| Home | About Us | Mortgage Calculators |
My Account | Contact Us | ||||||
|
||||||||||||
 |
||||||||||||
 |
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
Welcome to the National Mortgage Network's I urge you to read this foreword below: Although the current state of mortgage and lending affairs has dramatically increased the involvement by many governmental agencies ( FHA, Fannie Mae, Freddie Mac) and increased legislation such as the recent Bailout Package, a real solution that closes the wound of the bleeding American Home Owner has failed to materialize. The primary reason being that these programs tend to focus on the Homeowner who has already received a “Notice of Default” and is about to lose their home. For those homeowners who have not reached that level of delinquency on their mortgage payments, we have found that many of the Government programs and recommendations contain hardship guidelines that only reach a small percentage of distressed homeowners. Although these attempts are noble, a frightening number of American homeowners are currently at risk of foreclosure in the current market. For this and other reasons, the private sector is creating companies that can help. Attorneys and Mortgage Professionals are jumping in to deal with financial institutions directly on behalf of the troubled American Homeowner for a fee. As a public service, we have been conducting research to help you understand what this new breed of company really is, so you can make an informed decision as to whether or not to use the services they are providing. We at the National Mortgage Network were initially skeptical of the idea of any Homeowner paying another entity or company to negotiate with your current lender or lenders, considering you can do it yourself! ( The “Do it Yourself” option will be further discussed below). The National Mortgage Network has extensively researched over 15 Companies that advertised Loss Mitigation and Loan Modification services. We have found that many companies have failed to stay informed of state laws and guidelines, while others made a point to remain compliant with the evolving laws regulating this field. Those companies who adhere to laws tend to be worthy for those clients who have not yet received a “Notice of Default” but will need to modify their loans in order to avoid being foreclosed on in the future. The price points we verified were reasonable for these types of services and we were also impressed with some of the client success stories we reviewed. The other interesting fact was that we found three types of companies. The first type is made up of former Loan Officers that are changing their career paths and trying to not only help the client with their upfront case paperwork but also trying to negotiate directly with the banks themselves. Some of these companies have little or no experience doing this and we would be cautious about the quantity of loan modifications they are trying to accomplish and where yours fits in. The second group we found is made up of attorneys or people with certifiable experience. Legally, it appears that this is the best structure for processing loan modifications, however experience and understanding of the paperwork involved is important. The third type is nonprofit agencies (i.e. Hope Now ). Unfortunately the majority of the ones we contacted never returned our phone calls when we inquired about help and/or we were not impressed with any of the advice and counsel we were given. No matter what method you as a Homeowner select, we want you to be extremely aware of the fact that there is evidence of fraud by some companies that are charging expensive upfront fees and not performing the services promised. It will likely just be a matter of time before some of these companies and individuals get investigated by the Local, State and Federal authorities. The “Do it Yourself” option is viable. However, the homeowner has to be resilient, good with paperwork and follow through, and very persistent. We have found that this option can be extremely difficult for some to follow and therefore roughly 83% of people who try to Loss Mitigate themselves are unsuccessful. However, we at the National Mortgage Network have reviewed several formats for doing it yourself and have adopted the one listed below that is available for sale. All proceeds go to sustain the National Mortgage Network, as we continue our attempts to educate homeowners across the country. If you are interested in purchasing a “Do It Yourself Guide” we are pleased to make it available to you on this website. We have successfully negotiated a discounted fee from the suggested retail price of $149.00, and are proud to pass on a price of $99.00 to National Mortgage Network visitors. We feel it may be a useful resource to help educate you on what you need to consider and understand when weighing your options!! Any of our volunteers can help you with this information, so please feel free to call: Loss Mitigation and Loan Modification: What is it? Let's start with looking at the definition of the words MITIGATION and MITIGATOR. mit·i·gate
Related forms Here is the definition that we concluded as LOSS MITIGATION from many of the mortgage related web sites and platform: Loss mitigation --a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan. Mortgage Loss Mitigation: The trustor or mortgage holder needs to repay a delinquent portion of a loan as a result of impending default, foreclosure, bankruptcy, REO, and so on. Before a foreclosure or bankruptcy occurs after a one or two months default, a repayment plan may be proposed to the delinquent mortgage holder by a loss mitigation specialist to satisfy the amount owed to a bank or lender. Loss mitigation may prevent foreclosure or bankruptcy. (See the rest of this article under “Loss Mitigation Defined”) . The loss mitigation specialist can be a real estate agent or broker, bank officer, attorney, paralegal, or anyone that has been trained and has experience with a loss mitigation business opportunity. Loss mitigation specialists should be investigated by the consumer regarding prerequisite experience, knowledge of repayment plans, and experience in dealing with banks and lenders. Knowledge of real estate financing and laws, good communication skills, and so on, is essential in being effective. The bottom line is it can be anyone who chooses to take the job title. This is why we urge you to make sure you are careful with who you deal with (see our editors foreword above) when solicited for these services. There are no licensing requirements through the state of California unless you are actually currently in the foreclosure process. If this is the case then they are required to be HUD Certified for Foreclosure counseling (see HUD links below) . Important HUD Links:http://www.hud.gov/foreclosure/index.cfm http://www.hud.gov/offices/hsg/sfh/hcc/hcc_home.cfm |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pronunciation verb, -gat·ed, -gat·ing. 
Pronunciation Key - Show IPA Pronunciation, adjective