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Loss Mitigation Programs That Stop Foreclosure Fast! |
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Stop Foreclosure with Loss Mitigation Programs
 Loss mitigation programs were established by the federal government and the mortgage industry 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. Our extensive experience and solid working relationships with mortgage lenders allow us to help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender.
First we perform a thorough assessment of your personal finances and analyze your lender's loss mitigation policies. Our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem.
We can help you save your home and Credit History through a variety of loss mitigation options:
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Repayment Plan (Forebearance Agreement) 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.
Click here to contact a loss mitigation specialist about participating in this program.
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Loan Modification(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)
If you have incurred a long term financial hardship, our office can assist you in supplying the necessary information to your lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments.
There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender's approval.
Click here to contact a loss mitigation specialist about participating in this program.
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Testimonials
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Here’s what others are saying about our loss mitigation programs:
"I just wanted to thank you for helping us save our house from foreclosure. My family and I really appreciate you talking with our lender and working with them to set up a payment plan so we could make up our back payments and keep our home. We talked to other people who sent us letters too, but all they wanted was to try to buy our home out from under us. You were different-You really helped."
Regina S. March 2007
Rocky Point, NC
"We were four months behind in our mortgage payments and didn’t know what to do. We responded to a letter you sent and we are sure glad we did. After meeting with us, you went right to work and were able to negotiate a payment plan with our lender in TWO DAYS! WOW! Thank you and God Bless."
Cliff and Regina R. July 2007
Wilmington, NC
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Va Loan Modification/Refunding(Available for VA loans only) (Need at least 30 days to process)
A refunding happens when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.
Click here to contact a loss mitigation specialist about participating in this program.
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Short 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.
If this is an option you wish to pursue, you must inform the loss mitigation specialist assisting you immediately. There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details.
Click here to contact a loss mitigation specialist about participating in this program.
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Deed-in-Lieu of ForeclosureIf 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.
Click here to contact a loss mitigation specialist about participating in this program. | |
