Programs Offered
LOAN MODIFICATION
Our office will assist you in supplying the appropriate information to your lender to negotiate the appropriate measures to modify the term(s) of your mortgage and our negotiation staff will apply proven strategies in order to secure a fair and beneficial loan modification from your lender. A modification will result in one or more of the following:
Lower interest rate.
Principal balance reduction.
Lower monthly payment.
Loan term extended.
ARM rate converted to fixed rate.
Capitalization of delinquency.
REPAYMENT PLAN/FORBEARANCE
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 here for a free consultation.
SHORT SALE
If you have suffered a long term financial hardship and are unable to maintain even a modified loan or if you need to sell the property to avoid a default loss on the property, we can negotiate a short payoff on your behalf. A short sale has a number of benefits as compared to foreclosure. Why would I want to do a short sale? Click here here for a free consultation.
DEED-IN-LIEU OF FORECLOSURE
In general we consider this an option of last resort.
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 Sale program before a deed-in-lieu of foreclosure is accepted. Click here for a free consultation.
SPECIAL FORBEARANCE
FHA loans only; Type I & II.
If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II – can be utilized in an unemployment situation whereby the promise of future employment is present. We have done VA loans that resulted 27-month repayment plans. Click here for a free consultation.