Loss Mitigation

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• Loss Mitigation

Behind on your mortgage payment because:

• Illness (health problems/medical expenses)
• Work Related (unemployment, lay-off)
• Family Problems (divorce, death)

There are alternatives to foreclosure. The options made available to you will depend not only on your own circumstances, but on the type of mortgage you have. For an FHA or VA mortgage, possible foreclosure alternatives are set by those respective federal agencies; the U.S. Department of Housing and Urban Development for FHA loans and the Veterans Administration for VA loans.

We can contact your lender to determine the type of loan you have.

Can you afford to keep your home?

Sometimes you may experience a temporary reduction in income or financial hardship. When your situation improves, you may be able to resume making mortgage payments, however, your lender won't accept your payments..
In a situation such as this, we will look at the following options:

Repayment Plan: We may be able to arrange an increase in monthly payments until the loan is brought current. Each month you would add an additional amount of money to their regular monthly payment until the amount that was overdue has been repaid.

Forbearance: Forbearance is a formal, written agreement between you and the mortgage lender to reduce or suspend monthly payments for a specific period of time. For a period of time, you would either pay only a portion of their regular mortgage payment or not make any payments at all. At the end of the agreed-upon period, you would be required to resume regular monthly payments as well as pay additional funds to make up for the past due amount. During the time that the payments are either suspended or reduced, you would have the opportunity to resolve the financial hardship you are facing.

Loan modification: In situations where we do not believe that a repayment plan or forbearance is the appropriate course of action, a loan modification may be considered. A loan modification involves changing one or more of the terms of a mortgage in order to help you bring a defaulted loan current and prevent foreclosure. This option generally is considered for homeowners whose financial problems are expected to be more long term.

For a free Consultation Contact Us Today
Give us a chance to understand your situation, evaluate the best course of action and recommend the appropriate course to rebuild your financial situation.

Please call today at 702-376-0088.