how much money should be deposited into an escrow reserve account to cover future real estate property taxes and insurance obligations. An annual escrow reserve analysis is performed to determine whether the monthly payment amount needs to be adjusted higher, lower or not at all. Adjustments would be based on payments that have already been made on the borrower's behalf, estimated future amounts and the balance in the escrow reserve account at the time of analysis.

Brickell Key Capital performs an escrow reserve analysis before the establishment of an escrow reserve account and once every twelve months thereafter. If during the course of the year, there are significant changes in any of the bill amounts, Brickell Key Capital may analyze the account more frequently.

The mortgage loan documents may refer to a reserve, usually called a "cushion". This escrow reserve requirement is an additional safeguard to cover unanticipated disbursements made before all of the borrower's payments have been made into the escrow reserve account. The "cushion" represents a percentage of the total yearly expenses. The cushion is equal to one or two months of escrow reserve payment. In some cases (such as escrow shortage), Brickell Key Capital may use some of the cushion amount in order to assist the borrower in meeting any real estate property taxes and insurance obligations.

The local taxing authority and borrower's insurance company determine the amount of real estate property taxes and borrower's insurance payments. When the mortgage loan has an escrow reserve account, Brickell Key Capital assumes responsibility for administering the payment of the real estate property taxes and insurance bills. The payment liability, however, is still the borrower's obligation. If the borrower receives any notices from the insurance carrier (or insurance agent) or the local taxing authority regarding any property payment, please advise Brickell Key Capital immediately.

If the escrow reserve expenses, such as real estate property taxes and insurance, increased (or decreased) in the past year, the total mortgage payment shall also increased (or decreased). Generally, an increase in your monthly escrow payment is caused by an increase in property taxes, an increase in the insurance premium, or a shortage of funds. Changes in the tax amount can occur because of increased property values or higher budget demands by the jurisdictions who receive real estate property tax dollars, and/or additional or increased levies. Changes in the insurance escrow payment can occur because of an increase in the annual premium charged by the insurance carrier or as a result of a change in coverage in the insurance policy.

A fixed rate mortgage loan means that only the principal and interest portion of the monthly payment remains constant. The escrow reserve portion will change as the real estate property taxes and insurance premiums change.

If borrower finds that there is an error with the most recent escrow analysis or that an interim analysis may be necessary due to recent changes with the escrow reserve payments, borrower should submit a written request via postal mail or e-mail indicating the reasons why a new a escrow reserve analysis is necessary together with supporting documentation.

  • All correspondence should include: Borrower's Name, Loan Account Number and Property Address

No. Brickell Key Capital does not remove (or waive) the right to establish and collect escrow reserve account.

An Escrow Reserve Account is establish to collect funds that will be used to pay escrowed items, such as real estate property taxes, insurance, etc. The Total Annual Escrow Reserve Amount required is the sum of the escrowed items per year. For example, if borrower's annual property taxes are $2,400 and the insurance premium is $1,800, then the total amount collected is $4,000.00 annually so Lender can have sufficient funds accumulated in the Escrow Reserve Account in order to pay the escrow items as they become due an owing in a timely manner.

The total monthly base payment amount is the total annual escrow reserve amount divided by 12 months. It is the amount collected each month to cover the total of the escrowed items per year.

When an analysis is performed, the Escrow Reserve Account is evaluated to see if there will be enough money to cover the escrowed bills. The lowest projected balance is calculated by taking the beginning escrow reserve balance, projecting twelve monthly escrow payments, and then subtracting the real estate property taxes and insurance premiums payments when they are due and payable.

The total reserve or "cushion" requirement is the collection of a reserve escrow amount in order to maintain a cushion for an unexpected increase in the amount of real estate property taxes and/or insurance premium disbursements. The total escrow reserve requirement is a percentage of the total annual escrow reserve amount.

An Escrow Reserve Account shortage is created when your mortgage loan is analyzed and the current escrow reserve balance is not sufficient to cover the most recent real estate property tax bill or the current insurance premium for any applicable insurance policies. The amount of the shortage would be the maximum negative amount that your escrow reserve account would reach if an adjustment to the monthly escrow reserve payment is not made. The mortgage loan will undergo an annual escrow reserve analysis, and thereafter, the borrower's mortgage payment will be adjusted to compensate for an increase in your real estate property taxes or insurance premiums and/or to offset the shortage which may occurred in your escrow reserve account.

In the event borrower believes that the calculations are incorrect or borrower has access to more current estimates from the taxing authority or borrower's insurance carrier, please contact our mortgage loan consultants at (305) 325-1010.

If the escrow reserve account balance is less than the minimum balance required at the time of your escrow analysis, the escrow reserve account has a shortage of funds. The borrower's options are (i) or (ii) below:
(i) Repay the total shortage immediately. This reduces the monthly payment by 1/12th of the amount repaid. If borrower choose to repay the shortage in full, please mail a check to:

Brickell Key Capital LLC
801 Brickell Avenue
9th Floor
Miami, FL 33131
Attn: Real Estate Taxes Dept

(ii) Repay the shortage over the next 3 months. This option is interest-free but increases the monthly payment. Borrower does not need to contact us to choose this option because the 3-month repayment option is selected for borrower by default and is included in the new monthly payment.

Significant increases in real estate property taxes or insurance premiums, along with 1 or 2 missed mortgage payments will cause a significant shortage in borrower's escrow reserve balances.

A surplus of funds in the escrow reserve account is called an overage.

Provided the mortgage loan is current, if there is an overage or surplus of $50 or more in the escrow reserve account after an escrow reserve analysis has been performed, it may be refunded to borrower. If the mortgage loan is not current, any "overage" or additional funds shall remain in the borrower's escrow reserve account until the next scheduled escrow reserve analysis is performed.

Provided the mortgage loan is current, if there is an overage or surplus of $50 or less in the escrow reserve account after an escrow reserve analysis has been performed, it will remain in the escrow reserve account and shall not be refunded to borrower. If the mortgage loan is not current, any "overage" or additional funds shall remain in the borrower's escrow reserve account until the next scheduled escrow reserve analysis is performed.

The analysis of your escrow reserve account reviews the amount of real estate property taxes, insurance premiums and any other amounts paid from your escrow reserve account to determine if any of these items have increased or decreased since the last escrow reserve analysis was performed. If there was an increase or decrease, the monthly escrow reserve payment will be adjusted. Your Escrow Reserve Account Disclosure Statement shows the current mortgage payment and the new mortgage payment for easy comparison.

When an escrow reserve analysis is performed, the new payment amount will begin on a specified date. This date is the "Effective Date".

Your new payment amount is calculated by adding the following elements:

  • Interest Amount The amount of the total monthly payment required for your interest payment per the terms of the promissory note.
  • Escrow ReserveAmount Total monthly base escrow reserve payment amount divided by 12 mo.
  • Shortage Amount If there is an escrow reserve shortage on your loan account at the time of escrow analysis, the shortage amount will be incorporated into the monthly payment until the next analysis review.
  • Reserve or Cushion Amount This is 1/6 of your Total Reserve Requirement unless otherwise stated in the mortgage loan document or permitted by applicable state law.

The terms and conditions of the loan do not change when a mortgage loan transfers from one lender to another. The remaining escrow reserve balance and any escrow interest will be forwarded to the new servicer.

Brickell Key Capital is not required to pay interest on the escrow reserve account.

Any remaining escrow reserve funds after the loan has been paid in full will be returned to borrower within thirty (30) calendar days after payoff funds are applied to the loan account.

Information on the Annual Escrow Reserve Account Disclosure Statement includes historical activity; the expenses paid on behalf of the borrower by Brickell Key Capital in the previous year and a projection of the expenses to be paid for the coming year.

CLICK HERE to download the Escrow Reserve Disclosure Statement Guide. To view these documents, you must have Adobe® Reader®, which is a free software application. CLICK HERE TO DOWNLOAD ADOBE READER.

Please Send Insurance Policies And Requests For Payment To:

Brickell Key Capital LLC
801 Brickell Avenue
9th Floor
Miami, FL 33131
Attn: Insurance Dept

Insurance Claim for Property Damage (or Casualty Loss)

A casualty occurs when the borrower's property is damaged as a result of a disaster, such as a storm, fire, car accident, or similar event. A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected or unusual ... need to complete the response

If the property suffered casualty damage and the insurance company has issued an insurance claim check, the check may be payable jointly to the policy holder(s) and the lien holder(s). When a check is presented to Brickell Key Capital, as the lien holder, for endorsement, Brickell Key Capital may either:

  • Deposit the check and disburse the proceeds in increments as the repairs are completed;
  • Endorse the check and return it to the policy holder(s); or
  • Deposit the check into a restricted account.

The Lender's decision to choose either option above shall depend on several factors including but not limited to, the amount of the check, the payment status of the loan and the type of repairs to be completed.

If the borrower receives an insurance claim check, please contact our Insurance Department to speak with one of our mortgage loan consultants, Monday through Friday at (305) 325-1010.

For a Loss Draft Claim Package, CLICK HERE

The terms of your mortgage loan documents state that insurance payments are security for your mortgage loan and are payable to "Borrower and Brickell Key Capital". Your required insurance policy(ies) must carry a current "mortgagee clause" (see below). This mortgagee clause directs your insurance company to issue all claim checks payable to the borrower and Brickell Key Capital in the event that damage to your property results in the payment of a claim.

  • The Mortgagee Clause is
    Brickell Key Capital, LLC
    ISAOA/ATIMA
    801 Brickell Avenue, 9th Floor
    Miami, Florida
    33131

If the borrower's property has suffered damages that results in the payment of an insurance claim check, borrower will need to contact a mortgage loan consultant in the Insurance Department at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST). The claim check(s) should be endorsed by all parties and immediately sent to our Insurance Department for processing with supporting documentation, if requested.

In order to expedite the processing of the insurance claim and endorsement of insurance check(s), borrower should reference the loan number on the claim check(s). The borrower must use the address indicated below for the processing and handling of all insurance claim and/or the request for endorsement of insurance check(s). The borrower's failure and/or refusal to include (or reference) your loan number on all insurance claim check(s) or to send all correspondences to appropriate address, will delay the processing and handling of any request. Send the claim check(s), insurance documents and all other related correspondences to:

  • Brickell Key Capital, LLC
    801 Brickell Avenue,
    9th Floor
    Miami, Florida 33131
    Attn: Insurance Dept

Upon receipt, your insurance claim will be reviewed. If the loss has resulted in an insurance claim that does not require repairs to be monitored, your insurance claim check will be endorsed by Brickell Key Capital and returned to borrower. If the casualty loss requires that repairs be monitored, a "repair claim" will be opened to facilitate the repairs to the property. Your insurance claim check(s) will be deposited in a restricted escrow account for distribution to borrower and borrower's licensed general contractor(s).

As the lien holder, Brickell Key Capital has an interest in the property because it serves as collateral for your mortgage loan. Brickell Key Capital must monitor the repair process to ensure that the value and condition of the collateral is maintained and protected. As the repairs are completed, borrower will need to contact a mortgage loan consultant in the Insurance Department, at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST) so that the property inspections can be scheduled, completed and approved for payment.

No. The disbursement of insurance proceeds will be made within five (5) business days after Brickell Key Capital receives the property inspection report and the amount disbursed shall be based on a percentage of the repair work completed.

A W-9 Form is a form used to request taxpayer identification numbers. This W-9 Form must be submitted to Brickell Key Capital anytime disbursements are requested to a construction company and/or contractor. Please contact your licensed general contractor to obtain a completed form. If you have any questions, please contact a mortgage loan consultant in the Insurance Department at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST).

The borrower should contact Brickell Key Capital to request a final property inspection when the borrower is near completion of the repair work. The property inspections can be requested by contacting a mortgage loan consultant in the Insurance Department at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST). Please be advised that additional documentation verifying completion of the repair work may be required.

If permitted by law and applicable mortgage loan documents, borrower can act as his/her own contractor. Please be advised that in addition to any scheduled property inspections, borrower may be required to submit written receipts for materials and other expenses. For more information, please contact a mortgage loan consultant in the Insurance Department, at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST).

Yes, please contact a mortgage loan consultant in the Insurance Department at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST) to request that borrower's insurance loss funds be applied to pay-off the mortgage loan in full. The borrower's mortgage loan shall be reviewed by a mortgage loan consultant in order to determine the options available. If approved, the mortgage loan consultant shall provide the borrower with a pay-off amount (statement of mortgage balance). Please be advised that Brickell Key Capital shall require a signed affidavit and other documents to be signed and executed by borrower.

Brickell Key Capital will work with the borrower to develop a plan of action and solution tailored to borrower's individual circumstances. In order to discuss some options, borrower should contact a mortgage loan consultant in the Insurance Department at (305) 325-1010, Monday through Friday, 9:00am - 5:00pm (EST).

Brickell Key Capital is listed as a payee due to the financial interest that we have as a mortgage lender in the property. When borrower receives the insurance claim check, borrower must you send it to Brickell Key Capital for processing.

If the claim check (or the total of the checks borrower has received) is less than ten thousand dollars ($10,000.00), borrower must send the insurance check (called a loss draft) to Brickell Key Capital, along with ALL pages of the insurance adjuster's report which itemizes the damage to the property. Please include the mortgage loan number with the paperwork and the best telephone number where borrower may be contacted. The insurance check will be endorsed and returned to borrower within 5-7 business days of receipt thereof.

If the insurance claim check (or the total of the checks borrower has received) is more than $10,000.00, borrower must send the insurance check (called a loss draft) to Brickell Key Capital, with endorsements from ALL payees other than Brickell Key Capital. Send ALL pages of the insurance adjuster's report which itemizes the damage to the property. Please include the mortgage loan number with the paperwork and the best telephone number where borrower may be contacted.

Brickell Key Capital will monitor all insurance claims over $15,000.00 to ensure that the property is restored to its original or better condition. The loss draft will be deposited and the funds will be released to borrower (or borrower's licensed general contractor) after the loss draft clears the bank in five (5) business days.

The first release of funds will be $15,000.00 or one-third of the money, whichever is greater. A property inspection is required to release the balance of the funds. A loss draft specialist will call you to discuss your specific claim after your check has been received.

Financial Hardship Assitance

Yes. If the borrower is experiencing financial hardship and is unable to make the mortgage payments in a timely manner, the loan consultants at Brickell Key Capital are available to discuss options and alternative payment solutions. The borrower may contact Brickell Key Capital at (305) 325.1010

Calling Brickell Key Capital will not affect your mortgage loan status nor will speaking with a loan consultant about any financial hardship be reported to the credit bureaus. Late charges and some work-out solutions, however, will be subject to credit reporting. The loan consultants at Brickell Key Capital can discuss credit rating implications with the borrower.

In most situations, a completed Financial Hardship Form along with some documentation shall be required. The loan consultants at Brickell Key Capital can provide the borrower with the necessary forms to start the process. The financial hardship forms can be downloaded from the Forms Tab. The borrower must send the original signed and completed financial Hardship forms to Brickell Key Capital via US Mail (see address below).

Send the Original Signed and Completed Financial Hardship Forms To:
Brickell Key Capital LLC
801 Brickell Avenue, 9th Floor
Miami, FL 33131
Attn: Financial Hardship

Yes. Generally, all payments past due payments under the terms of the original promissory note shall continue to accrue monthly late charges, therefore, borrower is advised to carefully read the terms and conditions of the Forbearance Agreement. If not fully understood, seek legal advice.

The borrower's loan account will be reported to the credit bureaus as contractually delinquent until all past due amounts and fees are paid up-to-date.

Real Estate Taxes

If borrower has an existing escrow reserve account for real estate property taxes, Brickell Key Capital shall disburse payments from the escrow reserve account to pay for the real estate property taxes when they become due from the available funds in your escrow reserve account.

Real estate property tax bills or billing information is issued from the tax office handling real estate property taxes in the area where the property is located (the tax office is also known as the "Taxing Authority"). The Tax Office will send the borrower a bill prior to the real estate tax payment due date. If borrower receives a tax bill marked "COPY" or "FOR YOUR INFORMATION," please keep this bill for your personal records. There is no need to send this bill to Brickell Key Capital, since we will receive your tax information directly from the Taxing Authority.

If your local taxing authority requires that an original tax bill accompany the payment of the real estate property taxes, it is borrower's responsibility to make certain that all original real estate property tax bills are mailed to Brickell Key Capital in a timely manner to avoid penalty and/or delinquency charges.

If borrower receives the real estate property tax bill, borrower should send a copy of the bill to Brickell Key Capital:

  • via fax number (305) 377.2161;
  • via email to Taxes@BrickellKeyCapital.com; or
  • via US mail to: Brickell Key Capital, 801 Brickell Avenue, 9th Floor, Miami, Florida 33131 Attn: Real Estate Tax Dept

If borrower is required to send the tax bill directly to Brickell Key Capital, please include the loan account number on the real estate property tax bill and send it via US mail to:
Brickell Key Capital,
801 Brickell Avenue,
9th Floor,
Miami, Florida 33131
Attn: Real Estate Tax Dept

Many taxing authorities offer discounts if the tax bill is paid early. These taxing authorities generally have a very long grace period before taxes become delinquent. An example of this is the state of Florida; taxes are due on November 1st and become delinquent on April 1st. Please be assured that our Tax Department will make every effort to take advantage of the early payment discount periods where applicable.

The borrower's real estate property tax bill has both a due date and a delinquency date. The due date can be the earliest date the taxing authority will accept a payment. Assuming there sufficient funds available in the borrower's escrow reserve account to pay the real estate property taxes in full, Brickell Key Capital will pay your real estate property tax bill prior to November 30th for each and every year.

Brickell Key Capital provides detailed information pertaining to your loan account on the front of each monthly statement in three separate areas:

Loan Summary Information:
indicates current unpaid principal, escrow, unapplied balances, current interest rate and year-to-date interest and taxes paid.

Payment Information:
indicates the payment due date, principal, interest and escrow payment. This section also includes regular payment due, payment past due, unpaid late charges, outstanding advances, fees and the total amount due.

Activity Since Last Statement Information:
indicates all transactions by date with principal, interest, escrow, late charge and other amounts with a transaction total.

More than likely, the bill is an assessment or supplemental bill. Some taxing authorities will send this type of bill because an additional amount is due that was not assessed at the beginning of the current tax cycle. The borrower may wish to contact your local taxing authority for clarification.

Many times real estate property tax payments made by lenders are paid in installments rather than in one lump sum. Brickell Key Capital does not report real estate property tax disbursements paid from your escrow account to the IRS. For more information on real estate property tax disbursements made from your escrow reserve account on the borrower's behalf, refer to borrower's mortgage loan account transactions statement.

If borrower receives a delinquent real estate property tax bill, contact Brickell Key Capital immediately at (305) 325.1010.

The borrower MUST send a copy of the delinquent real estate property tax notice to Brickell Key Capital:

  • via fax number (305) 377.2161;
  • via email to Taxes@BrickellKeyCapital.com; or
  • via US mail to:
    Brickell Key Capital,
    801 Brickell Avenue,
    9th Floor, Miami,
    Florida 33131
    Attn: Real Estate Tax Dept

If borrower receives a delinquent real estate property tax notice advising borrower that the property is eligible for tax sale or tax foreclosure auction, or such action is pending, contact Brickell Key Capital immediately at (305) 325.1010.

The borrower MUST send a copy of the notice of tax sale or tax foreclosure auction to Brickell Key Capital:

  • via fax number (305) 377.2161;
  • via email to Taxes@BrickellKeyCapital.com; or
  • via US mail to:
    Brickell Key Capital,
    801 Brickell Avenue,
    9th Floor, Miami,
    Florida 33131
    Attn: Real Estate Tax Dept

If borrower has an existing escrow reserve account for real estate property taxes and insurance, Brickell Key Capital will notify your taxing authorities and your insurance agent that Brickell Key Capital is no longer responsible for the payment thereof. To ensure that the real estate property taxes and insurance bills are paid before their due date, borrower should contact the tax collector and insurance agent to confirm that they have borrower's correct mailing address.

The foregoing is not intended, nor shall it be construed to be or relied upon, as legal advice. Please consult your advisor or attorney regarding any of the foregoing laws and regulations.

Watch Video by CLICKING HERE ... Understanding Your Escrow Reserve Statement Video

CLICK HERE to download our Escrow Disclosure Statement Guide.

Legal Disclaimer:The information included in the FAQ's section is for informational purposes only. The information provided is not intended as legal advice or federal income tax advice. The borrower is advise to refer to the terms and conditions of their mortgage loan documents. In the event of a conflict between the terms and conditions of the borrower's mortgage loan documents and the information provided in the FAQ's section, the terms and conditions of borrower's mortgage loan documents shall prevail. If not fully understood, seek legal advice.