Loan Modification/Loss Mitigation Programs Pt. 1
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:
LOAN MODIFICATION:
(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)
If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender’s approval. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program.
For more information regarding the aforementioned program contact Matthew Garnes directly by phone at 702.526.3133, toll-free at 866.427.6375 or by e-mail at mgarnes@garnesmortgage.com
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