How do you stop foreclosure and stay in your house? This is a question millions of homeowners are asking themselves right now.
Did you, or someone you know, already get that nasty notice from your mortgage company telling you to "Pay or Get Out?" If you have received an NOD, or Notice of Default, the clock is now ticking toward a foreclosure sale date. What to do?
One sure way to stop foreclosure now
You need to contact your mortgage company immediately and see if you qualify for Loss Mitigation. This is a procedure that is an alternative to foreclosure that can be less expensive than a foreclosure sale for your lender and a way to keep your house and workout a payment plan or modification of your loan with your lender.
Your mortgage company has a Loss Mitigation department that handles this request. It is a different department from the Collections department. The Collections department will not help you and they will not volunteer information about this alternative to help stop foreclosure on your house.
How to request a Loss Mitigation
You have two options to choose from if you want to stop your foreclosure through Loss Mitigation:
1. Do it yourself
You can make the request with the Loss Mitigation department. You will need to negotiate with your mortgage company. This process begins with the initial phone call you must make to see who to talk to; followed by preparing the package you need to send to the Loss Mitigation department to see if you qualify; then calling the Loss Mitigation department to confirm they received your package and finalizing any negotiations to get them agree to stop the foreclosure and workout a plan you both can live with.
2. Hire a Loss Mitigation specialist
You can also hire a specialist to represent you with your Loss Mitigation request. Many specialists advertise this service on the internet and newspapers.
Hiring a specialist will cost you, on average, $1,500. You typically will have to pay this upfront. Sometimes the fee can be less; sometimes more. A Loss Mitigation service cannot guarantee that your lender will accept your Loss Mitigation offer. What a competent Loss Mitigation specialist will do is help you prepare a package the right way, in a timely manner, to persuade your mortgage company to say, "Yes!"
Always ask for references. There is no licensing requirement to perform this service. Don't be victimized by scam or con artists, who will just take your money and disappear. Ask the loss mitigation specialist for references from past clients. A legitimate specialist will not hesitate to provide you with references.
How To Do It Yourself Guide Available
If you think hiring a Loss Mitigation specialist is too expensive, yet you don't have a clue about how to put together a package the right way, there is an alternative, namely, get the help of a Virtual Loss Mitigation Expert without having to spend hundreds of dollars to hire a specialist. I discovered an excellent Stop Foreclosure Resource that recommends a How-To-Do-It-Yourself Loss Mitigation guide that will teach you step-by-step how to do exactly what the professionals do - for a fraction of the cost. |
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