Loss Mitigation Help Center, Inc.

Stop Foreclosure Now!

Reinstatement

The Reinstatement amount is total amount that is past due amount including late fees and Attorney costs. This amount will get your Mortgage caught up immediately. Because of your financial circumstances in the past, you may be facing a sizable amount of past-due fees, including back payments, late fees and legal expenses. If you are able to promise a lump-sum to bring your payments to a current status by a specific date, you may be eligible for a Reinstatement.

Consider what funds are at your disposal. Many clients have retirement funds, credit cards or insurance policies that can provide the much-needed funds to stay secure in their home. Other clients will seek private loans from family or friends or co-workers.

A Reinstatement will offer you the quickest method for resolving your mortgage foreclosure. With your foreclosure resolved you can enjoy the security of your home.

Repayment Plan

The most common way of resolving a loan default is to work out a plan (Repayment Plan) which will let you repay part of the delinquency each month, along with you regular monthly installment.

Most of our clients will be eligible for a Repayment Plan for the amount they are delinquent if their financial circumstances have stabilized. Most of our clients have realized a short term financial hardship that has caused them to become delinquent. They are now financially back on their feet and need help getting caught up. If this is your case we will negotiate with your lender to distribute your past-due amount over a set period of time, usually 18-24 months, depending on your circumstances. Your lender will usually ask for 25-50% of the arrearage down and the information to prove that you are now capable of making this responsibility. Remember, this monthly amount is in addition to your usual mortgage payment.

This type of solution to your moremainder will be paid out over a period of months. You will need to provide financial rtgage foreclosure is generally accepted very well by lenders. We will complete a detailed financial portfolio of your income vs. your expenses to show the lender what payment that will work with your current income along with what down payment that you can afford. This will bring your account up to date immediately and keep you secure in your home.

Loan Modification

A large number of clients will find themselves using a Loan Modification Plan to stop foreclosure. If you can currently make your regular payment, but you can’t catch up with the past-due amount, we will negotiate with your lender to fold any past-due amounts, including interest and escrow, into the unpaid principal balance. This new amount will be re-amortized over a new period of time.

Or, if you are unable to make payments at this rate, we will negotiate with your lender to extend your loan for a longer period of time, modifying the loan amount to a more affordable level.

A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately.

Some of our clients are eligible for Forbearance, which will give you time to gather your assets. In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions.

Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

Partial Claim

Partial Claim (for FHA Loans only)

If you have an FHA Loan, we will be able to start discussions with your lender for a Partial Claim. This strategy is only available on FHA loans. Working together with The Department of Housing and Urban Development (HUD), your lender will agree to help you with a one-time payment from the FHA Insurance Fund. You may qualify if your loan is:

1. At least 4 months but no more than 12 months delinquent

2. You are able to begin making full mortgage payments

3. You have resolved the hardship that caused you to fall behind

4. You may or may not be in Foreclosure

5. The mortgagor has the long-term financial stability

to support the mortgage debt or make the payment

5. The home owner does not have the ability to repay the past due amount through a special forbearance or modification

6. The property is your primary residence

7. If you have filed for Bankruptcy you may still qualify for a partial claim, the Bankruptcy Court must give approval

WORK OUT PLANS