Loss Mitigation: Loan Modification This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to lender's approval.
Loss Mitigation: 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. We have done VA loans that resulted 27-month repayment plans.
Shortsale: Short Payoff If you have suffered a long term financial hardship and are unable to maintain the loan or if you needs to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff. A qualified buyer is required in order for your lender to agree to these terms.
Leaseback: Leaseback Program A leaseback is possible when you have at least 30% equity in your property. The property is purchased by independent investor and than leased back to you, the homeowner, for 1 or 2 year terms. You continue to make payments to the investor and can buy your home back at any time before the expiration period at a premium of 10% of investment cost.
Property Sale: Investor Network Submission A property can be submitted to our Investor Network and can be sold prior to foreclosure. Our Investor Networks requires that the homeowner has at least 30% equity in their home in order to proceed and list the home. An Investor Network is a pool of investors who will be contacted about this home. When an investor purchases the property the homeowner may have an opportunity to cash-out some equity.
Hard Money Lending: High Risk Lending In some cases if you have at least 30% equity in the property, you can borrow against the equity and payoff the back-debt. Hard money is provided by 3rd party investors at a high interest rate and usually these loans are used for short-term purposes which include bridge or pipe lending.
