We will submit your proposal to our client. Either our client's
Loss Mitigation Department or a representative from our firm will
contact you following the receipt and review of your proposal.
It may take several weeks for you to receive a reply to your proposal.
Unfortunately we cannot email any replies.
This communication is settlement negotiations and may not be
introduced in any court proceeding. We are unable to forbear
prosecution of any foreclosure proceedings until an acceptable
approved resolution is achieved. We cannot guarantee that any
of the below stated alternatives will be approved and/or effectuated.
Please note, before a proposed alternative to foreclosure can be
accepted, there can be no subsequent liens to the mortgage.
Our client will require a written proposal accompanied by the
Alternatives to Foreclosure
Deed In Lieu of Foreclosure
A Deed In Lieu of Foreclosure is an option if you do not qualify
for any of the other alternatives and you do not have additional
liens against your property. To avoid foreclosure you may be able
to deed the property directly to the lender.
If you are unable to make a loan payment on your loan,
you may qualify for a Forbearance Agreement. This is a formal
repayment plan which if approved by our client will stay any
pending foreclosure while payments are being made.
If your loan is past due for one, two, or three payments
because of a temporary financial setback, you may qualify for
a Repayment Plan. You must be able to make the monthly loan
payment and pay an additional amount towards the past due amount
each month until the loan is brought current.
Loan Modification Agreement
If you are unable to pay your past due loan payments, but you can
meet your monthly obligations, our client may be able to make a
Loan Modification by adding the delinquent escrow payments to
your loan balance to bring your loan current. Your current mortgage
interest rate must be within market guidelines. If you have any
additional liens against your property, the lien holders must be
willing to subordinate their interest to the new loan amount.
If you wish to sell your property, but the net proceeds from the
sale is not enough to pay off your loan and you cannot afford to
pay the shortage; the investor may allow you to sell your property
without paying the entire amount due.