Archive for the ‘Loss Mitigation Programs’ Category

Many people may have asked the question “What is a deed in lieu of foreclosure?” Is it the same as having a short sale? Does it simply mean walking away from a property you want to get rid of? Would it impact your credit rating as bad as a foreclosure would? A deed in lieu [...]

Foreclosure rates are increasing due to economic slump. With a lot of people unable to make their house payments, they are confused on what to do and how to avoid foreclosure on their property. You cannot expect the homeowners to know how to handle this situation or do the right thing without help from someone [...]

Loss mitigation services can be defined as a third party who steps in to assist a distressed property owner with their mortgage commitment to the bank. Using a set of tools to stop foreclosure, the loss mitigation agent may perform a short sale to transfer the property to new ownership or may perform a loan [...]

Recently enacted California Senate Bill 306 (about short selling) has been mischaracterized by some practitioners as landmark legislation by way of calling for a 21-day turnaround for short sale approvals. This is not precise. The new legislation actually inserts a short payoff amount request into the present payoff requirement (short sale) law. This typically requires [...]