Archive for the 'loss mitigation' Category

Sep 05 2009

Loan Workouts and How To Use Them

Published by David under Foreclosure Defense, loan modification, loss mitigation

2. Loan workout - A loan workout is a broad term used in the loss mitigation arena to describe the negotiation with your lender of any kind of plan that will benefit both you and the lender when you are delinquent or in default of your loan.  The term can be used to cover the different “workout” options you may have such as a loan modification, repayment plan, short sale, forbearance plan, etc.

Aside from a full loan modification, a loan workout is usually a temporary solution to a more permanent problem.  For some, the problem is that the house they currently own is worth way less then they owe on it.  For others, the problem is that the monthly payments they are being asked to make are just way too much for them to afford.  Whatever the problem is, a loan workout will stop the foreclosure process until the next time a payment is missed.

Loan workouts are a very valuable tool in foreclosure defense and are deadly to the bank’s ability to take your home, if they are used properly.  Learn how to use loan workouts, and other techniques, to stop the foreclosure of your home at www.ForeclosureDefenseSecrets.com.

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Jul 25 2009

Stall Your Case For Loan Modification

Published by David under Foreclosure Defense, loan modification, loss mitigation

The banks have realized that they would rather not have to foreclose on a property. They have learned that each delinquency and foreclosure is costly to administer, with a typical foreclosure estimated at $60,000, or about 20-25 percent of the loan balance (legal fees alone can cost $4,000), and those costs are expected to be even higher in times of home price depreciation. Banks already have an overwhelming number of properties in foreclosure, and they are finally recognizing their need to accept loan modifications via their loss mitigation departments.  The best time for Loan Modification is now! 

The time has never been better for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate. Moreover, with these new economic realities, a loan modification may be the only way for a homeowner to save their home.

Recently, large numbers of homeowners have been trying to complete “loan workouts” or loan modifications with their current mortgage lender to lower the interest rate and improve the terms of their loan. They have learned that negotiating with the bank for a modification of their home loan can be an overwhelming process. Major lenders such as Countrywide bank, Indy Mac bank, Wells Fargo, Bank of America, WAMU, New Century, Quicken Loans, Aurora, Aegis, EMC Mortgage, CITI Mortgage, Chase Bank, are inundated with defaults and foreclosures. Numerous calls, hours of time, repeated delays, transfers from one department to another, voice mails, faxes back and forth.  In order to complete the loan modification, you need to be able to stall the foreclosure process indefinitely.

Stop Foreclosure - It is the most important decision of your life. 
          - Foreclosure is AVOIDABLE. Modify your loan now and keep the roof over your head.
  - Foreclosure is a CHOICE, not an inevitability. Modify your loan now and avoid foreclosure.
  - You DON’T have to settle for foreclosure. Avoid it with a loan modification now.

Learn how at www.ForeclosureDefenseSecrets.com.

 

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Jul 12 2009

Dont Miss The Opportunity To Benefit From An Improving Market

Published by David under Foreclosure Defense, loss mitigation, short sale

The housing market is the first level of the economy to turn around and with prices steadying and mortgage rates low, the chances of being successful in selling your property prior to a foreclosure judgment being entered against you.  You need to be able to stall the foreclosure process for long enough to locate a buyer for your house.  Learn how to buy all the time you need at www.ForeclosureDefenseSecrets.com.

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Jun 13 2009

Loss Mitigation May Be The Key

Published by David under Foreclosure Defense, loan modification, loss mitigation

While the number of borrowers in loss mitigation has increased, it has been matched by an increasing level of delinquent loans. Loss mitigation is made more attractive by the fact that foreclosure costs are often substantial. Historically, the foreclosure process has usually taken from a few months up to a year and a half, depending on state law and whether the borrower files for bankruptcy.
Loss mitigation is essential to asset protection because it provides the borrower with information necessary to make good decisions. Learning the programs or “tools” available as an alternative to foreclosure is the key to preserving home ownership. Loss mitigation is about keeping the home owner in their home. If that does not seem like a realistic outcome, e very attempt should be made to help the home owner get the most for their home as they possibly can before a foreclosure sale takes place.  The sad part is that most people are not aware that legal and effective loss mitigation programs are available that can stop foreclosure quickly and legally. Loss mitigation is there to help save their homes, but homeowners first try to help themselves save their homes before others can help them. The future of their homes still depends mostly to the homeowners.
Loss Mitigation is one of several processes designed to minimize the damage caused by defaulting mortgage loans. It’s a delicate balance between the facts, reality, distorted reality and the art of negotiation. The Lenders loss mitigation department would rather work with you than file foreclosure. Loan modification, often referred to as loss mitigation, may include a partial payment of amounts in arrears and then an extension of the loan terms to compensate for the remainder of the amount of the loan in default. With the repayment plan, it is imperative that the plan be realistic when it comes to the homeowners’ ability to repay the amount the is delinquent.  Learn more about loan modification and loss mitigation at www.ForeclosureDefenseSecrets.com.

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