REFINANCING
A Refinance may be possible if you're current on your payments and have a reasonable credit rating. Refinancing with a late payment or credit blemish is nearly impossible in the current market.
FORBEARANCE
A Forbearance is type of repayment plan on your mortgage. It usually involves a substantial down-payment and increased monthly payments. This is good for the lender, but not so good for the homeowner since making larger payments is unrealistic if the borrower couldn't make the smaller ones.
REINSTATEMENT
Reinstatement of the loan will stop the foreclosure when accepted by the lender. However, it requires the borrower to pay the entire default amount plus interest; attorney fees; late fees; taxes; missed payments and other fees. This is an unlikely solution for most borrowers.
SALE OR SHORT SALE
Since most borrowers at risk of foreclosure have little or no equity in their
homes, a simple sale of the home is not an option since selling would require
the borrower to pay off the entire mortgage balance at closing. When you consider
the cost of selling, the reduced value of most residential real estate and the
time needed to find a willing buyer, a traditional sale just isn't the answer.
A short sale is a potential solution if the borrower is unable to sell
or work out payment options with the bank. In this scenario, a potential buyer
of the home would be permitted by the lender to buy the home for what the bank
is willing to accept as a settlement. If you are unemployed or are not able
to qualify for any other workout plan with your lender, we may be able to help
you with a short sale. While you would have to move, a short sale is much less
damaging to your credit than foreclosure. You should also note that you do
NOT have to be late on house payments to qualify for a short sale if you
can show a substantial hardship.
LOAN MODIFICATION
A loan modification is simply an adjustment of the terms of your original
mortgage debt. It is not refinancing and is not based on your credit score.
Contrary to popular belief, you don't have to be late on payments to qualify...so
long as you can show a significant hardship that would warrant a modification.
For example, if you have an adjustable rate mortgage with a rate/payment
that has been or will be
reset soon, in many cases your lender will consider this a significant hardship
and will authorize a loan modification.
Successful loan modifications usually include
changes like lowering your interest
rate and your monthly payment, establishing a fixed interest rate and extending
the length of your loan. The borrower is generally not required to come up with
any money to make up for overdue payments at the time the modification is done
as the entire debt amount is usually recalculated into the new agreement. In
some cases the principle amount of the loan can be reduced.
All work out plans can have a negative impact on your credit and may have tax
consequences. However, we believe that a loan modification is the best solution
for most families who want to keep their homes.
DO NOTHING
While this may seem like a ridiculous answer, it is an all too common result
of the stress that foreclosure proceedings can inflict. Doing nothing and hoping
the problem will go away WILL RESULT in the foreclosure of your home, destruction
of your credit and ongoing financial hardship. It is for this reason that we
offer a free audio coaching program to help you deal with the emotional challenges
you are facing.
In order to make good financial decisions you must have a clear head. Whether
you choose to have us help you with a loan modification or not, please take
us up on our offer for free audio coaching. Don't make any financial decisions
until you are able to think clearly.
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Free Consultation & EvaluationIf you're facing foreclosure or anticipate missing house payments there are some options available. You need people in your corner who you can trust. You need people with the special skills and experience necessary to get the job done...and get it done right. We work with attorney teams that specialize in getting loan modifications done quickly and with the best possible outcomes. Each of our attorneys have at least 12 years experience specifically in loss mitigation. They understand the ins and outs of negotiating your debt because they've done it hundreds of times before. They will evaluate your situation for FREE. There is absolutely no obligation to find out what they can do for you. We recommend loan modifications as the first and best solution in most cases. However there are other options such as: Call us now or fill out the form to request a FREE consultation and evaluation to determine the solution that's best for you and your family. No pressure from us...ever. |
Free Audio Coaching ProgramHow can you think clearly when you're under constant stress and when creditors keep calling? You deserve a break from the stress and worry. Listen to a FREE prerecorded audio that will guide you through a pleasant process to overcome the stress and worry - before you start making decisions about your home. We understand the financial pressures Americans are facing these days. And we know how financial stresses can affect your happiness in other areas of your life. Whether you decide to take us up on our offer for help with a loan modification or not, we'd still like to offer you some assistance. As Americans we're all in this financial crisis together...so we
have to stick together. Listen to what others have been saying about how this pleasant and remarkable audio has helped them to overcome stress, fear and numerous other unpleasant emotions. Then fill out the form and start your free coaching right away.
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Client TestimonialsI just felt that it was necessary to write this letter of thanks for your and
your company's efforts in helping our family in our very trying situation.
I am writing this because I wanted your customers to know that you guys are
legit. You helped us out and saved us well over $70,000 that we would have
been stuck paying for quite some time.
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