|
|
|
||||||||||
| What is a Pre-Foreclosure Workout Program and how does it work? A "Pre-Foreclosure Workout Program" is a process a homeowner can undertake to avoid foreclosure, eviction and the resulting damage to their credit by acting prior to foreclosure. Using the services of the our Workout Specialists, a Pre-Foreclosure Workout Program involves working with the homeowner's lender(s) to achieve a negotiated solution that is best for the homeowner's situation and satisfactory to their lender(s). The most common Pre-Foreclosure Workouts that we handle and that lenders are open to include "short sales", negotiated repayment plans, and loan modifications. What steps are involved in a Pre-Foreclosure Workout Program with our Workout Specialists? After we review your file and verify the information you have provided, we will contact your lender on your behalf to initiate a workout. From that point on, we will manage all the details! On average, a decision regarding your Pre-Foreclosure Workout Program will take 3 to 6 weeks from the time we submit your application to the lender(s). Does a Pre-Foreclosure Workout Program always work? Unfortunately, a Pre-Foreclosure Workout Program is not a "sure thing" that can be guaranteed by anyone. Each workout is dependent on a variety of circumstances and must be individually negotiated with the lender(s) involved. The final approval for any workout lies with the lender. In this regard, we have the experience of hundreds of successful workouts to draw upon when negotiating with lenders and we only accept cases we feel have a good chance of being approved due to a compelling hardship. What type of "compelling hardships" qualify a homeowner for a Pre-Foreclosure Workout Program with their lenders? The standards that lenders apply vary. In addition, since different staff will handle differentcases, even very similar hardship claims may be treated differently by the same lending institution. It has been our experience, that lenders recognize as warranting a Pre-Foreclosure Workout includes divorce, loss of income, unemployment, or medical expenses. Other successful hardship workouts have been based on forced relocation, severe indebtedness, or a large financial loss. Overall, what all of these hardships have in common is that the lender sees that the homeowner cannot maintain their mortgage payments and does not have the money to "bring to the table" to sell their home or catch up the loan. Can a homeowner pursue a workout program with their lender on their own? Yes, a homeowner can attempt to coordinate a short sale, repayment plan, or loan modification on his or her own. However, much like doing your own taxes or representing yourself in a court of law, the average homeowner may not have the proper objectivity, expertise, or negotiation savvy to propose a successful workout package to their lender. Additionally, most homeowners become intimidated by trying to find the right person to talk to within their lender's organization and by attempting to work with more than one lender at the same time (when a second mortgage or other lien holder is present). Most homeowners would definitely benefit from expert assistance to achieve optimal results. What are the advantages of working with us? We strive to give the homeowner the information they need to choose the workout program that is best for them as opposed to a one-size-fits-all solution. We have 4 years of collective experience and hundreds of successful workout programs. This unparalleled know how ensures your workout file will receive the best handling possible. |
 PRESTIGE MORTGAGE SERVICES |
|
. |