Loss Mitigation Programs

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. 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. We can help you find a solution and save your credit history through a variety of loss mitigation options:

1. LOAN MODIFICATION
   
   A permanent change in one or more of the terms of a mortgage loan that jusually results in a reduced payment.
   
   
2. SHORT SALE
   
   A real estate sale in which the market value of a property forces the mortgagor to sell the property for less than the balance owed, with the banks approval, resulting in a short payoff to the bank.  
   
   
3. DEED-IN-LIEU OF FORECLOSURE
   
   Upon bank approval the property will be conveyed to the lender and the borrower will give up all rights to the property. In exchange for a Deed in Lieu your lender may waive all deficiency judgement rights.
   
   
4. REPAYMENT PLAN
   
   Upon lender approval a small amount of the delinquency is added into the regular monthly mortgage payments until the delinquency is caught up. The repayment period can last from 3-12 months.   
   
   
5. 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 or more.
   
   
6. PARTIAL CLAIM
   
   A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note must be paid off when the property is sold or it will require you to start making payments when you pay off the first mortgage. There is no interest.