(This is typically the best option for our clients and is our primary focus.) 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. This could lower the interest rate, lower the principal balance, and/or extend the term of the loan resulting in lower payments. There may be costs and fees associated with a modification that you will be responsible for.
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.
SHORT SALE
If you find that you owe more than what your home’s current value is we can assist you in this selling process and avoid a potential foreclosure and the negative rating that is associated with this action. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments to avoid a lengthy and costly foreclosure.
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.
