Intervention Programs For Borrowers Facing Financial HardshipLoss Mitigation programs are available for people who have had a temporary financial hardship which caused them to fall behind on their mortgage. We use intervention programs for Government supported loans such as FHA (Federal Housing Administration), and VA (Department of Veterans Affairs) and Non-Coventional Loss Mitigation programs such as..
These are just a few of the programs that we use to assist families across America to STOP OR PREVENT FORECLOSURE with our Financial Hardship Intervention programs.
A mortgage is considered delinquent when any payment is not made by the due date. It is in default when two or more payments are missed or if real estate and/or property taxes are not paid. Typically, when a borrower falls 3 months behind, the foreclosure process is initiated by the lender. The borrower will receive a Notice of Acceleration or a Notice of Default in a Trust Deed State (I will discuss more on the 2 types later). This notice warns you that a foreclosure is forthcoming unless the payments are brought current. Typically, the clients I've worked with have fallen several months behind and they have tried to play catch up by sending in one payment, only to have it sent back. At this point the Lender wants the total of all back payments to re-instate the mortgage. I have helped borrowers in similiar situations such as this to re-finance and pay back all of the arrears and any other debt, but a large percentage of people who are at this point have credit scores that are already very low. If the foreclosure is actually filed and appears on the credit report it reduces the re-financing chances even further. Typically, lenders that do these types of loans will only lend up to 65% of the home's value and that is with a middle FICO Score of at least 500. If and when I did these loans they also have to make sense, meaning if the loan results in a higher monthly mortage payment but you have paid off other high interest rate credit card debt that may have been draining cash and making it difficult to make your mortage payment then it may make sense.
Banks will require a NTB net tangible benefit and the debt ratio (monthly expenses divided by gross wages)still has to work to be approved. Expenses can total no more than 50% percent of gross monthly income. As you can see there may be a number of hoops that you have to jump through with your credit and income before your can qualify for these types of loans. Fortunately you still have options even if you do not qualify for a Debt Consolidation Loan. Years of working in the mortage industry and specializing in less than perfect credit types of loans showed me the need for a quality intervention service that can help people when they have a temporary financial hardship such as unemployment, illnesses,and major unexpected expenses that can disrupt the household income. Best of All Our Financial Hardship Intervention Programs Are Guaranteed! Click Here To Learn More |