A deed in lieu of foreclosure is a method by which the borrower is able to surrender his or her property back to the bank under certain unique circumstances. Only where the title is totally clear will a lender entertain this possibility and then only if the specific property meets the requirements of the loan underwriters and investors. There is no right to complete a deed in lieu; however, it is often a less expensive and more expedient method of transfer if all of the other factors align.

Repayment plans are often the most preferred and quickest way for someone that has fallen behind and can catch up. The underlying goal of loss mitigation is to keep the borrower in their home and keep the repayment of the loan on track within acceptable parameters for the bank and its investors.

The underlying goal of loss mitigation is to keep the borrower in their home and keep the loan in active repayment. A loan modification may take the form of a reduction in interest, lengthening the term of the note to lower payments or conversion from a variable interest rate to a fixed interest rate.

In our loss mitigation group we offer programs tailored to meet the needs of individual clients. One of our programs is focused directly upon those clients that prefer to outsource their entire loss mitigation effort. For these clients we are able to build a plan that fits their specific servicing guidelines and needs. These programs can start very early in the default process and target areas of client concern.

In our loss mitigation group we offer programs tailored to meet the needs of individual clients. One of our programs is focused directly upon those accounts where the lender or servicer has lost contact with or has had no contact with the borrower for a period of time, “No Contact.” In this program we will initiate phone calls and mail contact. If this does not create a response within the program timeline we will then use our network to visit the borrower’s address with a House Call in order to explore a work out or other loss mitigation solution.

In our loss mitigation group we offer services such as house calls. Through our network we are able to have trained staff visit the homes of the borrowers and discuss possible work out or loss mitigation solutions with them. When the pressure is high we find that a calm explanation often times is what it takes to assist borrowers in navigating through the default process.