Homeowners

Liberty Loss Mitigation helps distressed homeowners avoid foreclosure and minimize negative impact on credit. The possibility of losing your home can be stressful, and the options available to you may seem complicated and out of reach. You don't have to feel overwhelmed. The team at LLM will guide you through the available options and help you determine which solution best fits your individual needs. We will work with you one-on-one to ensure that you understand the options and put you in touch with the contacts you need to pursue the best solution.

Foreclosures are often time-sensitive, so if you think you may benefit from our services please contact us today.

Solutions & Services

As a homeowner facing foreclosure, you may feel that the situation is out of your control; and you may not have time to research the variety of options available to you. Our professionals at LLM have years of experience navigating situations like yours, and our goal is to provide you with a road map that clearly highlights the paths you may choose to take.

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 repossess 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 whether you would qualify for modifications to your loan. Often, we find that the best option for both borrower and lender is a short sale.

Advantages of a Short Sale

A short sale offers many advantages over a foreclosure. Most notably a short sale minimizes negative impact on your credit score, and allows the homeowner to maintain a say in the proceedings all the way through closing.

Minimizing Negative Credit:
Unlike a foreclosure or deed-in-lieu agreement, a short sale is generally reported on your credit score as settled debt. In addition to the advantages of freeing yourself from the necessity of admitting to a past 'foreclosure' or 'deed-in-lieu' for the next 7-10 years, which can negatively affect your ability to get a new loan, the numeric impact of a short sale on your FICO score is much less than that of a foreclosure. While being behind on your house payments may cause your score to drop 50 to 150 points, your score could easily drop 200-400 points due to a foreclosure.

Financial Liability:
In a foreclosure or in a short sale, you may be financially liable to the lender if your home is sold for less than the amount of the outstanding payments due on the mortgage. However, in the case of a short sale you have more control over the proceedings. By working with an experienced professional, you will be more likely to execute a successful sale and will be more informed on how to write off the liability.

By working with a loss mitigation company you are more likely to receive a higher price for the house and, ultimately, more favorable terms from your lender regarding continued financial liability. By contrast, in the case of a foreclosure the proceedings are out of your hands once the lender has repossessed your home. The lender may be more interested in making the sale than in getting the best price on your property, thus leaving you with a greater financial commitment to the lender. This commitment must then be resolved before you are able to put this situation behind you.

How It Works

If we determine that a short sale is the right solution for you, LLM can assist you in many ways. We will request the necessary documents to put together the short sale file that is required by your lender. We will contact possible investors to ensure that we get the highest possible price for your home, and work with your lender on your behalf to come to the most favorable agreement for you, the homeowner.

Due to the complexity of the negotiations involved and the short time-frame, most homeowners find it beneficial to have a team of professionals on their side when negotiating a short sale. LLM is in a position to find buyers, negotiate with lenders, and keep you abreast of changing law and regulations, all ensuring the best possible outcome for you in this difficult situation. Working together, we can put this situation behind you and allow you to move forward with minimal losses to your credit, your finances, and your well-being.

Why LLM

Liberty Loss Mitigation is committed to ensuring the best possible outcome for each of our clients. You will find that our staff is professional, dedicated, and focused on your needs during this sensitive time. Our experts are familiar with the tax laws governing short sale negotiations, and our extensive network of lenders, borrowers, foreclosure attorneys and real estate agents allows us to find an ideal match for the demands of your particular situation.

Call us today at 1-800-761-5302 for a free consultation.