Know Your Options for Mortgage Relief
Homeowners: Beware of the pitfalls of Short Sales, Foreclosures and Bankruptcy.
Short Sales and Foreclosures expose you to a Deficiency Judgment (issued by a judge) that makes you liable for potential shortage after your property is sold. Creditors are able to levy bank accounts and place liens on property in an effort to collect on Deficiency Judgments. They are also able to garnish wages in all but four states. Short Sales and Foreclosures are also very detrimental to credit which makes it difficult to own property again.
Bankruptcy is not a viable option for most homeowners who aspire to maintain ownership of their property. Chapter 7 is a liquidation proceeding in which creditors receive the profits from the sale of your property. It has been our experience that Chapter 13 is a repayment plan that is not affordable for most homeowners.
For alternatives to Short Sales, Foreclosures and Bankruptcy, please please explore our recommended options below.
Performance Based Loan Modification
A group of specialists and paralegals, overseen by attorneys, have been assisting homeowners with loan modifications since 2008 while maintaining an “A +” rating with the Better Business Bureau.
This group does not require payment until you have approved an offer from your lender. Many homeowners have obtained modifications after they were previously denied.
Click below to see examples of completed modifications that include principle reductions, as well as specific information about the company we are recommending.
Attorney litigation against your lender
- These attorneys are the best and most experienced in the mortgage litigation industry.
- They are admitted into the network by “invite only” and must have verified credentials and a clean reputation.
- Their fee requirements are in compliance with federal and state laws, unlike most attorneys who require large upfront retainers.
- They use numerous aggressive strategies, which may include forensic or securitization audits.
- They are trained, managed, and held accountable by a third party who updates homeowners on a regular basis.
- As part of their training, they network and share information with other attorneys on a weekly basis.
The goal of litigation is to force the lender into a settlement, which could include an interest rate reduction, term extension, principal reduction or cash.
If there is a foreclosure sale date, the initial objective is to stop or postpone foreclosure proceedings.
Do-It-Yourself Loan Modification
An affordable, online, self-guided program does the majority of your work for you and simplifies the process, allowing you to create the core of your loan modification financial package, including hardship letter.
This is the same consumer friendly system used by law offices, mortgage professionals and non-profit counselors.
Included is a detailed E-book explaining the process, outlining guidelines, and providing tips for success. Additionally there are several videos that come with the system for clarification.
Hands-on support is available if needed.
Many denials have resulted in approvals utilizing this program.
Click below to see a video demo and sample documents from the Do-It-Yourself Loan Modification program we recommend.
Proof Report (tool for approval of loan modification)
This report uses the same decision analytics as lenders, has turned denials into approvals, and benefited thousands of homeowners! It has also been used by litigation attorneys in court to win settlements. Its use essentially assures that you qualify for a loan modification.
When negotiating with your Lender on your own or through a third party you are making a “proposal” to the bank based on your hardship, which is essentially a “hope strategy,” rather than taking into account the best interest of the investor that owns your loan.
There is no need to resort to hope when you are using the same decision analytics used by lenders and servicers to clearly show the bank the investor’s financial outcome in their own terms.
When a bank receives your application for a loan modification they do an analysis to determine which outcome, foreclosure or modification, is in the best interest of the investor who owns it. When you apply and include this report, you are providing the lender with this information causing them to verify it. When they discover that the report’s analysis is correct, modifications have been granted in situations and in time frames that were unexpected!
With the use of this report, other than your lender, now no one can be as sure as you that you qualify.
When it comes to HAMP modifications, the report runs the analytics that should fall within HAMP guidelines.
What if you don’t qualify for HAMP? The report can be equally as useful, since the report produced has proved itself invaluable in the negotiations between a homeowner and their lender or servicer and is even used by litigation attorneys.
Until recently, systems that like these were generally not made available to consumers.
Would you like to see documentation to support the efficacy of the Proof Report, as well as find out what company we are recommending? Click below.
Alternative to traditional Short Sales
A team of Attorneys, Tax CPA’s, Realtors, and cash buyers are available for a free consultation that analyzes your financial situation, evaluates your home, and provides you with clarity and understanding of your options.
This specialized short sale team submits cash offers on property on the first day your property is listed for sale. They negotiate directly with the banks, and complete short sales in less than 60 days. Potential deficiencies or shortages are negotiated away with lenders.
If needed, this Team will also extend foreclosure dates.