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Foreclosure help in understanding all your options can help you make a informed decision to help stop a real estate foreclosure.

What does : Loss Mitigation Mean?

Its a process to avoid foreclosure; the lender or a professional company like Real Estate Loss Mitigation's tries to help a borrower who has been unable to make their mortgage payments and is in danger defaulting on their loan or getting out of a foreclosure.

Many of the loss mitigation programs have been established by our federal government and also by the current real estate mortgage industry in order to reduce the amount of real estate foreclosures.  For those who are facing a real estate foreclosure or for those individuals who are in a foreclosure, each person’s situation is unique and each real estate mortgage lender has their own policies and procedures regarding the use of these loss mitigation programs. Our real estate experience and daily contact with real estate mortgage lenders allow us avoid the common pitfalls that many homeowners encounter. We can help you through various real estate loss mitigation options:

1. Mortgage Modification or Loan Modification

• Make the payments you can afford

2. Refinance your property

• If you have equity in your home, there are still banks and investors that will lend money to people in foreclosure to reinstate their loans or provide mortgage loans so you would not have to make a payment for a year giving you that time to get back on your feet.

3. Sell your Property-Short Sale

• If you have equity in your home the sell it and them move into a property more affordable
• If you don't have equity then a Short Sale program will allow you to sell the property at fair market value and the bank will generally accept a 'short' payoff.

4. Make up the back payments and reinstate your loan

• If you have the mon you call away call the Trustee to get the 'reinstatement' figures and pay it. The Trustee will cancell the sell.
• If you have equity in your property you can borrower the money to reinstate your loan and stop the foreclosure.
• Chapter 13 will allow you to consolidate all your debts and it will stop a foreclosure for a time. This is done with a attorney, licenced in your state.
• If you just want to walk away from you home , a deed of lieu of foreclosure may be a option to actual foreclosure tarnishing your credit. This process involves giving the deed back to the back

5. Bankruptcy Chapter 7 or 13

• Loan modifications can still be negotiated after bankruptcy filing. Please contact your bankruptcy attorney prior to calling Real Estate Loss Mitigation Solutions.

6. Walk Away - Deed in Lieu of Foreclosure

• Lenders are currently offering up to $5000 cash-for-keys program for foreclosures left in pristine conditions.