FAQ
When should I contact LLM?
You should contact LLM as soon as you foresee a financial hardship that may cause you to miss a mortgage payment. The sooner LLM can contact the mortgage company, the sooner we can remedy the situation.
What are my options?
Depending on your situation, one of the following options may be right for you:
- Short Sale: (also, real estate short pay-off or pre-foreclosure workout) The lender and homeowner agree that the property will be sold to a third party, often for less than what the borrower owes. Both parties avoid the negative impacts of a foreclosure, and the borrower is released from the mortgage.
- Deed-in-Lieu: (also, voluntary conveyance) The homeowner chooses to voluntarily transfer the title for the property back to the lender in order to avoid foreclosure. The lender accepts the title in lieu of repayment of the loan and repossesses the property, and the borrower is released from further obligations to the lender.
Or you may be able to negotiate terms for keeping your home through one of the following means:
- Loan Modification: One or more terms of the original loan are modified, resulting in reduced monthly payments that the borrower can afford.
- Reinstatement: The borrower agrees to pay all past due amounts as well as any late fees or penalties assessed because of missed payments.
- Forbearance: If payments were missed due to a temporary loss of income, the lender may agree to allow the borrower to delay payment for a short period of time or make up for missed payments over the course of several months. This type of agreement may be combined with a reinstatement that details how and when the account will be brought up to date with all expected payments and penalties.
- Repayment Plan: The borrower pays a portion of missed payments and penalties along with future payments until all missed payments and penalties are paid in full.
Our team will be happy to discuss all of these options with you, and can help you determine the best path to pursue. Often, we find that the best option for both borrower and lender is a short sale.
Who pays LLM?
Most of the time LLM earns a commission from the bank. Sometimes LLM charges a consultation fee to a realtor. The homeowner will never pay anything when working with LLM.
Why should I contact LLM today?
You should contact LLM today, so the professionals at LLM can contact the bank as soon as possible to explore all the available options for your particular situation. Call 1-800-761-5302 for a free consultation.