Foreclosure Help & Mortgage Resolution

Guaranteed Loan Help

Working with a professional such as GUARANTEED LOAN HELP.COM who understands how to get you the best possible workout is always your best choice. We can assess your financial situation and help you determine your best strategy. Some lenders are extremely hard to deal with.
GUARANTEED LOAN HELP.COM knows how to handle lenders.
Following are some Foreclosure Resolution Strategies:
 Total Reinstatement
 Repayment Plan
 Forbearance Plan
 Loan Modification
 Partial Claim Program
 Refinance
 Shortsale/Preforeclosure Sale
 Bankruptcy


Total Reinstatement
This process involves totally bringing your loan current in one payment. You will be required to provide a certified check in an amount, which will include all past due payments, late charges and any fees and costs, which have been assessed to your account.
Repayment Plan
This process involves making up the amount past due over a period of months by paying a full payment plus a partial payment on the past due balance each month. You will be required to give your lender a cast contribution equivalent to 40-50% of your total arrears (total of late payments, bank fees and attorneys fees). Coming up with such a lump sum is quite difficult for homeowners who just faced a hardship. That is when working with Foreclosure Solutions USA can be very beneficial. We are able to give you some time to come up with some money to offer your lender.
The keys to getting into one of these plans are: Your hardship
A financial statement that qualifies (Foreclosure Solutions USA can assist you with this statement to help you fill it out properly.)
Forbearance Plan
This process involves the reduction or suspension of payments for a period of time followed by a period of time during which the deferred payments are made up, similar to the repayment plan.
Loan Modification
This process involves the change of the original terms of the mortgage through one or a combination of the following methods:
 Delinquent interest amount to the current unpaid balance, and/or
 An extension of the term of the mortgage.
A loan modification requires the prior approval of the loan company or investor. A modification fee will be charged. A cash contribution toward compliance with any additional requirements of the lender and/or investor.
Partial Claim Program
Certain loans qualify for this program, in which the homeowner is required to give a cash contribution equivalent to 40-50% of total arrears, and the remainder of arrears is loaned to the homeowner interest free. The homeowner will have the remaining term of the mortgage to pay off this loan in full.
Refinance
This is another one of the more heavily marketed solutions. The main barrier that most people run into with refinancing is not having enough equity to obtain a "sub prime" or "bruised credit" loan. This is the type of loan that you will most likely need to refinance into due to your foreclosure situation.
Another problem is that mortgage companies have a history of reporting to their borrowers that "everything is fine", when in fact nothing is usually set in stone until the final loan papers are drawn up.
It is generally not recommended to leave your entire fate in the hands of a mortgage company. It is too easy for them to back out in the final hour, leaving you in a very dangerous situation.
In many cases where enough equity exists, refinancing can be a simple solution. This can be done through a new mortgage company, or through a negotiation with the current lender in which they refinance the current mortgage to include the past due amount (the arrears). With this form of financing, new loan documents are drafted.
Be aware that if there are any other mortgages on the property, second mortgage,
home equity loans, etc., these junior lien-holders must agree to remain in their present lien-holder position by entering into a subordination agreement with the primary lender. If there are no other mortgages, the process is much simpler. The homeowner will benefit from this type of refinancing in that the lender will
wrap the past due payments into the new loan. (much like a loan modification)
The biggest barrier that is faced in exercising this option is a lack of equity. A straight refinance usually works only if you have substantial equity in your homes.
Shortsale/Preforeclosure Sale
This strategy can be attempted with great success if you don't have the funds or the ability to keep your home.
A shortsale is when the lender agrees to accept less than the full principle plus arrears as payment in full in exchange for being paid off right away. The most the lender will usually discount is ten to fifteen percent of the full amount owed. The prudent lender will cut their losses, saving money from being spent on additional foreclosure costs and legal fees versus taking the property back and then having to market and sell the property.
This strategy of a shortsale is usually performed through a third party professional and who is also experienced in negotiating shortsales. The lender factors in something that they call the "time-value of money". The experience and expertise of the professionals that you use will have much to do with the success or failure of the technique. Make sure that the people you use specifically have experience successfully negotiating shortsales. We recommend Platinum Property Management to our clients looking for this resolution type. Please call us for any information on how to contact their office.
Bankruptcy
Generally speaking, of the various chapters of Bankruptcy available, the option that provides the most protection to a homeowner who has substantial arrears and is trying to save his/her house is Chapter 13.
Discussing the many details of the differences between Chapter 7 and Chapter 13 is beyond the scope of this information being provided
Bankruptcy is a severe form of financial reorganization since it involves government intervention into your financial affairs as well as publicly blemishes your credit report for several years.
In order to file for bankruptcy, a filing fee must be paid, plus any attorney costs, and an assortment of forms and schedules must be filed with the clerk of the Federal Bankruptcy Court. Both extreme care and honesty must be exercised while filling out these forms and schedules. Mistakes can result in a dismissal of the petition as well as non-discharge of certain debts.
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Most believe that stop foreclosure laws are designed to hurt rather than help them. Not so. The secret is that foreclosure laws have evolved to protect the borrower--not the bad lender. The secret is out! Stop foreclosure and listen closely and understand why I say this. The foreclosure process gives you, the borrower, specific periods of time in which to: bring your loan current by making up the missed payments (known as "reinstatement"), or pay off your loan in its entirety (called "redemption").
If neither of these options is feasible, you will still have time to prevent your property from being sold at a public auction (the stopping foreclosure). GuaranteedLoanHelp.com are experts in solving these problems.
You will get the most benefit out of the foreclosure process if you envision this secret as a "window of opportunity" to resolve your financial problems. During this window of opportunity, you have time to learn about the foreclosure process and implement a strategy to stop the foreclosure. Another basic misconception about foreclosure is that lenders want to foreclose. Nothing could be further from the truth! Lenders are in the business of loaning money--not owning real estate.
They don't want your house back for numerous reasons. Lenders are reluctant to incur the costs of a foreclosure. For example, if your lender is forced to foreclose, it will not only lose your back payments, but it will also incur foreclosure expenses, taxes, insurance, wear and tear while you (or your tenant) live in the property, repair costs to refurbish the property for sale, and a real estate agent's commission once the property is sold. As a result, many lenders will go out of their way to work out a resolution--short of actually foreclosing--if you give them the opportunity.
secret to stopping your foreclosure is communicating with your lender. With the sudden avalanche of foreclosures and defaults, lenders are more eager than ever before to workout a solution rather than foreclosing. Lenders will do almost anything to avoid increasing their overflowing REO inventory of foreclosed properties.
Don't shy away because you've missed payments, divest debt concerned that you will miss some payments in the future, or that your property has already gone into foreclosure. Whether you communicate by telephone, letter, email, fax, or in person, you will have a much easier time stopping (or at the very least, delaying) the foreclosure if you talk to your lender rather than adopting a code of silence. The secret is to negotiate directly with divest debt someone with "authority" at your lender's office. The first step is to determine who your lender actually is. (This is no small feat these days with lenders selling their loans to other lenders like hot potatoes.) If your property has already gone into foreclosure, the first person you will be dealing with will either be the foreclosing trustee, or the attorney for the lender. If it is a avoid foreclosure, you will most likely be contacted by a process server, sent by the lender's attorney. If it is a non-judicial foreclosure, the trustee is responsible for handling the avoid foreclosure process. You will need to contact GuaranteedLoanHelp.com as they are experts in solving these problems.

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