Loss Mitigation Group |
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Loss mitigation is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, or a partial claim loan or other loan work-out. All of the options serve the same purpose, to stabilize the risk of loss the lender (investor) is in danger of realizing. The different options are available to homeowners to try getting the homeowner to "perform" (pay timely) and cure the potential loss the lender/investor projects incurring through the foreclosure process and auction sale of the property.
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| Owner : Bettie Lewis |
| 35 Member(s) 2 Topic(s)
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| Do You Really Need a Bank to Get a Mortgage?
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You may have had financial trouble in the past. You may even have go so far as to claim bankruptcy. All your friends are probably telling you that done. You have screwed yourself from ever getting another loan to buy anything, let alone a house, for years to come. Do not listen to these people. You can still get that house you want. It may take more effort and more time, but you can get it.
Of course lenders want people that have that unblemished credit report. It is less risk for them. But, they are in the business of lending money for mortgages. If you are persuasive enough, you can get the loan. Tell the lender what happened that put you in the bad financial position you were in. You may have gone through a divorce and got the short end of the stick. There may have been economical conditions beyond your control that got you in trouble. You may have had a immense pile of medical bills that had to be paid.
You also may think hat other kinds of problems will keep you from getting that coveted mortgage. Self employed, not being at your present employment for more than two years, only having a part time job are all excuses you can tell yourself. Tell yourself you can do it. There are all kinds of loans. There are mortgage companies that specialize in loans for people that do not have a perfect credit score. Ask around, ask your Friends, ask someone you know that had poor to bad credit that got a mortgage. Ask them how they did it, who they got it through and what it took.
Another route you may want to take is owner financing. If you really can't get a mortgage from all the programs out there, this could be the way to go. Find a property that is owned by someone that is willing to sell. See if you can negotiate with them. Let the property owner hold the mortgage. You pay the mortgage payment directly to them. The owner of the property can "lend" money to whom ever they want. The return on their loan will be much better that what they can get from the banks measly half a percent interest rate. They can get upwards of five or six percent from you.
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| Posted By : Bettie Lewis |
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0 Discussion(s) |
2010 Feb 01 11:47:22 AM |
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| Mortgage Support - Getting the Help You Need
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If you are struggling with your mortgage, you can start to regain control by writing a monthly budget. This is an invaluable tool in helping you to understand how you are spending your money, how much money you owe and who you owe it to. Whilst this can be unnerving, it will help for when you approach any third parties for help and advice. As well as collating your monthly outgoings, you should also consider if there are any other ways that you could improve your situation. For example:
• Could you get a lower mortgage payment -perhaps by extending the term, taking a payment holiday or negotiating a lower rate?
• Are you entitled to benefits that you aren't currently claiming?
• Do you have Mortgage Payment Protection Insurance that you could claim on?
As well as any mortgage arrears, you should also establish if you are behind on any other loans, particularly those secured against your home. Once you have a clear idea about your debts and outgoings, you may find it helpful to seek independent mortgage advice from the following organisations:
• The Citizen's Advice Bureau offers legal, financial and benefit advice, free of charge to everyone. There are bureaus in most towns and every London borough.
• Shelter is a national charity that helps people facing housing difficulties. Their advice is free, as is their advice line.
• The National Debt helpline also offers free advice if you are worried about your debts. |
| Posted By : Bettie Lewis |
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0 Discussion(s) |
2010 Feb 01 11:46:35 AM |
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