OUR SERVICES

We are LOSS MITIGATION consultants helping homeowners with their loan and/or mortgage payments who may be facing foreclosure.

Your Home Loan Options assists homeowners that are struggling to make their mortgage payments. We understand the stress and fear that you are facing. We are here to let you know that you have options other than foreclosure.

What happens if I walk away from my home and let it go to FORECLOSURE?

I frequently hear this question from homeowners – mostly from homeowners who feel they have no other options, or are simply exhausted from unsuccessful attempts at working things out with their lender. They mistakenly believe that simply “letting the home foreclose” is the end of their problems with their Mortgage

The truth is that If you let your house go to FORECLOSURE your lender CAN come after you for the difference so it is best to seek other alternatives to walking away.

This is a NO COST service for YOU.

Unlike other loss mitigation companies, our service is completely FREE. Our diligent work on behalf of our clients makes us the area’s leading authority on loan modifications, short sales and the “goto” for homeowners.

Forbearance

With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.

After the forbearance has ended, you will need to repay the amount that was reduced or suspended. However, you are not required to repay the missed amount all at once, though you have that option. Other potential options allow you to make an additional payment each month for a period of time until the past due amounts are repaid (see Repayment Plan) or set up a Loan Modification, if you are eligible (see Loan Modification).

Forbearance may be an option if you are:

• Behind on your mortgage payments or on the verge of missing payments.
• Experiencing a temporary hardship.

What are the benefits?

• Lower or temporarily suspend your monthly payment—giving you time to improve your financial situation and get back on your feet.
• Less damaging to your credit score than a FORECLOSURE.
• Stay in your home and avoid foreclosure.

How does it work?

Forbearance reduces your monthly mortgage payment—or suspends it completely—during the forbearance period. If you qualify for forbearance, you and your mortgage company will discuss the forbearance terms:

• Length of forbearance period.
• Reduced payment amount (if the payment is not suspended), and the terms of repayment.

WHAT YOUR HOME LOAN OPTIONS WILL DO FOR YOU

• Guides you through the process.
• If necessary, we will lead a conference call with your lender to get you entered into the program.

Loan Modification

A Loan Modification is any change to the original terms of your loan including extending the term, lowering the interest rate or changing the loan type.

Should I do a Loan Modification?

If you’ve fallen behind on your mortgage payments, your lender may be offering you the chance to apply for a Loan Modification. Keep in mind that while a Loan Modification will reduce your payment, it will not reduce the amount you owe on the property.

A Loan Modification may be a good choice if…

• The situation that caused you to fall behind has been resolved.
• Your financial stability is enough to support your new monthly payment.
• This is your primary residence.
• You have equity in your home.
• You are prepared to stay in your home for many years if you have no equity in your home.

A Loan Modification may not be the right choice if…

• The situation that caused your default has NOT been resolved.
• Your financial stability is not enough to support your new monthly payment long term.
• You are NOT prepared to stay in your home long term.

While a Loan Modification may be the best choice for some, if you have no equity in the home and see yourself moving within the next couple of years, a Loan Modification is NOT likely a good solution for you. A failed Loan Modification will ultimately lead you right back around to the same choices you face today: Foreclosure, Short Sale, or a Deed in Lieu. Your Home Loan Options can help you make the right decision for you and your family.

WHAT YOUR HOME LOAN OPTIONS WILL DO FOR YOU

• We will work with you through obtaining all needed documentation for submission to your lender.
• Review of documentation to make sure all necessary information is completed prior to submission to your lender.
• Submission of all documentation to your lender.
• Weekly updates on the status of your loan modification process.
• Work directly with your lender on the terms of your new loan agreement.

Homeowner’s responsibility include:

• Disclose accurate and complete information at all times during the Loan Modification process.
• Provide any and all Lender required information and supporting documentation, including but not limited to income verification, bank statements, federal tax returns, profit & loss statements, (if self-employed), and income/expense Information.
• Provide a detailed hardship letter explaining the reasons for your inability to pay the balance owed and asking the lender to consider your request for a Loan Modification.
• Send most recent pay stubs, showing current and year-to-date wages, when received (if applicable).
• Send all pages of your most recent bank statements when received.
• Refrain from obtaining any new loans or making major purchases.
• Advise Your Home Loan Options if you are considering filing bankruptcy during the Loan Modification process.

Short Sale

A Short Sale is when a homeowner sells their property for less than the amount due on the mortgage.

A short sale is an alternative to foreclosure and may be an option if you:

• Are ineligible to refinance or modify your mortgage.
• Are facing a long-term hardship.
• Are behind on your mortgage payments.
• Owe more on your home than it’s worth.
• Haven’t been able to sell your home at a price that covers what you still owe on your mortgage.
• Can no longer afford your home and are ready or need to leave.

What are the benefits?

• Eliminate your remaining mortgage debt.
• Avoid the negative impact of FORECLOSURE.
• Receive relocation assistance in some cases if you are currently residing in the property.
• Start repairing your credit sooner than if you went through a FORECLOSURE.
• May be able to get a mortgage to purchase a home sooner than if you went through FORECLOSURE (up to 7 years).

WHAT YOUR HOME LOAN OPTIONS WILL DO FOR YOU

• An initial consultation with the seller(s) on the sale of their home.
• Collection, submission, and distribution of all paperwork, documents, and other materials from and to the lender(s) which includes sending to all other parties involved.
• Coordination and negotiation with homeowners lender(s) and/or Investor(s) to facilitate the short sale transaction with respect to the property.
• Escalation of homeowners file to lender management, if it is deemed to be an appropriate action.
• Update all parties on progress of files on a weekly basis.
• Request that the Lender postpone or forbear any foreclosure proceedings or activity pending completion of the short sale.
• Negotiation with other known lien holders.
• Assist the Agent with a Value Dispute if applicable.
• Obtain short sale approval.
• Send post closing documents to short sale lender(s) for short sale completion.

Homeowner’s responsibility include:

• Disclose accurate and complete information at all times during the Loan Modification process.
• Provide any and all Lender required information and supporting documentation, including but not limited to income verification, bank statements, Federal tax returns, profit & loss statements, (if self-employed), and income/expense Information.
• Provide a detailed hardship letter explaining the reasons for your inability to pay the balance owed and asking the lender to consider your request for a Loan Modification.
• Send most recent pay stubs, showing current and year-to-date wages, when received (if applicable).
• Send all pages of your most recent bank statements when received.
• Refrain from obtaining any new loans or making major purchases.
• Advise Your Home Loan Options if you are considering filing bankruptcy during the Loan Modification process.

Sell Your House

When your house is worth more than you owe on your mortgage and other debts secured by the property, the difference is called equity. If you sell the house, you can keep the excess funds once all debts and closing costs are paid. This is an option if you have a financial hardship and can no longer afford the home, or if you simply want to exit the home for other reasons such as relocating or taking advantage of the real estate market.

A  sale with equity is an alternative to FORECLOSURE you should consider if you:

• Can no longer afford your house.
• Are ineligible to refinance or modify your mortgage.
• Are facing a long-term hardship.

What are the benefits?

• Pay off your remaining mortgage debt.
• You get to keep your share of the proceeds from its sale after all debts and closing costs are paid.
• Avoid the damage to your credit caused by a FORECLOSURE.
• Have more control over exiting your house.

WHAT YOUR HOME LOAN OPTIONS WILL DO FOR YOU

• Put you in contact with licensed agents to list and sell your house so you can choose the best fit for you.
• Work with your agent of choice to ensure the sale of your house is running smoothly.
• Order payoff statement(s) to ensure your lender(s) are being paid what is owed on the property.
• Weekly communication with your lender(s) to advise them of the process and make sure no FORECLOSURE date.
• Work with your lender to postpone any FORECLOSURE date if one should pop up.

​Deed in Lieu of Foreclosure

A Deed in Lieu of Foreclosure is an arrangement with you and your lender to voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. A deed-in-lieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage.

A common misconception a homeowner has is that they can just mail their keys to their lender. A homeowner will have to qualify for a Deed in Lieu of Foreclosure just like with any other workout option. The property must be in markable condition and be in broom swept condition with no remaining items in the property.

I frequently hear the question “What happens if I walk away from my home and let it go to FORECLOSURE?” – mostly from homeowners who feel they have no other options, or are simply exhausted from unsuccessful attempts at working things out with their lender. They mistakenly believe that simply “letting the home foreclose” is the end of their problems with their mortgage but the truth is that If you let your house go to FORECLOSURE your lender CAN come after you for the difference so it is best to seek other alternatives to walking away.

A Deed in Lieu of Foreclosure may or may not be the best option for the homeowner. Some lenders require the homeowner to try to sell the property first before entering into a Deed in Lieu of Foreclosure.

Most of the time after a consultation with the homeowner(s), they decide that a short sale is their best option to get rid of their house, avoid foreclosure, and settle their remaining mortgage debt.

WHAT YOUR HOME LOAN OPTIONS WILL DO FOR YOU

• We will work with you through obtaining all needed documentation for submission to your lender.
• Review of documentation to make sure all necessary information is completed prior to submission to your lender.
• Submission of all documentation to your lender.
• Weekly updates on the status of your loan Deed in Lieu of foreclosure process.
• Work directly with your lender on the terms of Deed in Lieu of foreclosure.

Homeowner’s responsibility include:

• Disclose accurate and complete information at all times during the Deed in Lieu of Foreclosure process.
• Provide any and all Lender required information and supporting documentation, including but not limited to income verification, bank statements, Federal tax returns, profit & loss statements, (if self-employed), and income/expense information.
• Provide a detailed hardship letter explaining the reasons for your inability to pay the balance owed and asking the lender to consider your request for a Deed in Lieu of Foreclosure.
• Send most recent pay stubs, showing current and year-to-date wages, when received (if applicable)
• Send all pages of your most recent bank statements when received.
• Refrain from obtaining any new loans or making major purchases.
• Advise Your Home Loan Options if you are considering filing bankruptcy during the Deed in Lieu of Foreclosure process.