if u were in a preforclosure situation, and u were offered a cash price, for ur home would it be possible to work with the loss mitigation dept. in reducing the principal balance on a loan.
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Tags: Balance, Dept, Loan, Loss, Loss Mitigation, Mitigation, Principal, Principal Balance, Principal Loan Balance, Reduce
3 Responses to “Can A Loss Mitigation Dept Reduce Your Principal Loan Balance ?”
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Filled Under: Mortgage Loan Modification
October 20th, 2009 at 11:58 pm
Yes it’s possible (I underwrite loan mods for a company’s internal portfolio). If you’ve been approached by your own lender that’s the best bet. I’ve taken portfolio loans on file in foreclosure proceedings & about to go through Trustee Sale, reduce their principle, lengthen their term & cut their rate. HUD has an actual terminology for it called a “waterfall”. I’ve taken borrowers mortgage payments from $2800 down to $1200 or lower. Now keep in mind that example refers INTERNAL loans this company already holds. These assets are toxic & they need to either write them towards HUD’s program to get it off their books or re write them under their own internal guidelines.
However, I’d stay away from loan mod companies who require an up front fee. If fact this is actually illegal now a days.
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October 21st, 2009 at 12:42 am
This is a short sale, call your bank ASAP depending how much it is they would rather take you cash offer then you going foreclosure. Make sure you talk to a manager/sup you will get nowhere talking to a rep that makes 8-10bucks a hour.
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October 21st, 2009 at 1:22 am
YES
Make sure they are legitimate and
CALL THEM UP!
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