Independent loss mitigators that can be found all over the net. They act independently and help you explain various options that can be followed in order to avoid foreclosure. There are also some loss mitigators that are appointed to the banks and other lenders who do the same thing. One of the advantages of having a bank loss mitigators on your side is that they already know the key personnel in your bank or lender, the tunnel for communication will stay clear. It will make it easier for you to re-negotiate on your terms with your bank or your current lender.
Here are some tips in order for you to prevent foreclosure by loss mitigation:
1. Once behind mortgage payments contact the loss mitigators and let them know that you`re behind payments. They would ask for your current income and expenses to determine if a workout will be possible and how they can workout a structure for your situation.
2. If your mortgage servicer is reluctant to work with you then you will have to find a third party to represent your interest and to negotiate for you.
3. Every 10 days or so, your loss mitigation specialist will call you to inform you about how things are progressing. It`s much better to wait for a specialist to call you than doing the other way around.
4. Once your loss mitigation specialist had fully negotiated an acceptable workout plan with your with your mortgage servicer, he would contact you and inform you about the results. It`s up to you whether you would accept or reject the offer. The most common negotiations for loss mitigation case is that you missed your payments and late fees will be attached to the back of your loan while continuing to pay your regular mortgage payment. Common workouts include slight higher mortgage payment for two or three years to make up for the payments and fees.
5. Please note that if you wont be able to afford a high mortgage payment now or in the next year or two, just go to your local HUD office and work with a counselor who may be able to create a government guaranteed 30-year fixed FHH mortgage loan for you in place of your current mortgage.
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