Just what is Loss Mitigation and what can it do for me? This is an understandable question, probably being asked by many Homeowners during these difficult times. I am going to explain what it is and how the Homeowner can benefit from it, plus how they may qualify for this benefit.
First, I think it's important to explain, that a Home, especially a primary residence, is the biggest and most valuable investment we make in our lifetimes. It's important to turn to the right source, and employ the experience of the right professionals to represent you to your lender, this may be an outside source or the lender themselves.
Loss Mitigation allows for negotiations with your Lender, to achieve the most affordable solutions possible on your existing loan. This is not a new loan, and it won't change your home title. It's the process of engineering a viable solution for both the Homeowner and the Lender, backed with decades of Lending, Legal, and Financial Planning experience. Such a process is made possible by a deep understanding of Lending guidelines, Lender protocol and procedures, knowledge of State and Federal laws and regulations, as well as the savvy and strategy of financial planning. The goal is to secure more affordable terms for the Homeowner while managing the risk and losses of their Lender, and in doing so bridging the gap between Homeowner and Lender.
There's a desperate need for a solution for the struggling Homeowners who can no longer afford their mortgage payment and are unable to qualify for a refinance. A Loan Modification may be the answer to their prayers. Many are afraid that they won't qualify, many have the courage but are afraid that they aren't a good candidate for the program but there's no credit check, no minimum credit score required. There's no appraisal needed, zero equity qualification. Late payments on their mortgage are OK, unstable job history or income is OK; being upside down on their home is OK.
Homeowners are more than just a "score" and it's about time that they were treated as such. They need someone who will take the time to find out more about them, their lives, and their families, someone who will find out about the real picture, and care about all the elements of their lives, someone who believes that this is the ONLY way to offer them a real and viable solution for their future, someone who can guide them through the process and together discover the most suitable course of action for their personal situation, someone is committed to doing their part to help families in the community.
Here are some of the solutions that Loss Mitigation can help the Homeowner with, Loan Modification, Forbearance, Term Extension, Rate Reduction, Repayment Plans, Principle Reduction, Deed in Lieu, and Short Sale. However, the Homeowner must be willing to take the first step and contact a quality professional.
It's important to know that each Homeowner has a team of professionals working for them and on their behalf, and with their best interest at heart. Each case will undergo a process of quality control, underwriting, financial analysis, and negotiations; each department working alongside the other to produce a comprehensive and cohesive solution.
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