CSG: The Various Services In Foreclosure

.....                   ..... Email Message #: The Various Services In Foreclosure Prevention Ticket Recipient: LM1/2 Consultant Ticket Information: PLEASE DO NOT REPLY TO THIS EMAIL... This ticket was opened through CSG Backoffice (Members Area). .....   ... Stop Foreclosure with Loss Mitigation Programs | Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner's situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help homeowners avoid the common pitfalls that many encounter while trying to work things out directly with their lender. After performing a thorough assessment of homeowners personal finances and analyzing lender's loss mitigation policies our professional loss mitigators will negotiate with lender to get homeowner the best possible solution to home foreclosure problem. We can help homeowners save their home and credit history through a variety of loss mitigation options: .... ...             1. LOAN MODIFICATION (Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA) If homeowner has incurred a long term financial hardship, our office can assist them in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that homeowner will be responsible for. All property taxes must be current or homeowner must be participating in an approved payment plan with the taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to lender's approval. ..... ...         2. VA LOAN MODIFICATION/REFUNDING (Available for VA loans only) (Need at least 30 days to process) A refunding is when the VA buys loan from the lender. Refunding may give VA the flexibility to consider options to help save home that current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. new loan will be non-transferable without prior approval from the Secretary. If interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.   3. SHORT PAYOFF (Short Sale) (Pre-foreclosure Sale) (Compromise Of Sale) If you have suffered a long term financial hardship and are unable to maintain loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff. A qualified buyer is required. If this is an option you wish to pursue, you must inform the loss mitigation specialist assisting you immediately. There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See state's foreclosure law for more information. Check with an attorney for advice on personal situation.    4. DEED-IN-LIEU OF FORECLOSURE If have incurred a long term financial hardship and house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. You may be asked to participate in a Short Payoff program before a deed-in-lieu of foreclosure is accepted.   5. REPAYMENT PLAN If you have incurred a short term financial hardship and loan is two or more months past due, loss mitigation specialist will also consider submitting a request for a payment plan to lender for approval. Only after reviewing financial situation will this option be considered. All clients must be able to show that they can afford this plan in order to be eligible.   6. SPECIAL FORBEARANCE (FHA loans only) (Type I & II) If you have incurred a short term financial hardship and loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance. A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II - can be utilized in an unemployment situation whereby the promise of future employment is present. We have done VA loans that resulted 27-month repayment plans.   7. PARTIAL CLAIM (FHA mortgages only) (Some Freddie Mac Investor loans) The loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if loan is 120 to 365 days past due. A partial claim results in placing past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments when you pay off the first mortgage. There is no interest. The partial claim can be for no more than 12 months of past due payments.   ...   ... ... Privacy Disclosure: This electronic communication may contain privileged and/or confidential information intended solely for the use of the addressee. If you are not the intended recipient, you are strictly prohibited from disclosing, copying, distributing or using any of this information, for any purpose, whatsoever. If you received this communication in error, please, contact the sender immediately and destroy the material, in its entirety. ...

This message was sent from CSG (LM1) to webmaster@freeraovat.com. It was sent from: CSG Training, 3400 west Ocean Ave, Westport, CT 08860. You can modify/update your subscription via the link below.

Manage your subscription