In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.

May a mortgagee perform an interior inspection of the property if they have concerns about property condition?
Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor's continued ability to support the modified mortgage payment.

Can a mortgagee include late charges in the Loan Modification?
Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

When utilizing a Loan Modification option, can a mortgagee capitalize an escrow advance for Homeowner's Association fees?
HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of the FHA-insured mortgage.

Is there a new basis interest rate which mortgagees may assess when completing a Loan Modification?
Yes, Mortgagee Letter 2008-21 states that the new basis interest rate is 200 points above the monthly average yield on U.S. Treasury Securities, adjusted to a constant maturity of 10 years.

Will HUD subordinate a Partial Claim; should a mortgagor subsequently default and qualify for a Loan Modification?
If a mortgagor subsequently defaults and qualifies for a Loan Modification, HUD will subordinate the Partial Claim.

Are mortgagees required to perform an escrow analysis when completing a Loan Modification?
Yes, mortgagees are to perform a retroactive escrow analysis at the time the Loan Modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized.

Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?
It depends upon when the closing date occurred. For assets closed: After July 1, 1991 but before January 1 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect, On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.

Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?
Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

What is foreclosure?
Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.

Do I have enough time to stop foreclosure?
Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.

What can Americas Loss Mitigation Solutions Corp do for me?
If after your FREE Consultation we determine that we can help you, there are several options to get you out of foreclosure and protect your credit history. Loan Modification, Forbearance Agreement, Deed in Lieu and a short sale are some of the techniques we use to save your home. Call us so we can explain each of these to you and determine which apply to your particular situation.

What can loss mitigation do for me?
The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

How does Americas Loss Mitigation Solutions Corp stop foreclosure?
Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lender's loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, we can tailor a resolution to meet your specific criteria and financial circumstance.

How long do I have to act?
Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use.

Several companies contacted me recently offering help. What makes Americas Loss Mitigation Solutions Corp different?
There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected specialists in the industry, whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.

Should I negotiate with the lender myself?
Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate a work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don't waste a lot of time on this. Time is not on your side right now. If you don't have something worked out within 1-2 weeks, then it's obvious that your lender is not serious about working things out with you directly. When you get to that point you will be better served by professional representation that can use the formal business and legal protocols to your advantage. Many times they will lead you to believe they are working out a resolution and then all of a sudden you get a letter from an attorney. By then it may be too late for us to help you. Don't make that mistake.

How long does it take for you to complete the case once we fill out all of the paperwork?
Anywhere from 2 days to a few months. This depends on the stage of foreclosure, the state you live in, your financial position and the lending institution. Typically it takes several weeks to complete a work out agreement and stop/prevent/delay foreclosure proceedings.

How much do you charge to stop foreclosure?
Our fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives. We offer a money back guarantee if we cannot get you a work out agreement with your lender(s) as long as no sale date has been set.

I'm currently in bankruptcy. Can you still help?
Yes. But we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy, we can proceed with the home foreclosure help. Sometimes after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged.

I've already talked with my lender and they just want all their money. Can you still help me?
Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have mitigated thousands of home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.

Should I file for bankruptcy to save my house?
No! That usually doesn't work. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report.
 
Do I need to have a special type of mortgage loan for Americas Loss Mitigation Solutions Corp to help me?
No. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent.
What if I can no longer afford my home? Can Americas Loss Mitigation Solutions Corp still help me?
Yes. If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.

Need More FAQ`s

What is a mortgage modification?
It’s a process whereby a homeowner's mortgage is changed through negotiation, and both the lender and the homeowner are bound by the new terms. These modifications include lowering the interest rate, converting adjustable rate mortgages to fixed rates, increasing the term of the mortgage, forgiveness of payment defaults and bank fees, reducing the principal balance, or any combination of these.

Should I refinance or modify my existing mortgage?
If you are locked into a burdensome mortgage, refinancing is certainly an alternative. However, with the sharp decline in real estate values, it will probably be very difficult to obtain the proper amount of financing to pay off your existing mortgage. Additionally, there are many thousands in closing costs. A mortgage modification avoids these problems. We work with your existing lender to modify the mortgage you already have and negotiate to reduce your interest rate and/or term. Best of all, the cost is surprisingly small.

How can AMERICAS LOSS MITIGATION SOLUTION CORP help me?
In these troubled economic times, homeowners are carrying the heaviest burden. With the huge increases in energy prices, it costs homeowners more than ever before to maintain their homes. Coupled with the nationwide banking crisis, and the steep decline in the value of real estate, the AMERICAS LOSS MITIGATION SOLUTION CORP Mortgage Modification Program will reduce your monthly mortgage payment, thereby freeing up more of your hard earned money to pay your other bills. We make your home affordable again!

Who handles the negotiations with my lender?
AMERICAS LOSS MITIGATION SOLUTION CORP has a team of experienced negotiators, and financial experts who will fight for you. Our team is highly skilled at handling negotiations with even the most difficult lenders.

How do I start the mortgage modification process?
We will send, or have already sent, our Client Package to you via email, fax or regular mail. All you need to do is complete, sign and date the following documents contained in our Client Package and either fax them to 866-455-2185, or mail them to us:

1. Mortgage Modification Services Agreement
2. Authorization(s) (please complete one for each mortgage)
3. Authorization to Release Information
4. Credit Card Authorization (if you wish to charge the mortgage modification processing fee. If you wish to pay by check, please mail it with the above documents)

Why do you charge a mortgage modification processing fee?
We spend, on average, 15-20 hours preparing your file so that we can negotiate the best possible modification for you. This is not a simple process. There are many factors to consider when presenting your situation to the lender. These factors are all carefully weighed so that we can present your file in the best possible light. The fee covers only a fraction of our actual costs.

What information do I need to send AMERICAS LOSS MITIGATION SOLUTION CORP to get my mortgage modified?
Our Client Package contains a Mortgage Modification Document Checklist and a Financial Worksheet. We need all the documents listed, and a completed Financial Worksheet (to the best of your ability) in order to present your case properly to your lender. We will review all of the above and be in touch with you promptly to go over all of your documents.

How long does it take for AMERICAS LOSS MITIGATION SOLUTION CORP to get my mortgage modified?
Usually, it takes between 30 and 90 days to negotiate your mortgage modification,
depending on your lender.

Will you keep me informed of the progress of the negotiations with my lender?
Yes. We give each and every client frequent updates regarding the progress of their modification.  We also offer FREE 24x7 online access to your secure online file whereby you can track and monitor your progress/process. Plus, we are always here to listen if a client has any questions, concerns, or problems.

Mortgage Related FAQ’s

What is a fixed rate mortgage?
A fixed rate mortgage has the same interest rate for the entire term of the mortgage. Your monthly payments will remain the same for the entire term.

What is an adjustable rate mortgage?
An adjustable rate mortgage has an interest rate that generally increases over the initial interest rate when you took out the mortgage. There are many different kinds of such mortgages. Most have the initial interest rate locked in for 1, 3, 5 or 7 years. After that period, the interest rate will increase. This will make your monthly payments increase.

What is an interest only mortgage?
It is a mortgage (commonly called an I/O) in which only interest, and no principal payments, are made for a certain number of years. This results in a lower monthly payment during the interest-only period. However, after the interest only period, the monthly payments will increase because part of the principal will be paid every month.

What is a negative amortization mortgage?
A negative amortization mortgage (commonly called NEG AM) is one that allows you to make monthly payments that are less than the interest only payment based on the interest rate on the mortgage. The difference between the lower payment and the actual amount due is added to the principal amount of the mortgage. Thus, the principal balance of the mortgage increases from the amount you originally borrowed.

What is forbearance?
Forbearance is a commonly used legal term that describes a negotiated agreement between a homeowner and the lender to postpone or reduce either past due mortgage payments, or future mortgage payments, for a specific period of time. This is usually due to some homeowner hardship, such as sickness, injury, disability, or job loss.

What is loss mitigation?
Loss mitigation is a fancy legal term that involves negotiations between a homeowner representative and a bank to stop foreclosure. The term is generally used in situations where a homeowner is significantly past due on his mortgage payments. The negotiation strategy is based on the individual situation of the homeowner.
 
Call Now! 888-300-2941