Posted: Mon Apr 02, 2007 9:42 am Post subject: LOSS MITIGATION
DUE TO CHANGES IN MY ECONOMIC STATUS DUE TO MY RECENT DIVORCE, I WONT BE ABLE TO CONTINUE TO PAY MY MORTGAGE ON MY PRIMARY RESIDENCY. I HAVE KEPT MY PAYMENTS ON TIME DUE TO MONEY I HAVE BORROW FOR MY EMPLOYERS BUT I CANT CONTINUE DOING SO. MY SON LIVES IN MY SECOND HOME OUT OF THE STATE. HIM AND HIS FAMILY MOVED IN AFTER THEY SOLD THEIR HOUSE TO HELP ME OUT WITH THAT PAYMENT. CAN I FILE FOR A LOSS MITIGATION ON MY PRIMARY HOME.
You should contact the mortgage company as early as possible to discuss a loss mitigation plan which you would be able to continue and would be satisfactory for the company also.
The more you will delay it will be difficult to solve the situation you are in.
There are many loss mitigation options available which can help you avoid foreclosure. Read the following page which describes all the loss mitigation options in detail and approach your lender to know if any of these options can be used.
As you are still current and have not defaulted as yet lender will try to work out a solution to help you out.
I HAVE KEPT MY PAYMENTS ON TIME DUE TO MONEY I HAVE BORROW FOR MY EMPLOYERS BUT I CANT CONTINUE DOING SO.
A solution can always be found, for that tell the lender about the financial crunch you are facing, most lenders are very helpful and would certainly like to help you out. It is good that you have tried to keep the payments current as of now; it shows that you are trying to continue the mortgage.
Posted: Mon Apr 02, 2007 10:51 pm Post subject: RE: Loss mitigation on primary home
Yes Anna, you can file for loss mitigation on your primary home. For that you need to contact the lender or the company's loss mitigation department.
The officials there will help you out with a new payment plan that will be easier for you to follow. Besides, they may suggest other loss mitigation processes.
Posted: Tue Apr 03, 2007 9:42 pm Post subject: Loss Mitigation
Get familiar with Loss Mitigation process and possible options.
Yes, of course you can do LM on your home. You should, as long as you can afford your regular monthly mortgage payments.
There is a important detail. Many mortgage companies have no loss mitigation departments ( people who are willing to negotiate with you ).They have personel who lives from commission. It means, they ask you about everything penny. I do not think you can read anywhere how to go around this issue.
I will be glad to tell you more.
Anna, let me tell you one more thing, if the company does not co-operate in setting up a loss mitigation plan you can contact one of foreclosure prevention counseling agencies.
Such an agency will contact your lender on your behalf and try to develop a loss mitigation plan by which you will be able to continue the mortgage payments.
do you think its worth going to foreclosure help companies? I am thinking of approaching one as i am not able to pay since the past 5 monts and lender is likely to foreclose? pls advice
Miranda, first thing to do would be to contact your bank and discuss your problem with them. Most will try to work out a plan if you have a reasonable cause because of which you are not able to male the payments.
But if they do not respond positively or are not interested to know what problem you are facing then approaching any foreclosure prevention counseling agency can be useful.
miller_st
