Loss Mitigation

In today's real estate market, it is important to know that there are alternatives to foreclosure. We specialize in assisting our clients with these alternatives as well as providing them with comprehensive legal advice throughout the process. We view the alternatives to foreclosure in two categories: 1. Alternatives to consider if our client can afford to keep his or her home; and 2. Alternatives to consider if our client cannot afford to keep his or her home.

1. If our client can afford to keep his or her home, we can assist with the following:
   
   • Negotiate an increase in monthly payments so that our client may bring any overdue amount due on their mortgage current. The increase would remain until such time as the overdue amount is paid in full.
   • Negotiate a forbearance with our client's lender whereby the lender would agree in writing to reduce or suspend monthly payments for a specific period of time.
2. Negotiate a modification of our client's loan to avoid the potential of a future delinquency. This could include adding missed payments to the loan balance, changing the rate or extending the loan repayment term.
   If our client cannot afford to keep his or her home, we can assist with the following:
   
   • If our client's mortgage is assumable, negotiate a sale to a Buyer who can assume the mortgage.
   • Negotiate a pre-foreclosure short sale of the property whereby our client's lender would agree to accept the proceeds of the sale even if it is less than the amount owed on the mortgage.
   • If no other alternatives exist, negotiate a deed in lieu of foreclosure whereby our client would voluntarily give the deed to the property to the servicer.
   • If our client's loan is insured, it may be possible to negotiate a one time interest free loan from the mortgage guarantor to bring the loan current. A client may qualify for an FHA partial claim if the loan is between 4 and 12 months delinquent and you are able to begin making mortgage payments again.
     

   In short, we are qualified and experienced in handling all of our clients' loss mitigation matters in both a professional and personal manner. Please contact us for a free consultation by calling us at 305-375-9510 or emailing us at info@universaltitleco.com.
   
   Please downloadour informative memorandum on short sales
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