Meaning of first payment default?

sujanadev · Joined: 10 Sep 2008 Posts: 2 1.58 Dollars($)

Significance of First payment default

sujanadev · Joined: 10 Sep 2008 Posts: 2 1.58 Dollars($)

what is loss mitigation?

helping_user · Posted: Thu Sep 11, 2008 4:14 am Post subject: loss mitigation options

Welcome Sujanadev.

Have you missed the first payment? did you have financial problems? it's best to discuss your situation with the lender asap. The lender is the right person to be consulted at this moment. The loss mitigation department of the lender's company will help you decide upon the right option so that you can repay the debt. Now, loss mitigation is a process which helps you to avoid foreclosure on your home.

There are options such as short sale, deed in lieu when you don't want to keep the home. And in case, you'd like to retain the home, there are options like forbearance and loan modification to help you get current on the loan or change it's terms and conditions so that you can continue paying off the mortgage.

To know more about loss mitigation options, refer to the information available on this topic.

Thanks.

vegas_storms · Joined: 12 Sep 2008 Posts: 50 1.24 Dollars($)

First payment default is when a lender calls your loan due after you have missed a payment. Default meaning you have not lived up to the conditions of the loan and the lender may/is calling the loan due.

Check your actual loan documents to see the wording for your particular loan as frist payment default is usally reserved for poor credit car loans and such.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Loss mitigation is the department that will work out a solution for you to bring your payments current. They would rather work with you than file foreclosure. And yes, it looks worse when you don't make you first payment so if you want to keep this home, I would call the loss mitigation department and see what they can do for you.

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