Archive for the ‘Loss Mitigation’ Category
Loss Mitigation
The departmental title of 'loss mitigation' has become the most popular name for a bank or other corporation's most unenviable department. These poor souls have the sad duty of cutting deals with their loan holders (a.k.a. You) when times are tough. (a.k.a. Now)
Most commonly, the loss mitigation department of a lending institution will be the one you need to talk to if you can no longer afford your mortgage. If they exist (and they do in all of the bigger banks) they are the only ones authorized to make deals to discount or forgive your mortgage when you can't pay on time.
Nine times out of ten, however, they won't deal with you directly. You'll need a real estate Investor to purchase your home from you in order to access a loss mitigation officer, and that means that you'll still be moving out.
The last 10% of the time, however, for the extremely lucky in our unprecedented, horrible economy, can find a way to simply have some of their debt 'forgiven.' Banks need money now more than ever and if they sense you can still pay enough, it just may be in their best interest to accept less money, both now and in the long run, rather than getting no money at all.
Again, don't hold your breath when looking for such a deal; finding it has nothing to do with your legal knowledge or silver tongue as it does with their current balance sheet and loss-risk policies. The best you can do is to read up on your particular lender and keep your ear to the tracks of the whole industry.
This page will showcase news and resources we stumble upon about loss mitigation. If you're searching hard for the best way to get out from under a huge mortgage, reading through this section would be a great first place to start.
Loss Mitigation Short Sales
October 25th, 2009
Loss Mitigation Short Sales
Question: Confused about selling a home for less than our mortgage amount?
We owe $35M on a rental property that we purchased for $40M a few years ago. The area in which the property is located has gone down the toilet for the past few years and the home is now worth around $15-$17M. We received an offer of $15M for the home and we need to take it. We can't keep a tenant in the property any longer because of the crime rate. The property has been robbed/vandalized 3 times already. We contacted our mortgage company to see if we could pay them the $15M from the closing, but then get an unsecured loan from them to continue paying the balance. The immediately sent us to the loss mitigations dept and started talking short sale. I didn't even know what that meant until I googled it online. If we were not asking them to write off/forgive the balance, why are they talking short sale? If they can't lend us the balance, unsecured, why didn't they just say so and hope that we could get an unsecured loan elsewhere? I'm so confused...
Answer: For them to approve a relase of the lien and to convert the loan from a secured mortgage to an unsecured note they'll need to get an approval. It is a short payoff to release the lien, even if you are paying off the remainder, so the loss mitigation department is the logical department to handle it.
Most short sales they do forgive the remainder but on some they take a note, and you fall into the latter group. Just cooperate with them and you'll be fine.
Good luck.
Loss Mitigation and Short Sale Secrets
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Loss Mitigation Lawyers
October 11th, 2009
Loss Mitigation Lawyers
Foreclosure takes place when a property owner cannot make principal and/or interest payments on his/her loan, gradually leading to bleak act of the property being seized and sold at a foreclosure auction.
No one can be said to be perfectly safe from the venomous sting of the fiend call foreclosure. Even the most conscientious can find himself suddenly caught up in a black hole that just keeps sucking him closer and closer. He can be bewildered with circumstances that in one fell swoop could desecrate and lay waste years or even decades of careful planning and cautious action. Several millions who took on the responsibilities of mortgage thinking they are well up for the challenge now find themselves overwhelmed by the impending foreclosure, forcefully driving them out of their very own homes.
Unknown to most homeowners, along with the rapid growth of that monster called foreclosure also sprung different mortgage foreclosure solutions to combat the menace. You will be able to take foreclosure head on and emerge victorious if you take time to research on the different solutions available, make the right choice and bring it to realization. Or if saving your home is no longer possible, you can at least mitigate your losses by saving your credit reputation through maintaining a record free of ay foreclosure.
Speed is of outmost importance when it comes to mortgage foreclosure solutions. As early as you start asking yourself where you can possibly get the next monthly house payment, proper action should be taken. Do not panic or fell demoralized when a notice of foreclosure arrives, doing nothing or thinking of ways to run away will be of no help. Doing such will just be wasting your time and letting foreclosure draw nearer. It is best that you seek help immediately. Find a partner that will help you with the war for your home. Contact a mortgage foreclosure specialist as soon as possible. No one can help you more in setting up a barricade to keep foreclosure out, and you and your family in.
Just like foreclosures who are so rampant in wreaking havoc everywhere, mortgage solutions specialist are also all around and easy to find. You can find thousands with a simple click of a button in an online search. You just have to be careful in choosing who to place your trust on. It is always best to deal with lawyers or companies with lawyers in their payroll as they are familiar with foreclosure laws. Don not compromise precaution for time. Take necessary means to get some background information about any consultant you are considering because the current foreclosure crisis has given birth to monsters called foreclosure scammers who are like scavengers that feed on those already being munched by foreclosure. They not only hasten up the process of you losing your home but they will also get as much money as they can from you, leaving you with barely anything.
You can also choose to begin your crusade for mortgage foreclosure solutions with loss mitigation or loan modification agencies, which may aid you reach agreements which will make payment of your loan realizable while at the same time be in terms amenable by your lender. Your loan can then either be restructured or negotiations can be made to enable you to sell your home prior to foreclosure.
What most you homeowners don’t realize is that their bank is not keen on putting your home in a foreclosure sale, and a very simple but powerful way of saving your home is actually taking time to have a dialogue with your banker to discuss the available alternatives you can take to prevent foreclosure. There is certainly no bank that would prefer to have o indemnify and sustain an empty home. Given enough assurance, banks may even let you stay in your home just to avoid foreclosure.
The most basic but most vital of all is that you should take time to learn as much as you can about foreclosure, especially your rights. Familiarize yourself with terms associated with foreclosure so you can actively take part in conversations to save your home. You, above all, have the highest stake in the outcome of the negotiations. You are the owner of your home, its future lies in your hands and never on someone else.
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Countrywide Loss Mitigation Package
October 11th, 2009
Countrywide Loss Mitigation Package
Countrywide bank is truly doing a social service by coming out of their shell and directly calling the homeowners struggling against foreclosure. However getting in contact with the bank is only the first step in the complex process of applying for a mortgage loan modification. The success of approval depends on a lot of other factors too
Getting a call from the bank itself is like raindrops on a hot sunny day for a debtor fighting to keep his/her home. But many fall short of getting their application approved only because they give too much detail on the first call.
The loan modification process is to be handled carefully. Rushing won't get you anywhere. It is vital that you first inquire into what financial circumstances is the bank ready to consider as apt for the granting a loan modification and then move on accordingly. Giving out too much on first contact can really hamper your chances of getting success.
Take your Time
This is about saving your precious home. You should be ready to invest some time in comprehending the guidelines that the bank has put out for applying. Getting a good idea about what the bank needs from your mortgage modification application can really smoothen out the path for approval as it would ease out the process for the Loss mitigation Department as well. Also make sure that your application package is complete and well sorted.
Convenience is what your application should be centered around if you want a quick approval. The person looking into your plea should have his/her work considerable cut out. Compare the schemes and your financial footing. Be certain to check out all the types of loan modification programs offered by Countrywide and be thorough with what each of them requires. They accordingly structure your financial documents so that they fall into the scheme. Picking the right kind of loan modification agreement will save you from future predicaments. Countrywide loan modification program is something you can really 'bank' upon for authenticity but to avail full benefits you have to do a bit of homework yourself.
Do not give excessive detail
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