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Privacy SytementForeclosure Mitigation

Loss Mitigation is the process of helping delinquent homeowners, in or close to foreclosure, to save their home. Loss mitigation services help by representing the home owner and negotiating on their behalf with the lender; using government and non-government programs and regulations, and other proprietary techniques to resolve the delinquency and keep them in the existing mortgage and home.

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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. We can help you save your home and credit history 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.
     
  • VA LOAN MODIFICATION/REFUNDING
    (Available for VA loans only) (Need at least 30 days to process)

    A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.
     
  • SHORT PAYOFF
    (Short Sale) (Pre-foreclosure Sale) (Compromise Of Sale)

    If you have suffered a long term financial hardship and are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff. A qualified buyer is required. If this is an option you wish to pursue, you must inform the loss mitigation specialist assisting you immediately. There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See your state’s foreclosure law for more information. Check with an attorney for advice on your personal situation.
     
  • DEED-IN-LIEU OF FORECLOSURE

    If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. You may be asked to participate in a Short Payoff program before a deed-in-lieu of foreclosure is accepted.
     
  • REPAYMENT PLAN

    If you have incurred a short term financial hardship and your loan is two or more months past due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval. Only after reviewing your financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.
     
  • SPECIAL FORBEARANCE
    (FHA loans only) (Type I & II)

    If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II – can be utilized in an unemployment situation whereby the promise of future employment is present. We have done VA loans that resulted 27-month repayment plans.
     
  • PARTIAL CLAIM
    (FHA mortgages only) (Some Freddie Mac Investor loans)

    The loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments when you pay off the first mortgage. There is no interest. The partial claim can be for no more than 12 months of past due payments.

Foreclosure Prevention Contact Information

Is your lender or service provider here?

The lenders listed below have provided contact information for their clients who may be having difficulty making their mortgage payments.

 

ABN AMRO Mortgage Group
(800) 783-8900 (ask for loan resolution department), 9 a.m.-6 p.m. CST, Monday-Friday
Most languages

 

http://www.mortgage.com/C3/_Start.do

Accredited Home Lenders
(877) 273-4599, 9 a.m.-5 p.m. PST, Monday-Friday
English and Spanish

 

http://www.accredhome.com

Ameriquest Mortgage
(800) 211-6926
8 a.m.-5 p.m. PST, Monday-Friday

 

http://www.ameriquestmortgage.com

Aurora Loan Services
800-550-0508
All languages

 

http://www.alservices.com

Avelo Mortgage LLC
(866) 992-8356, 8 a.m.-6 p.m. CST
English and Spanish

 

 

Bank of America
(800) 846-2222
Home Equity or Line of Credit: (800) 451-6362
English and Spanish

 

http://www.bankofamerica.com
(select Service My Mortgage or Payment Counseling)
 

BB&T Mortgage
(800) 827-3722
8:30 a.m.-5:15 p.m. EST, Monday-Thursday
8:30 a.m.-6 p.m. EST, Friday
All languages

 

http://www.bbt.com

Central Pacific Bank
(800) 342-8422
Hawaii

 

 

Charter One Bank
(800) 234-6002
9 a.m.-5 p.m. EST, Monday-Friday
All languages

 

http://www.charteronebank.com/pf/mortgages

Chase Home Finance
(800) 848-9136 (customer service)
(858) 605-2181 (delinquency customer service)
Spanish and English

 

http://www.chase.com

Chase Home Finance - NJ
(800) 446-8939
8 a.m.-9 p.m., Monday-Friday
English and Spanish

 

http://chasehomemortgage.com

Chevy Chase Bank
(800) 933-9100
8:30 a.m.-4:30 p.m. EST, Monday-Friday
All languages

 

http://www.chevychasebank.com/htm/mortgages.html

CitiMortgage - Prime Loans
(800) 695-0384
(800) 926-9783
(866) 272-4749
7 a.m.-4 p.m. CST, Monday-Friday
Spanish and English

CitiMortgage - Subprime Loans
(800) 422-1498
7 a.m.-4 p.m. CST, Monday-Friday
Spanish and English

 

http://www.citimortgage.com

www.citifinancialmortgage.com
 

Countrywide Financial-California
(800) 669-0102
8 a.m.-5 p.m. Monday-Friday
English and Spanish

 

http://www.countrywide.com

Countrywide Home Loans
(877) 744-7691
8 a.m.-9 p.m. CST, Monday-Thursday
Spanish and English

 

http://www.countrywide.com

Downey Financial Corp.
(800) 824-6902, ext. 6696
8:30 a.m.-4:30 p.m. PST, Monday-Friday
English and Spanish

 

http://www.downeysavings.com/hl

EMC Mortgage Corp.
(888) 577-4011
7 a.m.-7 p.m. Monday-Friday
English and Spanish

 

http://www.emcmortgagecorp.com

Equity One
(866) 361-3460
English and Spanish

 

http://www.equityone.com

EverBank
(800) 669-9721
8 a.m.-5 p.m. EST, Monday-Friday
Spanish and English

 

http://www.everbank.com

First Horizon Home Loans
(800) 816-7796
English and Spanish

 

http://www.firsthorizon.com/loans.home.cfm

Flagstar Bank
(800) 968-7700, ext. 9780
8:30 a.m.-5 p.m. EST
All languages

 

http://www.flagstar.com/lending/mortgage

Fremont Investment & Loan
(866) 484-0291
6 a.m.-6 p.m. PST, Monday-Friday
English and Spanish

 

http://www.1800fremont.com

GMAC Mortgage
(800) 850-4622
9 a.m.-11 p.m. CST
Spanish and English

 

http://www.gmacmortgage.com

Home Loan Services
(800) 622-5035
8 a.m.-7 p.m. EST, Monday-Thursday
8 a.m.-5 p.m. EST, Friday

hls_hope@hls.ml.com

 

Homecomings Financial
(800) 850-4622
7 a.m.-6 p.m. CST, Monday-Friday
English and Spanish

 

http://www.homecomings.com

HomEq Servicing
(866) 822-1471
6 a.m.-2:30 p.m. PST, Monday-Friday
English and Spanish

 

http://www.homeq.com

HSBC Mortgage Services
(800) 365-6730
8 a.m.-10 p.m. CST, Monday-Thursday
English and Spanish

 

http://www.hsbcmortgageservices.com

Indymac Bank
(877) 736-5556
7 a.m.-7 p.m. CST, Monday-Friday
Spanish, English and Korean

 

http://www.indymachls.com/loanworks

Litton Loan Servicing
(800) 999-8501
9 a.m.-6 p.m. CST, Monday-Friday
All languages

 

http://www.littonloan.com

National City Home Loan Services
(800) 367-9305
8 a.m.-5 p.m. EST, Monday-Friday
English and Spanish

 

http://www.nationalcity.com

National City Mortgage
(800) 367-9305, ext. 57066
8 a.m.-4 p.m. EST
Most languages

 

http://www.nationalcitymortgage.com

Nationstar Mortgage
(888) 480-2432
8 a.m.-8 p.m., CST, Monday-Friday
English and Spanish

 

http://www.nationstarmtg.com

Nationwide Advantage Mortgage Company
(800) 356-3442, ext. 6002

custserv@nationwide.com

http://www.nationwide.com

New Century Financial
(888) 477-0193
7 a.m.-6 p.m. PST, Monday-Friday
English and Spanish

 

http://www.myloan.newcentury.com

NovaStar Financial
(888) 289-1231
English and Spanish

 

http://www.novastarmortgage.com

NovaStar Mortgage Loan Resolution Department
(888) 743-0774
Non-English: (888) 743-0774, ext. 4523
English and Spanish

Loanresolution@novastar1.com

 

Ocwen Financial Corp.
(877) 596-8580
English and Spanish

 

http://www.ocwen.com

Ocwen Loan Servicing LLC
(866) 513-2947
English and Spanish

rapidresolution@ocwen.com

http://www.ocwen.com

Ohio Savings Bank
(888) 987-5626
24 hours a day, 7 days a week
Spanish English

 

http://www.amtrust.com/productcenter/
mortgagepaymentassistance/
mortgagepaymentassistancemain.aspamtrust.
mortgagewebcenter.com

Option One Mortgage
(800) 648-9605, ext. 48826
8 a.m.-9 p.m. PST, Monday-Friday
English and Spanish

 

http://www.oomc.com

PHH Mortgage
For borrowers facing possible delinquency: (800) 330-0423 8:30 a.m.-8:30 p.m. EST, Monday-Thursday
For borrowers in the foreclosure process: (800) 750-2518; 8:30 a.m.-5 p.m. EST, Monday-Friday

MBSlossmitigation@mortgagefamily.com

http://www.phhmortgage.com

Saxon Mortgage Services Inc.
(Previously Meritech Mortgage Services and CRAM Mortgage Services)
(888) 325-3502
English, Spanish; can accommodate most languages

lossmit@saxonmsi.com

http://www.saxononline.com
(users log in to see workout options and financial plans)

Select Portfolio Servicing
(888) 818-6032
7 a.m.-8 p.m. Monday-Thursday
English and Spanish

 

http://www.spservicing.com

 

SunTrust Mortgage Inc.
(800) 443-1032
8 a.m.-5 p.m. EST, Monday-Friday
English and Spanish

 

http://www.suntrustmortgage.com

U.S. Bank Home Mortgage
(877) 334-0453
7 a.m.-5 p.m. CST
All languages

 

http://www.usbank.com

Wachovia Corporation
(866) 642-9405
8 a.m.-8:30 p.m. EST
Many languages

 

http://www.wachovia.com

Washington Mutual
(866) 500-8507
8 a.m.-7 p.m. CST
Most languages

 

http://www.wamuhomeloans.com

Wells Fargo
(888) 231-0757
6 a.m.-6:30 p.m., Monday-Friday
English and Spanish

 

http://www.wellsfargo.com

Wilshire Credit Corp
(888) 952-7339
7 a.m.-4 p.m. PST, Monday-Friday
Most languages

 

 

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