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Homeowners/Defendants Statement

“Will my lender work with me to resolve the foreclosure? “
 

Loss mitigation solutions will vary from lender to lender and not all solutions are available in each instance. Although a foreclosure has been commenced, there may be alternatives for which you may a qualify or be interested in:

These alternatives include:

  • Forbearance Agreements
  • Deed in Lieu of Foreclosure
  • Short Sale
  • Mortgage Modification
Forbearance Agreement

A forbearance agreement or stipulation of repayment (“stip”) is a payment arrangement that is entered into between the borrower and the lender when a borrower has fallen behind in his contractual payment obligations. Forbearance agreements typically arise when a borrower does not have the financial ability to reinstate or satisfy the loan and the lender is willing to accommodate the borrower(s) by allowing them to pay off the loan delinquency over a period of time.  

Deed in Lieu of Foreclosure

In certain instances, a borrower may desire to surrender title and possession to the property to the lender in order to avoid a foreclosure and/or judgment. The agreement to accept a Deed in Lieu of Foreclosure is often contingent upon the status of the title to the property.

Short Sale

This is a request by the borrower to the lender to accept an amount less than what is owed on the loan. Typically, this will require that the borrower show that they are receiving no proceeds from the sale of this property and that the property is worth less than what is owed. The status of the title to the property may preclude this.

Mortgage Modification

A Mortgage Modification is a change in the original terms of the note and mortgage which may allow the borrower to bring their loan current. Additional loan expenses could be incurred with regard to a modification and it may be further precluded based on the status of the title to the property.

Loss Mitigation

If you are interested in any of these loss mitigation solutions, please click the link below, complete the Questionnaire and submit it to our office. Our office will forward this information onto our client and they will contact you directly to discuss which options may be available to you. Please be advised that it may take some time for our client to respond to your request and that additional information may be required.

Request Loss Mitigation

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