Stop Foreclosure with Loss Mitigation Programs

A record percentage of U.S. homeowners are facing foreclosure and many more are falling behind on monthly house payments. Foreclosures and mortgage delinquencies number in the millions. According to reports, consumer debt, foreclosures, bankruptcy filings and mortgage delinquencies are higher than at any other time in history. Families are losing their homes at record rates, and experts are predicting even higher numbers in the next year. The only viable option for most of these homeowners is loss mitigation.

Loss Mitigation is the process of helping delinquent homeowners, in or close to foreclosure, to save their home. Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. 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 allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal situation and finances and analyzing your lender's loss mitigation policies and procedures we will negotiate with your lender the best possible solution to your current situation. We can help you save your home and credit history through a variety of loss mitigation options:

          • Loan Modification: If you have incurred a long term financial hardship, our office   can assist you in supplying the appropriate information to lender to take the        appropriate measures to modify the term(s) of your mortgage. All requests are     subject to your lender's approval.

          • Repayment Plan: If you have incurred a short term financial hardship and your     loan is two or more months past due, a loss mitigation specialist will also consider      submitting a request for a payment plan to your lender for approval.

          • Forbearance Agreement: An agreement made between a mortgage lender and    delinquent borrower in which the lender agrees not to exercise its legal right to     foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over         a certain time period, bring the borrower current on his or her payments. 
 
          • Deed in Lieu of Foreclosure: A borrower who cannot pay his mortgage may         attempt a deed in lieu of foreclosure transaction. Instead of going through the       foreclosure process, the borrower hands his keys over to the lender.

          • Short Sales: When related to loans, a short sale is the sale of an asset for less      than the loan balance. A short sale has tax and legal consequences that you should    be aware of, and your lender has to agree to the transaction.