LOSS MITIGATION PROGRAMS THAT MAY HELP STOP FORECLOSURE
Stop Foreclosure with Loss Mitigation Programs
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner's situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. It is important to have experience with the mortgage lenders guidelines and process to avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. We perform a thorough assessment of your personal finances and review the status of your loan and your lender's loss mitigation policies to assess the opportunity to achieve a successful workout. We believe this process gives a homeowner the best chance of suceeding. You must understand that there is no way to be sure about the outcome, and that even if you qualify based on established guidelines, your lender may decide not to offer a workout solution.
1 LOAN MODIFICATION
If you have incurred a long term financial hardship, we can assist you in supplying the appropriate information to apply for a suitable workout solution which may modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in a lower payment which would be affordable. We utilize our experience to assure that your modification request is complete and structured to improve the chances of sucess. We know what to submit, how to present the information, and the level of followup and resolution necessary to move the process along to the lender making a decision. In the end it is up to the lender to offer a solution so we try to make sure that everything is presented to them in a way that prevents confusion and proceedural declines. All loan modification requests are subject to your lender's approval.
2 SHORT PAYOFF
(Short Sale) (Pre-foreclosure Sale) (Compromise Of Sale)
If you have suffered a long term financial hardship and are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff. A qualified buyer is required. we can assist you with this. There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See your state's foreclosure law for more information. Check with an attorney for advice on your personal situation.
3 DEED-IN-LIEU OF FORECLOSURE
If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. You may be asked to participate in a Short Payoff program before a deed-in-lieu of foreclosure is accepted.
4 REPAYMENT PLAN
If you have incurred a short term financial hardship and your loan is two or more months past due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.
For more information please feel free to call us at: 1-888-880-7075