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Our Services If you insist on waiting and not getting help here's what you have to look forward to; Embarrassing public foreclosure notices in your local paper...ruined credit...possibly having to move your kids to an apartment vs. a real home. There are many alternatives to foreclosure. The options made available to clients by a lender will depend not only on your own circumstances, but on the type of mortgage you have. Your hardship (reason for delinquency) may also play an important factor. Repayment Plan The lender may be able to arrange a small increase in monthly payments until the loan is brought current. This means that each month your lender would add an additional amount of money (determined by the lender) to your regular monthly payment until the amount that was overdue has been repaid. Forbearance Plan Forbearance is a written agreement between you and your lender to reduce or suspend monthly payments for a specific period of time. You would either pay only a portion of your regular mortgage payment or not make any payments at all. At the end of the agreed-upon period, you will be required to resume regular monthly payments. The lender may also require you to pay additional funds to make up for the past due amount. During the time that the payments are either suspended or reduced, you will have the opportunity to resolve the financial hardship you are facing. Loan Modification In situations where the lender does not believe that a repayment plan or forbearance is the appropriate course of action, a loan modification may be considered. A loan modification involves changing the interest rate, reducing the principal or extending the term of the loan. This option generally is considered for homeowners whose financial problems are expected to be more long term. Deed-in-Lieu of Foreclosure A deed-in-lieu of foreclosure takes place when you voluntarily give the deed to the property to the lender. Generally, a deed-in-lieu is considered only after all other alternatives to foreclosure have been explored. Credit Repair Many who try to repair their own credit are discouraged by a series of road blocks. Most people end up giving up in frustration and despair. We deal directly with creditors, debt collectors and collections agencies who report to the credit bureaus. Many times we find that incorrect or fraudulent information on credit reports go unresolved resulting in low credit scores. Cleaning up all of the erroneous information takes skill, knowledge and persistency. There are laws to protect our credit and it's our job to know them. Having practice these laws and helping clients with credit scores in the 300's we have become experts in the field. Bankruptcy Qualifying for Bankruptcy is now tougher than ever. BK is a legal way for people to wipe their credit slate clean. BK can reorganize your debts so you can start over again. In the case of Chapter 7, it is a way to legally prove you are not able to pay back debt. In filing Chapter 13, it is a way to repay your obligations on terms you are able to afford. Chapter 7 and Chapter 13 are the two most common forms of dismissal or reaffirmation of consumer debt. Filing either chapter with stop creditors from collecting debts immediately. Each chapter has its own merits and consequences. Modification Monitoring Once you have a modification we continue to insure that it is not canceled for any frivolous reason. Lenders often loose necessary paperwork in order to finalize a modification. In many instances they have lost payments sent in by customers and assessed unnecessary late fees. We have seen clients monies held and not applied to their modification trial offer causing it to be canceled. Wouldn't it be nice not to worry about this every month? We have a team of experts that have prior inside experience with direct lenders. The knowledge we have gained over the years puts us at a huge advantage for you. |
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