Resources
Foreclosure Resolution
- Loan Modifications
- Determine borrowers financial situation
- Determine borrower intent
- Settlement/Short Sales
- Review economics
- Determine repayment option for balance
- Request subordination/Certificate of repayment
- Refinancing Strategy
- Rewrite loan
- Short pay with new 2nd mortgage
- Lease with repayment option
- Clean borrowers credit
Bankruptcy Resolution
- Active Bankruptcy Procedures
- Notification of filing and review of plan
- Encourage confirmation/reaffirmation/settlement
- Negotiate “workable” forbearance plans
- Defend lien strip and cram downs.
- Non-Active Bankruptcy Procedures
- Monitor NOD database
- Refer non-performing loans to investor/realtor for offers.
- Monitor increase in equity
- Negotiate short sale/settlement