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July 10, 2010
Loss mitigation is a banking division that handles delinquent accounts. Employees of this division are known as loss mitigators. Their primary job function is to work with borrowers that have fallen behind with mortgage payments and devise a payment plan that keeps financial losses to a minimum.
Loss mitigation handles a variety of real estate transactions including loan modifications, mortgage refinance, pre-foreclosure and foreclosure, mortgage forbearance, real estate short sales, and deed in lieu of foreclosure.
May 08, 2010
Loan deferment refers to being allowed to skip a loan payment without affecting your credit rating. Most types of loans can be deferred with lender approval including car loans, home mortgage loans and student loans. Each type of loan carries a different deferment process and each lender has their own set of loan deferment policies and procedures.
Loan deferment payments are generally rolled to the end of the loan, which in turn extends payment terms. The first step to obtaining a loan deferment involves contacting the lender. Most lenders require borrowers to submit a financial hardship letter detailing events which have caused them to be unable to adhere to their payment schedule.
July 17, 2008
A forbearance agreement is used when a Borrower falls behind on their mortgage payments. In essence, a forbearance agreement reduces or suspends mortgage note payments for a specified period of time. A repayment plan follows and includes the normal monthly mortgage payment, along with a payment to repay the delinquent amount.
Real estate forbearance agreements are generally reserved for Borrower's facing temporary financial setbacks. Borrowers must provide proof they can adhere to the repayment plan once the forbearance timeframe expires.
June 11, 2008
Forbearance Agreement is an agreement that is made between a mortgage holder and homeowner whose account is delinquent. Forbearance agreements reduce or suspend the homeowner's payment for specific amount of time, generally between 3- to 12- months. During which the mortgage holder agrees not to pursue foreclosure proceedings against the homeowner.
Forbearance agreements are followed by a payment plan to bring the account up to date. The homeowner and bank loss mitigator agree on a plan that is in the best interest of both parties. Generally, the repayment plan includes the normal monthly payment along with a payment to repay the delinquent amount. The delinquent amount will include any past due payments, accrued interest, or other fees charged by the mortgage holder. This repayment plan usually last for one year.