Already on ArticleSlash?

Forgot your password? Sign Up

Loan Modification and Loss Mitigation - Frequently Ask Questions

 


Visitors: 186

As a firm that deals with Loan Modification and Loss Mitigation, we are frequently asked many questions by Homeowners. It is my goal here to answer those questions and to educate the Homeowners as to how the process works. I cannot answer for the entire industry, or for other companies that do this work, all I can do is answer to the best of my ability as to what we do for our clients. Every company does things a little differently, so I urge you to check out the company you are thinking of using completely and use these questions to do so. Do YOUR due diligence!

Question

I was just informed by one of your competitors that your industry has really changed the last few months, that it is difficult for companies like yours to do much for the consumer when the banks have really let up and are working with the borrower directly, so what can you do that I cannot myself?

Answer

That's not true at all. Banks are actually tightening up their guidelines in dealing with consumers on the lending side, but our loss mitigation success has increased drastically. We deal with the lenders on a daily basis and work with the decision makers. As a consumer, you will deal with the loss mitigation department who is basically a bunch of bill collectors whose job it is to get as much money from the client as possible. They will run through a financial analysis and at the end the lender will dictate the terms of the program, and will most likely demand and savings or money available. We structure the file so that the client isn't over extended and doesn't agree to unaffordable terms.

Question

I don't want to pay your fees, or, I can't afford your fees. How can you save me money?

Answer

I don't recommend choosing a bargain solution when your home is on the line. We want to save your home and create a more affordable situation so that you can retain your home. We have brought in some of the best negotiators in the industry that will be managing your case. Consider what you have spent on your last refinance, our loss mitigation fees are 1/3 of the cost and the outcome is much more favorable.

Question

How long will the process take?

Answer

A rough average is 45-60 days turnaround time unless you have a sales date within that time frame.

Question

Should I make my mortgage payment?

Answer

We can not advise you to miss any payments, but it is important to understand your financial position. As we work through your financial budget, you will get a better idea of what you can and can not afford.

Question

Do you offer a refund policy?

Answer

We offer a 100% money back guarantee if we can not arrive at a resolution.

Question

How long do I have to act?

Answer

Time is of the essence when you are behind on your house payments. Time is definitely not on your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their house!

Question

I have already talked with my lender and they just want all their money. Can you still help me?

Answer

Yes. Most of our clients have experienced this kind of inflexibility from their lenders before contacting us. We get your bank to listen to your needs because they know and trust us. We have mitigated thousands of home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We use our experience and connections to your advantage.

In other words, do your due diligence in picking a Loan Modification, Loss Mitigation Company. Ask them questions and make them give you the answers that you need. These questions barely scratch the surface of what you should be asking. There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies, who are actually just interested in buying your house at a big discount, or attorneys who just want to take you to bankruptcy or companies that collect a consultation fee and then do nothing for you. You can even check them out through your state Attorney General.

Having over 30 years experience in the Home Mortgage arena, Kim is an expert in her field. For more information on Loss Mitigation and Loan Modifications you can reach her through her website at http://homeloandebtsolutions.com

(902)

Article Source:


 
Rate this Article: 
 
What Is Loss Mitigation?
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Loan Modification and Loss Mitigation for Today’s Home Owner.

by: Marcelo Maglahus (May 20, 2009) 
(Finance/Mortgage Refinance)

Mortgage Loan Modification How To's - Mortgage Loss Mitigation Made Simple

by: Ron Stephens (December 14, 2008) 
(Finance/Mortgage Refinance)

Loss Mitigation Training Via Study At Home Loss Mitigation Courses

by: Ralph J Snow (January 13, 2009) 
(Finance/Mortgage Refinance)

Bad Credit Consolidation Loan - Frequently Asked Questions

by: Bruce D Hunter (July 28, 2008) 
(Finance/Loans)

Weight Loss Frequently Asked Questions One Article My Best Advice!

by: Katrina Eden (July 01, 2008) 
(Health and Fitness/Weight Loss)

Loan Modification Process - Stop Foreclosure by Obtaining a Loan Modification

by: Igor Mosyak (December 10, 2008) 
(Real Estate/Foreclosures)

How to Start a Loan Modification Business in a Loan Modification Boom

by: Ken Block (September 16, 2008) 
(Business/Management)

Loan Modification-Which Lenders Are Most Likely to Offer a Loan Modification?

by: Susan V. Gregory (October 20, 2008) 
(Finance/Mortgage Refinance)

What is Loss Mitigation

by: Dan Schultz (January 25, 2007) 
(Real Estate)

What Is Loss Mitigation?

by: Ray Caran (February 03, 2008) 
(Real Estate/Foreclosures)