Upside Down Mortgage

Posts Tagged ‘assistance’

Loss Mitigation Assistance

What is loss mitigation?
You can be sure that there are a lot of people who do not have the faintest idea what this expression means. For that matter, there are a lot of terms in the finance field that are rarely used by most people in everyday conversation.
If you are now facing a home foreclosure, you are looking for answers-
answers that will explain what all this "foreclosure" terminology, means in simple-to-understand words. Rather than define all these confusing financial terms at once, let's look at loss mitigation and explain how it may be a "weapon" that you can use to defeat your home foreclosure.

Loss Mitigation...
A course of action that is available to you, the homeowner, and a process that will enable you to stop home foreclosure. That is correct; you the homeowner have the power to request negotiations with the lender.(Imagine that)
Not only can it stop the foreclosure process, but it can help you save your family home and the equity you have built up. The lender agrees to assist the borrower (you) by working out an agreement to help you stay in your home and restructure your loan payments. Loss mitigation is a set of tools the lender uses to stop foreclosure.
Which could include:

> Special forbearance agreement
> Loan modification / Mortgage Refinance
> Partial claim
> Pre-foreclosure sale
> Deed-in-lieu of Foreclosure

An agreement between the lender and homeowner to repay past due payments within an agreed upon period of time is the goal of loss mitigation.
Any of the previously mentioned tools or combination of each can be used by the lender to enforce the agreement.
Your current situation...
Your current situation is important in the process, because you are now behind on payments and in danger of defaulting on your home loan. This information needs to be very clearly and succinctly described to the lender. Communication with your lenders is very important.
Do not hesitate to tell your lender all the facts. When they understand your situation completely, your lender will be more able to help you find the right solution.
You must remember this is business and the lender will approach the negotiations that way. Your job is to put a face/family in front of them and make sure they understand the situation you are facing. If you have recently faced any hardships such as:

> being laid off at work
> going through a divorce
> medical bills
> health issues - resulting in loss of income

The lender MUST know this information.
These few are just examples of what the lender will take into consideration when trying to help you stop the foreclosure process. Your hardship and financial circumstances will be taken into consideration.
The negotiations...
The outcome of the negotiations usually results in your existing loan being re-established or modified to some degree. Loss mitigation does not involve you losing your home or the equity you have accrued. In addition loss mitigation is not dependant on your credit rating.
There is help...
As stated earlier loss mitigation is a process available to you. That does not mean that you have to go into your lender alone. In fact if you use a reputable firm, your chances of negotiating with your lender (to benefit you) elevate significantly.

This is not a game; you are facing the possibility of losing your home to foreclosure. Be sure you check out the company before you consider using them. You definitely want to work with a reputable establishment.
The loss mitigation firm will work with you to customize a plan that will fit your individual circumstances.

The benefits of loss mitigation negotiations...
It is a process that you and your lender enter into. This course of action is meant to cut the losses incurred by both parties. If the lender has to foreclose on your property it actually will cost
them more than taking time to work out a solution with you NOW!
You keep your home and equity, and the lender has halted the foreclosure process and has an agreement with you to continue your (altered) mortgage payments.

One final point...
You must always remember when you are facing a home foreclosure that time is your enemy. The clock is always running. Even while you are
negotiating with your lender...the clock never stops ticking.

Tick-tock, tick-tock, tick-tock...
The best of luck during your Loss Mitigation negotiations.

About the Author:

Jeff Manzanares is the president / owner of Bridges Finance Inc. a finance companay in Orange County CA. Jeff is also owner of Home Foreclosure Help a website dedicated to helping a homeowner keep their home when they are facing foreclosure.

Article Source: ArticlesBase.com - Loss Mitigation - a Set of Tools to Stop Foreclosure

Loss Mitigation Help Get An offer To sale Your Home Before

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Loan Modification Obama Law

In today’s unpredictable economy, you can’t take anything for granted. You don’t know if you’ll have a job tomorrow, if you will be asked to take an unpaid vacation, or if the interest rate on your home mortgage will spike. What if gas prices soar? Will a trip to the grocery store for your family’s weekly necessities cost more? So much of the territory that our country, and the world, is venturing into is unchartered.

While we don’t know what the future holds, we can try to plan appropriately for it. How can you prepare yourself for future expenses, save money, or spend less in your current situation? Many wise people are considering these questions now.

In addition to planning for the future, we can also take advantage of the opportunities that we are offered today. One opportunity being offered to many troubled homeowners is a home loan modification.

President Obama’s housing plan involves offering many people a chance to modify their home loans. If a distressed homeowner lives in his or her property, falls within the requirements for the amount they owe, and meets additional criteria, they could be eligible for the government plan. The FDIC even has a “mod in a box†home loan modification program that they are hoping to enlist lenders in taking part in. Even if you don’t take advantage of the government’s specific plans, and are a homeowner in a volatile financial situation, you can still opt to modify your home loan.

With the help of the Feldman Law Center, you can have a better chance at protecting your financial future. You do not know when home loan modifications will start to taper off, how long you will be at your current job, or how your taxes could be changed in the future. If you are concerned about your adjustable rate mortgage, or a potential bankruptcy or foreclosure, you need the help of experienced attorneys on your side.

The federal government as well as many state governments, are talking about increasing taxes. What is the potential fallout of that? Given the uncertainty we are facing now, it is hard to guess what higher taxes might result in. But perhaps homeowners would have to pay higher property taxes, or perhaps additional fees and penalties could be added to home loan modifications.

Debates on the efficacy of taxes, both low and high, are inevitable. Chances are good that tax rates and structures will soon change. Will this be good for your current situation? Will you pay more, or less? Will you be a part of the population paying for the benefit of others, or will you be the beneficiary? Obviously, this depends on many factors. It doesn’t seem prudent to generalize widely about this. Every situation will end up being different.

It might not be a good idea to wait for a loan modification. They are available now. Call the Feldman Law Center today. We specialize in loan modifications and are ready to assist you today.

Visit us at feldmanlawcenter.com or call 800-588-0425.

About the Author:

About Feldman Law Center: The Feldman Law Center is owned and operated by Steven C. Feldman, attorney at law. Mr. Feldman has been a member of the California State Bar since 1983 and is well versed in federal loan modification law.

Article Source: ArticlesBase.com - Feldman Law Center – What Do Higher Taxes Mean for Loan Modifications?

Roosevelt Realty offers useful information on loan modifications and their requirements .

Loan Modification Assistance

Question: Is 'Pacific Lending & Realty Inc' a reputable loan modifier? I don't want to be scammed!?

I need Loan Modification Assistance and I am worried about the frauds out there...Does anybody know anything about 'Pacific Lending & Realty Inc.'? Thanks you for your help

Answer: Go check out these forums before you hire a loan modification company. I would actually NOT hire one, because you hand over a hefty fee, and they do not necessarily get you any further or anywhere.

http://www.loansafe.org/forum

Free Loan Modification Assistance