Negotiating a loan workout with your lender is often the best method for resolving a mortgage default.  Unfortunately, this process can be stressful and intimidating for homeowners, especially if the delinquency has advanced to foreclosure.  New Start Solutions’ Loan Workout Assistance Program helps you to cut through the red-tape, and more effectively communicate with your lender.  Our experience and proficiency will help expedite the process and better enable you to successfully resolve your mortgage default.

In negotiating with your lender, you may qualify for one or more of the following workout options:

Retention Options
Retention options are alternatives meant to help you stay in your home and retain possession of your property.  These options are available if you have recovered from the financial hardship that caused your delinquency, and you can now afford to make ongoing mortgage payments. 

• Special Forbearance: A Special Forbearance is in essence a repayment plan based on your financial situation.  In many circumstances, this alternative will temporarily reduce or even suspend your payments.

• Loan Modification: A Loan Modification actually alters the terms of your original loan agreement.  This option usually includes the addition of your arrearage to the original principal balance of your loan and extends the term of the loan.  The intent is to make your monthly payment more affordable and allow you to catch up.

• Partial Claim: A Partial Claim is normally only available on FHA insured loans.  It involves a one-time payment from the FHA Insurance Fund to reinstate your mortgage.  In order to obtain a Partial Claim, you must execute a promissory note. A lien will be placed on your property until this note is paid in full.  The note, however, is interest free and requires no payment until either the first mortgage is paid in full or the property is sold.

Disposition Options
Disposition options are alternatives to help you get out of the property without experiencing the negative credit implications of a completed foreclosure.

• Pre-Foreclosure or Short Sale: A short sale will allow you to sell your property for an amount less than the full payoff balance of your mortgage-loan.  In order to qualify for this alternative, your lender will generally require a current appraisal, meeting their standards and that you demonstrate you have been unable to sell the house for a certain period of time (this time frame is indicated by the lender and is usually 3-5 months). 
  

• Deed-in-Lieu of Foreclosure: A deed-in-lieu is a last resort option after you have exhausted all other attempts to avoid foreclosure.  With this option, you will voluntarily give your property to the lender in exchange for the satisfaction of your mortgage.

New Start Solutions' Loan Workout Assistance Program is an easy and effective way to reinstate your mortgage.  And best of all, the results are GUARANTEED!  If we are unable to successfully negotiate a loan workout option with your lender, the one-time flat service fee is refundable.  To stop your foreclosure and get back on track with your lender, apply online or call us at 702-531-5566