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Loss Mitigation and Pre-foreclosure Consultants Loan Modification and Short We also do Forensic Loan Document reviews/audits http://www.Financialreliefsolutions.com http://WWW.financialreliefsolutions.com
We've been Stopping Foreclosures via Loss Mitigation (Loan Modification, Short Sales, Loan Auditing) for the last 7 years, assisting distressed homeowners nationwide with alternatives to foreclosure. Our unparalleled service, competitive price, and overall value are why our customers constantly refer us to others to help stop a foreclosure. We are NOT investors, real estate agents or loan officers. We are not here to scam anyone. Beware of "Loss Mitigators" who aren't. We are an Honest, Ethical, Experienced and Professional company that specializes in Loan Modification and Loan Auditing - keeping people in their homes with affordable payments and Identfying "predatory and toxic" loans that can lead to foreclosure. We know what most homeowners are struggling with and we can and want to help them.
Financial Relief Solutions is one of the leaders in the field of Loss Mitigation, Loan Modification & Short Sale negotiating. Our expert Loss Mitigation specialists are highly trained and thoroughly knowledgeable in every aspect of this often complicated process. We are nationwide and have a comprehensive understanding of all the ins, outs, rules and regulations applicable to every foreclosure situation. Our expertise and experience is what differentiates us and our commitment to our clients is what sets us apart. We Work For The Homeowner NOT the lender. We are NOT third party neutral, we are third party Pro Homeowner. It is this unique combination of industry leading expertise, professionalism, and extraordinary customer focus that enables us to offer the highest level of service and value to our clients nationwide. We negotiate through your lenders Legal Dept. not just thier back logged Loss mitigation dept. We offer double the value at half the cost (Modification $499 & Audit $399) No outrageous fees!Here are some of the services we offer: 1. a) Standard Loan Modification is a procedure in which a loan’s terms, like the interest rate, the monthly payment or the term, are changed to meet the current situation of the homeowner. All of this is done with through negotiations with the lender.
In other words, we negotiate with your lender to change the terms of your loan (like the interest rate, monthly payment and length of the loan), to allow you to keep a lower monthly payment, keep your home and save your credit.
b) Advanced Loan Modification - all of the above but includes a Loan Audit and a possible reduction in your principle balance
According to Investopedia:
A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.
Is Loan Modification right for me?
If you are you one of the millions of Americans with an Adjustable Rate Mortgage that is about to reset to a higher monthly payment, then Loan Modification is probably right for you. Since most folks that got interest-only and adjustable rate mortgages don’t have much equity in their home, it will next to impossible for them to refinance. Short-sale or forbearance are not good options because they have negative tax and credit history consequences associated with them. A Loan Modification procedure does not have any negative credit or tax consequences, it allows you to keep your home and keep making a lower payment.
What happens in a Loan Modification Procedure?
In a Loan Modification procedure, your loan’s terms, like the interest rate, monthly payment or the length of the loan, can be renegotiated to match what you can pay. So if you can’t afford to make higher payments on your mortgage, we negotiate with your lender to keep the lower payments.
Can I Do This Myself?
There is a very small chance a borrower could pull off a loan modification or pay rate reduction alone. As many borrowers know from experience, there is a thick layer of resistance at mortgage lenders to any suggestion of a workout from the borrower directly. They will listen to your lawyer though. If the lender forecloses on your home they will be the owner and they will sell your home and pocket any equity. They will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You lose the cash and your home. Our staff are Professional Negotiators who know your rights. We will protect you and your home. Why hire a Professional Negotiator? <<<----Click here to find out why?!!
Isn’t this the same as Debt Consolidation or Refinancing?
NO. This is not debt consolidation. And this is not an offer to refinance from a mortgage company. It’s a shame to see so many debt consolidation companies out there that claim to help people but really end up just taking their money. Most debt consolidation procedures out there consist of just putting everything a person owes on a credit card, trying to negotiate a better rate, charging a high fee and calling it a day. As mentioned, for a person to refinance in today’s market, they would need to have quite a bit of equity in their home, and since home values are so much lower now, this is next to impossible for most people.
What do you need from me to get the process going?
Typically we ask for some details about your financial situation, your income, how much you owe on your home and other debts, and we prepare detailed paper-work for the lender demonstrating your inability to pay a higher monthly payment on your loan. We then renegotiate the terms of your mortgage through the Loan Modification process, to allow you to keep a lower payment.
How long does the Loan Modification procedure take?
There is no exact answer. Generally, the process can take only a few weeks, up to a few months. If a government guaranteed loan is involved (FHA for instance), the process will take longer to work out. Fortunately, most lenders will work quickly to approve a loan modification request once they have received a complete package (along with a LOAN AUDIT )<---More info here). Most lenders will postpone the sale of your property if they have received a complete package at least two to three weeks before the sale date.
Is it true I may be able to skip a payment during the modification process?
Yes, most of our customers find it to be a huge relief that we are usually able to capitalize at least one month or more in payments in the process of the modification.
Are lenders and banks willing to go through this process? Most homeowners don’t realize that lenders and banks DO NOT WANT TO FORECLOSE ON YOUR HOME. In the current market, they will lose money by taking your home and trying to sell it, so the majority of lenders are very open to the Loan Modification process. So we consistently tell our clients that Loan Modification is an emerging option to foreclosure that benefits homeowners and lenders alike. Are you a victim of "Predatory Lending?" <<<----click here to find out! Will I have to meet with the Bank/Lender or deal with Paper-work? Absolutely not. At the Financial Relief Solutions, we take care of all of the paper-work for you, so you don’t have to worry about the red-tape and negotiation associated with the process. You will never have go to your lender, or bank, we do all of the leg-work for you and will fight to reach the ultimate goal of keeping your home, and arriving at a monthly mortgage payment you can afford. Does everyone qualify for the Loan Modification process? Unfortunately in certain situations, you may not qualify for the Loan Modification process. This is usually the case with people that have waited to long to act and take charge of their situation. There are other options available to folks and our team of expert consultants will explore every possibility to save their home and their credit. When is the best time to do something about my ARM or Interest-Only Loan that is going to reset? DON’T WAIT! Time is your worst enemy in a situation where your payment is going to increase, and it is likely you won’t be able to afford it. Since it takes 60-90 days to complete the process, the best for you to call is RIGHT NOW. Do I have enough time to stop my foreclosure? It is important to check the state laws pertaining to your situation but know that time is your worst enemy in these situations! Stopping your foreclosure has to do with in many ways has to do with you taking charge of your situation and acting now! There are some required timelines, like getting a loan audit, loss mitigation, document preparation, etc. They all require time. If you’re worried about having enough time to stop the foreclosure, then call right now, not later. How successful have you been in other cases? We have a high success rate, simply because we fight for the client, not the lenders. We are Real Estate and Finance professionals with decades of experience dedicated to helping you save your home and your credit. If we think your situation is beyond remedy, we will tell you right away. We know you’re used to getting your hopes up only to be let down later and want to be up-front and honest with you. If we accept your case, we will explore every possibility to save your home and your credit. So how long does this proccess take? It can be done in as little as 60 days, but typically it will take about 90 -120 days and if there is a pending auction/sale date we have been successful at postponing these as many as five times if neccesary for our clients. What type of loans do you help with? Unlike other foreclosure solution firms, we are not trying to buy your home when you are vulnerable and in need of help. We will analyze your situation and offer proven foreclosure help to save your home. We will negotiate with your Mortgage Company to stop foreclosure, save your home and resolve your case. We call ourselves “Specialists” because we SPECIALIZE in helping people get out of foreclosure. Loan Modifications And Loan Audits are our Specialty. For more info on our Loan Modifications <<----click here 2. Reinstatement This brings the loan current, including all arrears, late fees, impounds and attorney's fees by paying all arrears and related fees at once. Analyze your situation and consider these resources . . . a. Retirement 401K, or other type of retirement funds can be cashed out in an emergency. (you must weigh the tax and early withdrawal penalties against saving your home) b. Sell personal items such as a second vehicle, boat, or other major item. c. Borrow from friends, family, or church. 3. Forbearance The lender agrees to suspend your payments for a specific period of time. Before a lender will agree to this type of workout, you must demonstrate the ability to fully reinstate the mortgage within a realistic period of time. Most lenders will grant a forbearance if you submit a letter explaining your circumstance and that you will bring the mortgage current when you receive: (inheritance, commission or quarterly bonus from an employer, recently court-ordered child support or other type of court awarded monetary settlement, tax refund and so forth) 4. Repayment Plan This lender-approved plan allows you to catch up on back payments. You must make regular payments while adding additional money to bring the loan current. (Usually over a period of months not to exceed 36 months) Some lenders require an initial large payment and all lenders expect you to provide a budget analysis so they can see how much extra you can reasonably afford to pay. 5. Federal Housing Administration (FHA) Special Forbearance FHA allows a forbearance if you are up to the equivalent of twelve months in arrears including PITI. The lender may agree to suspend or reduce your payments until the hardship is over. The payback plan cannot exceed eighteen months. 6. Refinancing This is a new loan with either with the same lender or a different one. The refinancing process is identical to when you first purchased the home. Debt-to-income ratios, property appraisal, and credit history are all used in the approval process. Be sure to calculate the cost of refinancing and make sure it does not include a prepayment penalty. Refinance Calculator 7. Streamline Refinance A streamline refinance is different from a conventional refinance because it is usually financed by the same lender/servicer. It is less expensive to originate, and is limited to the existing principal balance. There is no appraisal, and credit history is not usually a critical factor. The purpose of the streamline is to rewrite the terms of a loan to reduce the interest rate to the prime rate and/or lengthen the term of the loan. Streamlines will vary in cost, and guidelines may vary among different types of mortgages such as VA, FHA and Conventional. The benefit is to reduce the mortgage payment or absorb the amount of arrears to bring a loan current. 8. Second Mortgage Although a second mortgage may help you reinstate the first mortgage but it is not always be the best solution. Most homeowners become overextended with a second mortgage and use the available equity to consolidate other debts and then reuse or open other liners of credit thus ending up right back in debt. 9. Recast/Modification or Capitalization Recasting is simply placing the arrears at the end of the loan and continuing with the regular monthly payments until the principal balance is paid in full. It is rarely done without also modifying the loan. Modifying the loan means making possible changes to the interest rate or making some other change to the loan. It is less expensive than a streamline refinance and the existing loan is not paid in full. To qualify for this solution, your hardship would have to be over. It is particularly helpful when your net income is less than it was before the default. 10. Extension This option is not one in which the mortgage lender is necessarily involved. It is an option for homeowners who have auto loans. As a resource for freeing up monies to bring mortgage loans current, it may be possible to defer your auto loan payments for up to three months. You will need to contact your auto lender to inquire. Keep in mind that not all companies will offer this option. 11. Partial or Advance Claim This option is available for FHA loans, and conventional loans with mortgage insurance. If the hardship is over, but it is not possible to pay the arrears, the insurance company will consider paying the arrears for the borrower. If the loan is an FHA loan, a lien will be placed against the property and payback will be required when the first mortgage has been paid in full, or you leave or sell your property. There will be no interest attached to this loan. However, if the loan should default at a later date, the amount paid will be subtracted from the amount required to make the lender whole. The loan must be at least four months, but no more than twelve months delinquent, not in foreclosure, and you must be able to make full mortgage payments. If you have an insured conventional loan, the insurance company will usually request a payback arrangement immediately and charge zero to three-percent interest. 12. Refunding This option is for VA loans only. As a last resort, VA will buy back the loan from the lender, modify the terms of the loan either temporarily or permanently to allow the borrower to stay in the home. 13. Bankruptcy Chapter 13 Bankruptcy is a legal process that may slow or prevent foreclosure. Chapter 13 is a personal financial reorganization under which consumers pay back their creditors, including mortgage arrears, under the supervision of a court appointed trustee. Usually a homeowner can pay back the arrears over 36 to 60 months. A lender may ask the court for a lift of stay, meaning that the mortgage may not be included in the bankruptcy, and if granted, the lender can then pursue foreclosure. To File Chapter 7 bankruptcy is for unsecured debt only and will only stall a foreclosure thirty to sixty days. It liquidates most other unsecured debt, possibly providing enough financial relief to continue making mortgage payments. If you want to remain in your home, consider recording a Homestead Declaration. Depending on your age, and the way in which title is held, this can protect between $50,000 to $125,000 of equity for up to six months after the sale of your home to invest in another primary residence before a judgement lien must be paid. Even if you do not currently have equity in your home, it is still wise to do this. As you pay down your mortgage and the economy improves, your equity will increase. The following workout solutions are for homeowners who want to avoid foreclosure but will have to vacate the home: 14. Sale of the Home You may want to consider selling if there is equity in the property. The selling price must cover the arrears, the mortgage balance, agents fee and settlement fees, second mortgage, if any, and other liens that may be of record. Upon notification, lender may hold off foreclosure proceedings. 15. Short Sale of the Home This process allows a homeowner to sell a property for an amount less than what is owed to avoid foreclosure and preserve their credit rating. The lender approves the sale based on a hardship. Be aware that the difference between the selling price and amount owed may be subject to income taxes. This must be an "arms length transaction," meaning you cannot sell to a relative or close friend. FHA has set guidelines for short sales that have become the standard for all loan types. Generally, the requirements are: • You must occupy the home; • You must be at least three months in arrears; • You have a documented hardship. • The term "short sale" is used for conventional loans. If your loan is FHA, it is called a Pre-Foreclosure Sale, and if you have a VA loan, it is called a Compromise Sale. 16. Deed-in-Lieu of Foreclosure If a sale is not possible, the deed may transfer to the lender in exchange for the cancellation of mortgage debt. HUD pays some costs involved for FHA borrowers, and credits them with $500.00. Using this option can possibly avoid some of the negative credit connotations associated with foreclosure. This should not be done if you have equity, as it will be forfeited. The borrower may request this, but the deed-in-lieu must ultimately be accepted by the lender and must be the result of an unavoidable hardship. It will not usually be accepted unless a good attempt at selling the home has proven unsuccessful. 17. Assumptions The Deed of Trust will indicate if a loan is assumable. If not, the lender may make an exception to allow an assumption to avoid foreclosure. An assumption is the transfer of liability on an existing mortgage loan contract from the original borrower to a new owner of the mortgage property, usually requiring qualification by the lender. If the loan is paid by the buyer without lender knowledge, it can be considered taking the loan "subject to" the Deed of Trust and could cause the loan to be accelerated, and reflect adversely on the seller's credit. If the lender is notified and requires buyers to qualify for the loan, a release of liability is usually signed absolving the seller from future credit implication. The benefit to the buyer may be a lower down payment, and the benefit to the seller can be an increase of potential buyers. More Info? email to info@financialreliefsolutions.com CALL NOW FOR YOUR FREE CONSULTATION (877) 717-6759
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