Stop My Foreclosure
Foreclosure can happen when you fall behind on your Mortgage Loan. Lender's are often either unable or unwilling to communicate with you and won't automatically put you into a program that is best for you. Our Loss Mitigation department can effectively help with this process, our agents will communicate with the right people at the bank to negotiate new terms that will work for you. You must have an industry experienced staff that can facilitate the stopping of the Foreclosure action. Often, the lenders don't want to foreclose if it can be avoided, we all want to be sure you can "afford" the new term's we negotiate for you.
Mediation is key to Stopping the Foreclosure. Again, the mortgage companies aren't always motivated to Foreclose and are usually inclined to agree to terms to Stop Foreclosure. These terms can be negotiated. We can develop a plan of action before contacting the right people over at the mortgage company. Your plan needs to be thoroughly analyzed before it is presented to the mortgage company, sometimes it can be difficult to make certain adjustments after it has been submitted. The staff and resource at BrokerMortgages.com has extensive experience in the area of residential lending and it's institutions. We will develop a winning strategy, a plan for you to Stop your Foreclosure or avoid a foreclosure.
Plan for Stopping Foreclosure
1. If you can come up with a “Contribution Figure” or a "Good Faith Payment", some amount of money to apply to the deficiency. Typically this can be somewhere between 35% - 50% of the amount that is required to bring the loan current. With your help, we usually see this number between 25%-30%. The Mortgage Companies require this money as partial payment for a number of reasons:
Start to bring the loan current quicker
Evidence to the lender that you're sincere in wanting to get the loan caught up. They also need to use this as a penalty to getting behind. The purpose of this is to dissuade people into missing payments without legitimate reasons.
2. We need to document your current financial situation in order to properly qualify your new Monthly payments. We need to submit it right the 1st time as they may not accept changes once it is submitted. We will first develop a Personal Financial Portfolio for you. This can show your debt to income liability and is easy to understand and highlights your ability to repay the loan.
3. The last step is to develop a Hardship Letter, explaining why you fell behind. We do have many types of examples of what the Mortgage Company is looking for. This letter will explain that you deserve a second chance and will show that you want to stop the foreclosure and that you deserve another chance. We will work with you to get these items together into what we call a “Work-out Package”. We will then present this to the Mortgage Company in a way they can easily understand through the quickest channel possible, which will allow them to make a quick decision.
Almost all Mortgage Companies will consider a Loan Modification, Forbearance, Deferment, or a Repayment Plan as a first plan to bring the loan current quickly. Our foreclosure professionals can talk with you about the options below to develop your personalized strategy to stop Foreclosure.
Loan Modification/Loan restructuring
Deed-in-Lieu of Foreclosure
We are special because we specialize in helping people get out of foreclosure.
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