Saint Clair Homes

Loss Mitigation refers to the mortgage company’s programs/department designated to assist people with bringing their mortgages up to a current status once there is a delinquency.

If you find that you need to call your mortgage company because you are delinquent, ask for the Loss Mitigation Department or sometimes known as the Loan Counseling Department.

Loss Mitigation Options:

Repayment Plan: the delinquent amount is added to your regular payment, and spread out over a 3 -12 month period (sometimes longer).

Loan Modification: delinquent amount is added to your principal balance. Sometimes the term of your loan is extended to 30 years and/or the interest rate adjusted.

There are many individuals and families that are struggling financially during our economic crisis. Whether the struggle is due to job loss, decreased wages or the rising cost of living; the end result can be devastating. As a Realtor, the devastation that I see is the loss of one’s home. There is hope. If you find yourself in jeopardy of losing your home, don’t wait until you can’t make your mortgage payment, to get help. Call a Realtor. There are several options available to either help you keep your home or at least to help your credit from being totally destroyed. The rest of this article will be dedicated to the foreclosure timeline to give you a window into the future should you be facing financial difficulty.