Loss Mitigation

Financial industry and mortgage servicers understand that temporary financial hardships do occur. Specialized representatives may be able to assist you in identifying alternatives to foreclosure. A Loss Mitigation Workout Specialists have been successful in helping many individuals who have experienced financial setbacks and may be able to help you. Listed below are descriptions of some of the alternatives that may be available to you.

Repayment Plan: An agreement to make payments on a scheduled basis over a period of several months, which includes the regular monthly payment amount as well as a portion of the delinquent amount to bring the account current by the conclusion of the repayment plan. In order to determine if you qualify for a repayment plan, your lender or servicer will need to have a clear understanding of your financial circumstances.

Forbearance Plan: A signed, written agreement to make payments on a scheduled basis over a period of several months, which includes the regular monthly payment amount as well as a portion of the delinquent amount to bring the account current by the conclusion of the forbearance plan. In order to determine if you qualify for a forbearance plan, your lender or servicer needs to have a clear understanding of your financial circumstances.

Short Sale / Pre-Foreclosure Sale: A workout program whereby your lender or servicer may accept less than the full payoff amount due. Check with your lender or servicer for specific information on their short sale/pre-foreclosure sale procedures.

Deed-in-Lieu of Foreclosure: The voluntary transfer of the property to the lender in place of foreclosure. Usually the property must have been listed for sale at the fair market value for at least (90) days without any sale transaction.

Make the call today to your servicer or Lender for more details about how they can get you back on track!