Mortgage Company Loss Mitigation Department Tips

If you find yourself in trouble with your Mortgage, you need to know how to approach and deal with your Mortgage company. You might not want to tell them that you've lost your job or for whatever reason cannot pay your mortgage payment, but delaying or hiding troubles will only make things much worse. With so many other folks in trouble, you are not the only person to call the Loss Mitigation department of your lender, but you can be on their good side by contacting them early and keeping a few things in mind. Read More...

Mortgage Loan Modification Request Template

If you've com into a hardship and are in danger of losing your Mortgage through Forclosure, a Loan Modification could help you get back on track. For this process to work, you need to prove a Hardship (losing your job, health problem, etc.) has caused the problem and that the problem is resolved now (at least partially). You will need a good Hardship Letter to send your Mortgage company. Read More...

Mortgage Credit Insurance is Not Required

When obtaining a Mortgage Loan, you may be asked is you want Insurance which covers your Mortgage if you die or cannot make payments due to Health concerns. This sounds like a good idea at first, but you should shop around before saying yes. This same type of Insurance is available from other providers at substantial savings. Read more...

4 Effective Mortgage Foreclosure Delay Tactics

When you cannot make the House Payment anymore, the Mortgage company will begin the Foreclosure process to collect on the debt. There are ways of fighting Foreclosure, but many homeowners don't know how because they have never been involved in a Foreclosure before. If you can get even a few months extra time in your home, you can try to re-finance, work out a Loan Modification with your Lender, or improve your financial standing so you can make your payments again. Read more...

Mortgage Fraud Schemes could make you a victim

Whether you are in a Mortgage Foreclosure or in good financial standing, there are crooks out there ready to take your money. The most common targets for Mortgage Fraud are those who have trouble speaking English, folks who wish to improve their property, and those in Mortgage Foreclosure. This is not to say everyone is a crook, but you need to know what to watch out for to protect yourself. Read more...

Tips for fighting Mortgage Foreclosure guaranteed by HUD or FHA

If you haven't paid your Mortgage payment for the last month or two, you might have a way to fight the bank and win! With so many foreclosures happening, many FHA and HUD mortgages are slipping through the loophole. They are required to have a face to face meeting with the homeowner BEFORE filing the foreclosure lawsuit. If they do not, you might be able to fight back with a simple loophole in the FHA HUD foreclosure process. For some case studies and other requirements the lenders must follow, continue reading...

Mortgage companies have Loss Mitigation departments to help homeowners

Mortgage companies specialize in collecting mortgage payments. They do not like to Foreclose on properties because it is very expensive for them and also they will have to sell the property. If you are a little behind on payments, the loss mitigation department will work with you to get you back on track through either a Reinstatement plan (a lump payment to get current again), or a Repayment plan (get caught up over a few months through larger payments). If you cannot get caught up on payments due to lower wages, they can assist you with either a Loan Modification or a Short Sale.

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