Loss Mitigation Programs That Stop Foreclosure Fast!

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. Each lender, however, has their own policies regarding they may consider alternatives and criteria that qualify for particular programs or a successful mitigation. Our extensive experience and working relationships mortgage lenders gives us the advantage to help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly instead. An alternative to foreclosure takes preciseness, etiquette, complete and thorough documentation, specific legal documentation, completion and filing, and a solid understanding of negotiations, economics, and more. After performing a thorough assessment of your personal finances and analyzing your lender's loss mitigation policies our team of professional loss mitigators will negotiate with your lender to help get you the best possible solution to your home foreclosure problem. There are several ways to help sell or keep your home while assist you in better credit outcomes and a less costly alternative than foreclosure or bankruptcy.

REPAYMENT PLAN
In order to qualify for a repayment plan, a review of your financial ability is considered to meet its specific guidelines to be eligible. 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.
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SPECIAL FORBEARANCE
(FHA loans only)(Type 1 and 2)
Type 1: If your financial hardship has occurred in the short term and has resulted in a 90 days to 365 days deficiency, the loss mitigation specialist will also consider submitting a request for a special forbearance. With more relief than is possible with a regular repayment plan, a typical approval can allow the spreading of repayment over a 9 to 18 month period . Type 2: If you have experienced a job loss but the promise of future employment is present, you may qualify for as much as a VA 27-month repayment plan..
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LOAN MODIFICATION
If you have incurred a long term financial hardship, we can assist you in supplying the appropriate information to lender to take the measures necessary to modify the term(s) of your mortgage. A interest rate and/or extension of the term of the mortgage can be established, resulting in lower payments. Several lenders require additional fees that may apply. Your taxing on your property must be current to be eligible for a modification. Other lien holders and/or mortgages must agree to be subordinated to the first mortgage. All requests are subject to your lender's approval.
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VA LOAN MODIFICATION/REFUNDING
A refunding is 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. A VA refund adds the delinquency to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. And, should your interest rate have been lowered and an assumption approved, the interest rate will be adjusted to the previous rate prior.
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PARTIAL CLAIM
(FHA mortgages only apply. Some Freddie Mac Investor loans may apply)
If you are delinquent 4 months to as long as 12 months, the loss mitigation specialist may assist in requesting a partial claim if you. A partial claim results in placing your past due payments into 2nd mortgage between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments after paying off the first mortgage. The loan does not have interest
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SHORT SALE
If you are currently looking to sell your home or have it listed because of financial hardship, being upside down with no equity, or have received a notice of default, foreclosure, or date to auction, you likely qualify for a short sale and must act immediately to help stop foreclosure, while the loss mitigation specialists will work with your lenders to satisfy the balance at a lower your pay-off, in turn, giving you a better chance for pricing your home at a discount to where our network of realtors and investors can consider your property, while you save yourself from the damaging credit effects of foreclosure.
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