WE HAVE SEVERAL REFERRAL PARTNERS THAT WE CAN PUT YOU IN TOUCH WITH TO HELP YOU DISCUSS YOUR OPTIONS AND SITUATION:

LOAN MODIFICATION

 
VA LOAN MODIFICATION/REFUNDING

(VA loans only.)
A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your 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. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.  Click here if you have a VA loan and want to talk to a mortgage advocate about participating in this program.

   
DEED-IN-LIEU OF FORECLOSURE

(In general this is considered an option of last resort.)
If you have incurred a long term financial hardship and your 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 your 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 your 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 Sale program before a deed-in-lieu of foreclosure is accepted. Click here if you want to talk to a mortgage advocate about participating in this program.

 
SPECIAL FORBEARANCE
(FHA loans only) (Type I & II)
If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, a 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. Click here if you want to talk to a mortgage advocate about participating in this program.  

PARTIAL CLAIM 
(FHA mortgages only) (Some Freddie Mac Investor loans)
A loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if your loan is 120 to 365 days past due. A partial claim results in placing your 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. Click here if you want to talk to a mortgage advocate about participating in this program.

PLEASE FILL IN THE FORM BELOW IF YOU HAVE GENERAL QUESTIONS REGARDING LOAN MODIFICATIONS OR SHORT SALE/REFINANCE

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