Foreclosures Help Information

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Mortgage Foreclosure Faq

Mortgage loss mitigation leads are most efficient tools that can turn the tides of battle between homeowners and the dreaded foreclosure favorable to the former. Mortgage mitigation leads can be said to be the guardian angels of households as their primary purpose is keeping the homeowner and the home together. However, mortgage mitigation leads should not be dealt with haste and time should be taken to understand them more, because there is no room for ignorance when combating foreclosure.

Mortgage loss mitigation is the act of saving ones home or if such proves to be unachievable, mitigates the losses the homeowner will suffer. Caution should be taken when partnering with companies that claim to offer loss mitigation help because the less you understand about mortgage loss mitigation, the more likely you will fall prey to these predators that seek only to deprive you of your money.

Given below are some facts about mortgage loss mitigation as provided by the federal government to help enlighten homeowners about things they should and have to know.

Assumptions
Assumption of an FHA-insured mortgage is a servicing function where the responsibility or paying for a mortgage is taken over by another person through simple assumption or creditworthiness assumption.

Claims
The vehicle utilized for payment of insurance proceeds from HUD to a Mortgagee is the Insurance Benefit Claim form HUD- 27011. This form is utilized for all submissions of claims for Conveyance of Property and Loss Mitigation Option incentives.

Deed-in-Lieu
A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments. DIL Fact Sheet

Extension of Time
To comply with required time frames, an Extension of Time may be granted for a mortgagee to initiate or complete a Loss Mitigation (except Pre-foreclosure Sales) and/or foreclosure action. A mortgagee is required to submit to NSC-Oklahoma City, form HUD-50012, Request for Extension of Time, prior to the expiration of the respective time frame to Fax Number (405) 609-8405.

FHA Connection
FHA Connection (FHAC) is a portal used by mortgagees to report on and update the status of their FHA portfolio. In addition, the FHAC facilitates the following Single Family Servicing functions: Claims Processing, Delinquent Loans, HECM Reports, Monthly Premiums, Mortgage Record Changes, Mortgage Calculator, Mortgage Servicing Data Quality system and Lender Query by Case Number. FHAC FAQs.

Foreclosure
Foreclosure should only be considered as a last resort and should not be initiated until all relief options have been exhausted. When foreclosure cannot be avoided, it must be started quickly and prosecuted vigorously to minimize losses to both the mortgagee and HUD.

General Loss Mitigation
This category includes all Loss Mitigation questions that are not specific to one of the five Loss Mitigation Options.

General Servicing
This category includes all General Servicing items stated within HUD Handbook 4330.1 REV-5, Administration of Insured Home Mortgages.

Loan Modification
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Loan Modification Fact Sheet

Partial Claim
Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or "Partial Claim" notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property. Partial Claim Fact Sheet

Pre-foreclosure Sale
The Pre-foreclosure Sale (PFS) Program allows the mortgagor in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed. Pre-foreclosure Sale Fact Sheet

Pre-foreclosure Sale Variance
A mortgagee is required to submit to NSC - Oklahoma City, form HUD-90041, Request for Variance Procedure, to request permission from HUD regarding any Pre-foreclosure Sale Program exception as well as to request an Extension of Time pertaining to the Pre-foreclosure Sale Program. Variances are considered on a case-by-case basis. Requests are to be faxed to (405) 609-8405.

Single Family Default Monitoring System
Data reported to the Single Family Default Monitoring System (SFDMS) is used to measure the effectiveness of origination and servicing activities, and the potential risk to the insurance fund. For additional information, please see www.hud.gov/offices/hsg/sfh/nsc/sfdms.cfm

Special Forbearance
A Special Forbearance (SFB) is a written repayment agreement between a mortgagee and a mortgagor, which contains a plan to reinstate an asset that is minimum three mortgage payments due and unpaid. Special Forbearance Fact Sheet

Variance
On company letterhead, mortgagees are required to submit to NSC-Oklahoma City any request requiring a variance associated with Special Forbearance, Loan Modification, Partial Claim or Deed-in-Lieu of Foreclosure eligibility criteria or servicing guidelines. Variances are considered on a case-by-case basis. Requests are to be faxed to (405) 609-8405.

For more clarification regarding terms about mortgage loss mitigation or for high quality mortgage loss mitigation leads please take time to visit CallComLeads

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Source - Mortgage Loss Mitigation Leads Factsheet

How can I buy a property that has been foreclosed on?

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Foreclosure Help

Question: How bad is a foreclosure on your credit and how can I best avoid it?

I am not in foreclosure yet, but I recently lost my position and we have very little savings so I don't know that I will be able to save my house. We just got into our home in July and then my company lost a major account and I was out of work. I am doing sales now, but that is commission based and slow to pay. I have no equity in my home per se, and i live in California. I guess I'm wondering with the market the way it is, it might be better to walk away and try again in a few years.

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Answer: Sell ...it's the only chance you have....otherwise your credit would be destroyed for a long time....you wouldn't be able to even rent in a good place.....you would end up in a crimeridden roach infested motel somewhere.

Good luck.

Foreclosure Help Runaround

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Find Foreclosures In Your Neighborhood

Question: If you can't sell your house for what you owe; What do you do?

I want to sell my house but there are too many foreclosures in the neighborhood bringing values down. If I wait for the market to turn I won't be able to afford the house that will accomadate my family??????

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Answer: Short sell it--Try to convince the mortgage company that they may need to take less than the mortgage note, due to the fact that home values have plummetted and they may never get all their money back, they may take most.

More likely scenario--You sell it for what you can, and you get a loan to pay for the difference from a Credit Union, or S&L...

http://www.foreclosures-expert.com

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