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jonny · 10-31-2007, 02:09 PM

I am falling behind on my payments and my ARM is going up next month. I read that I can call the loss mitigator of my mortgage company and try to work things out. What are some things that I should ask or say to them?<br />

200pips · 10-31-2007, 02:09 PM

It just so happens that I am a loss mitigation specialist. My company is in the business of saving the houses of people such as yourself.

What we do is take an application to even see if you qualify for loss mitigation (most do but a few don't). Once your application has been approved we move on and our team of loss mitigation specialists goes to bat for you and gets the very best possible work out they can for you.

Please go to the web site below.

brendi · 10-31-2007, 02:09 PM

Explain your situation as clearly as possible. Ask if they would be willing to do a Rate Modification Agreement which would change the terms of your original Note to something more affordable for you. Or ask if they have a program that you could refinance into. If these options are not available see if they would do a Forebearance Agreement which would allow you time to catch up.

Here is a HUD website that has some good advice on avoiding foreclosure.

http://www.hud.gov/foreclosure/index.cfm

Best of luck to you.

50cents · 10-31-2007, 02:09 PM

Ask them to keep your interest and payments low for an extended period so you can catch up and and not foreclose (They really don't want your property!)

Ask them to remove and/or credit all late charges, otherwise you will never catch up.

Tell them you are in the midst of a financial crises and tell them that you have a plan to get everything back on track, and do it!

tell them you just need X amount of time to get things rolling--don't underestimate!

tell them why you can't keep up--don't worry they know about everything--they do this day in and day out.

Also, check out the FHA's website --there is a brand new program for re-financing for people in exactly your spot! Just started a short while ago. You can find which lenders in your area are participating--you must use one of these lenders and tell them the program you want.

BEST of LUCK!

taxfilez · 10-31-2007, 02:09 PM

You are very smart to talk to your lender, unfortunately the majority of people in your situation never do because they are afraid or uneducated.

First you need to assess whether or not you have a short term or a long term problem. Short term involves a setback for a variety of reasons and you need 3-6 months to get back on your feet. Ask them for options then listen carefully. When you do not understand, ask for clarification. Some of the options might include,
1. Forbearance and Repayment
This is the most common resolution to a loan default. The homeowner and the lender work out a plan which allows you to repay part of your delinquency in addition to your regular monthly payment. The lender also might suspend payments for a period of time as long as you can show how you will be able to repay them in the very near future.

2.Reamortization
This option is viable for a homeowner with short term circumstances. The lender reamortizes or adds the delinquent payments to the end of the loan in order to bring the payments current. This strategy could increase the actual payment amount. However, if the lender also extends the length of the loan, payments could remain the same or decline.

If your situation is a longer term one your options is a short sale to avoid foreclosure.
Regardless of what alternative you choose, consult a tax professional prior to making a final decision, as there are consequences to your credit and tax profile with some of the choices.
Good luck!

Elmebrigge · 11-15-2011, 04:21 AM

I think everyone wants to mitigate loss sustained during a business or investment activity. In order to avoid being bankrupt, you should never take loan and if you have run out options to manage finance and you are forced to take loan then negotiate until you get the lowest possible loan. Follow the terms and condition strict and plan for the repayment before you take loan. And if you think you will unable to make repayment in time then don't take loan at all and try other options.

10-31-2007, 02:09 PM	#1
jonny Greenhorn Join Date: Jul 2006 Posts: 17 Rep Power: 0	Loss Mitigator Question? I am falling behind on my payments and my ARM is going up next month. I read that I can call the loss mitigator of my mortgage company and try to work things out. What are some things that I should ask or say to them?<br />

10-31-2007, 02:09 PM	#2
200pips Piggy Bank Join Date: Jul 2006 Posts: 54 Rep Power: 6	Loss Mitigator Question? It just so happens that I am a loss mitigation specialist. My company is in the business of saving the houses of people such as yourself. What we do is take an application to even see if you qualify for loss mitigation (most do but a few don't). Once your application has been approved we move on and our team of loss mitigation specialists goes to bat for you and gets the very best possible work out they can for you. Please go to the web site below.

10-31-2007, 02:09 PM	#3
brendi Greenhorn Join Date: Jul 2006 Posts: 11 Rep Power: 0	Loss Mitigator Question? Explain your situation as clearly as possible. Ask if they would be willing to do a Rate Modification Agreement which would change the terms of your original Note to something more affordable for you. Or ask if they have a program that you could refinance into. If these options are not available see if they would do a Forebearance Agreement which would allow you time to catch up. Here is a HUD website that has some good advice on avoiding foreclosure. http://www.hud.gov/foreclosure/index.cfm Best of luck to you.

10-31-2007, 02:09 PM	#4
50cents Greenhorn Join Date: Jul 2006 Posts: 16 Rep Power: 0	Loss Mitigator Question? Ask them to keep your interest and payments low for an extended period so you can catch up and and not foreclose (They really don't want your property!) Ask them to remove and/or credit all late charges, otherwise you will never catch up. Tell them you are in the midst of a financial crises and tell them that you have a plan to get everything back on track, and do it! tell them you just need X amount of time to get things rolling--don't underestimate! tell them why you can't keep up--don't worry they know about everything--they do this day in and day out. Also, check out the FHA's website --there is a brand new program for re-financing for people in exactly your spot! Just started a short while ago. You can find which lenders in your area are participating--you must use one of these lenders and tell them the program you want. BEST of LUCK!

10-31-2007, 02:09 PM	#5
taxfilez Greenhorn Join Date: Jul 2006 Posts: 28 Rep Power: 6	Loss Mitigator Question? You are very smart to talk to your lender, unfortunately the majority of people in your situation never do because they are afraid or uneducated. First you need to assess whether or not you have a short term or a long term problem. Short term involves a setback for a variety of reasons and you need 3-6 months to get back on your feet. Ask them for options then listen carefully. When you do not understand, ask for clarification. Some of the options might include, 1. Forbearance and Repayment This is the most common resolution to a loan default. The homeowner and the lender work out a plan which allows you to repay part of your delinquency in addition to your regular monthly payment. The lender also might suspend payments for a period of time as long as you can show how you will be able to repay them in the very near future. 2.Reamortization This option is viable for a homeowner with short term circumstances. The lender reamortizes or adds the delinquent payments to the end of the loan in order to bring the payments current. This strategy could increase the actual payment amount. However, if the lender also extends the length of the loan, payments could remain the same or decline. If your situation is a longer term one your options is a short sale to avoid foreclosure. Regardless of what alternative you choose, consult a tax professional prior to making a final decision, as there are consequences to your credit and tax profile with some of the choices. Good luck!

11-15-2011, 04:21 AM	#6
Elmebrigge Greenhorn Join Date: Nov 2011 Age: 26 Posts: 9 Rep Power: 0	I think everyone wants to mitigate loss sustained during a business or investment activity. In order to avoid being bankrupt, you should never take loan and if you have run out options to manage finance and you are forced to take loan then negotiate until you get the lowest possible loan. Follow the terms and condition strict and plan for the repayment before you take loan. And if you think you will unable to make repayment in time then don't take loan at all and try other options. __________________ Chicago personal trainer

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