Tag Archives: Mitigation

Citi Announces New Preemptive Initiatives to Help Homeowners Stay in Their Properties : Initiatives build on and accelerate Citi’s complete loss mitigation efforts, which have prevented around 370,000 foreclosures representing more than $35 billion in loans since early 2007

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NEW YORK (PRWEB) November 10, 2008

Launches Citi Homeowner Help system. Starting now, and over the next six months, this program will preemptively reach out to a pick group of 500,000 homeowners whose mortgages Citi holds these home owners are not at present behind on their mortgage payments, but some may possibly call for support to remain existing on their mortgages. This work is anticipated to result in workouts of approximately $ 20 billion in underlying mortgage balances. Citi is focusing specifically on borrowers in places that are most likely to face extreme financial distress. Extends foreclosure moratorium practice. Citi will systematically implement its practice of not initiating a foreclosure or completing a foreclosure sale on any eligible borrower exactly where Citi owns the mortgage, the borrower is looking for to keep in the property which is his/her principal residence, is functioning in great faith with Citi, and has enough earnings for inexpensive mortgage payments. In addition, in order for its efforts to have the broadest possible influence, Citi is functioning diligently with investors to secure their approval to expand the program to consist of mortgages Citi services but does not personal. Citi also lately streamlined its current loan modification system, which is equivalent to the FDIC/IndyMac model, to aggressively rework delinquent loans. This plan uses a simplified formula to decide an reasonably priced payment as a percentage of the borrower’s gross income and then reduces the monthly payment to that

9 Year Old Non-Profit Partners with Consumer Advocacy Group to Assist Property owners With Mortgage Mitigation and Credit Protection

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Fort Lauderdale, FL (PRWEB) November 23, 2008

U.S. house foreclosures have now hit records levels never observed prior to as the housing crisis’ choke hold on America continues.

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In September of 2008, 265,968 far more troubled home owners received foreclosure filings such as default, auction, or bank repossession notices. In the third quarter of 2008 alone, 765,558 foreclosure filings have been created on U.S. properties, up 3% from the second quarter and 71% from the exact same period last year.&#13

Stephanie Pimental, Vice-President and Executive Director of Alpha 2000 Community Improvement, Inc, a 9 year old 501(c)three Non-Profit group specializing in helping families stay in and keep their properties says, “Men and women are turning to our non-profit organization following the frustration of getting nowhere with their mortgage businesses”.

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“Due to the rapid and overwhelming enhance in delinquencies, mortgage companies’ capability to hire and train staff to deal with them, is not keeping pace”, said Narayan Dindiyal, President of Alpha 2000 considering that its inception.

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“Obviously, if you never have the training and the sources to aid clientele whom, more occasions than not, are hunting for aid and are prepared to function with their lenders, you are going to have poor consumer tracking, ridiculously extended wait times on the telephone, and inconsistent service.

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“We are not new to this”, says Kevin Hagen of Hagen &amp Hagen, P.A., an attorney affiliated with each Alpha 2000 and (NACRA) The National Association for Credit Responsibility and Advocacy, “In reality, in almost 50 years of the firms practice, we have been representing consumers with Real Estate and customer- related circumstances to now assisting largely with loss mitigation, foreclosures, and bankruptcies.”

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“Loss Mitigation is the act of lessening the mortgage holder’s risk of foreclosure. We can propose several diverse plans and strategies to the bank or lender to place the loan back in great standing”, stated Hagen. Pimental also stated that banks and lenders stand to lose a lot of thousands of dollars so it is significantly far more equitable if a “meeting of the minds” can occur in order to come to an agreement on repayment in which both the homeowner and lender win.

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Here’s how the system works no matter if you are 30, 60, 90, or 120 days late, or even already in foreclosure, homeowners will be assigned a loss mitigation specialist who will take them via a free consultation with a genuine estate specialist.

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By means of a thorough investigation and fact obtaining session, the consultant will be capable to decide the very best course of action for the homeowner. This details will be passed along to the rest of the mortgage mitigation group to help in the process of attaining the homeowner’s objective.

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Next, a file examiner is assigned to evaluation the true estate transaction, loan documents and contracts in order to establish if there had been flaws, inaccuracies, and/or outright errors created by the lender or broker. Subsequent, a forbearance and modification processor will use the data gathered to leverage it to the homeowner’s advantage and then renegotiate or modify the terms of their existing bank loan so the homeowner can hold their house under monetary terms and conditions they can live with right now.

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“Simply put, our objective is to maintain as a lot of consumers in their homes and communities as achievable or to get them out with as tiny damage to their credit and economic scenario by using our access of nationwide pros and attorneys”, stated Dindiyal.

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These adverse economic situations have led Luis O. Rodriguez, Founder of the National Association for Credit Responsibility and Advocacy (NACRA), to offer you NACRA memberships as element of the membership into Alpha 2000. As element of NACRA’s “Credit and Financial – Direction and Protection” strategy, Alpha 2000 members will have access to Credit Audit and Verification, Economic Helpline, Totally free Monetary income management provided by Mint.com, and several more positive aspects and services.

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Rodriguez of NACRA said, “Apart from the present foreclosure predicament gripping not just the state of Florida, but the country as a entire Bankruptcies are skyrocketing as effectively”. The U.S. Bankruptcy Court for the Southern District in Florida reported that there had been virtually 2000 filings for October 2008, up 61% from the identical time last year, not to mention they had been up 30% nationwide during the 1st six months of 2008 according to the American Bankruptcy Institute.

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Also, because Alpha 2000 is a 501 (c)three Non-Profit Corporation, a portion of their proceeds are donated appropriate back into whichever neighborhood they are helping, funding a variety of local non-profit organizations, thus assisting other families in require. In the end, this process will save the homeowner tens of thousands of dollars and much more importantly, save their most treasured asset: their home.

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FOR Additional Data&#13

Stephanie Pimental

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ALPHA 2000 Community Improvement, INC&#13

Phone: 954-962-1409

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The Phoenix Group Solidifies its Position in the Distressed Second Mortgage Industry with Strategic Loss Mitigation and Deficiency Collection Capabilities

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Duluth, GA (PRWEB) January 29, 2009

The markets and the media have been virtually silent about distressed second mortgages – till now. By way of the mixture of expertise and relationships, The Phoenix Group announces a holistic non-performing second mortgage answer. The Phoenix Group focuses on upfront product procurement such as pricing and data validation, asset management and recovery by way of revolutionary loss mitigation, settlement and collection efforts and subsequent asset sale or re-trade.

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The Phoenix Group of Affiliated Businesses, LLC is an asset management leader in the second mortgage arena. With deep roots in the credit card debt and genuine estate industries, The Phoenix Group considers the second mortgage marketplace the niche marketplace to be in appropriate now. “Pricing is at or close to the bottom appropriate now, with supply getting comparatively high. However, we believe that could adjust drastically in the next 12-24 months. The time is appropriate to potentially corner this market,” says CEO Fred Howard who has more than $ 4.5Bn in debt trades beneath his belt.

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“This is a entire new ballgame,” said Sarah Barry, COO of The Phoenix Group. “We have all the proper players and equipment in spot and are already tested. We are excited that our remedy creates a channel to get, service and sell delinquent second mortgage assets that need specialty loan loss mitigation and liquidation. With our firm’s getting encounter, we can keep value advantage and develop a conduit, or flow-primarily based access points, in order to manage a viable technique in the subordinate asset market place. Our operational companion facilities give both secured and unsecured specialty loss mitigation and collections all through the nation.”

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Numerous banks are beginning to work with property owners to modify mortgages. However, recent reports point to increased payments and re-defaulting loans since the modifications add interest and fees back to the principal. Shawn Barry, President of The Phoenix Group, points out, “We recognize the value of aggressive loan modification and settlement delivers to give the property owners the proper incentive to act and get themselves back on their feet. The Phoenix Group integrates its vast network of collectors and servicers to train them on exclusive workout plans in times when most loan modifications are not operating.”

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What about these second mortgages after a foreclosure has occurred? The Phoenix Group manages unsecured second mortgages that are frequently regarded deficiencies. “We work with borrowers who are no longer in the residence due to foreclosure. It is important to recognize that if a second mortgage is not wiped clean in a foreclosure, the second mortgage is nevertheless a valid, legal debt. It remains on record and might influence future purchases. We want to help in producing a payment history so that people have the chance to re-invent themselves and acquire one more home,” adds Shawn.

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The time is proper to exploit this niche industry of non-performing second mortgages. Till now, few, if any, have put all of the pieces together. The Phoenix Group is the holistic solution to tap into the distressed second mortgage marketplace prior to the chance goes away.

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For Info: http://www.PhoenixGAC.com or&#13

Get in touch with: Shawn Barry, President&#13

Email: ShawnB (at) PhoenixGAC (dot) com&#13

Direct Mobile: 804-334-8010

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M3 Approach Loss Mitigation Program Tends to make Waves in the Commercial Lending Market

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Scottsdale, AZ (PRWEB) November 30, 2009

The mortgage crisis might have started with property owners, but has considering that hit the doorsteps of American organizations with a vengeance. As the toxic loan disaster continues to escalate, M3 Strategy, an professional group of mortgage specialists and loss mitigation specialists, has extended their solutions to provide relief in the commercial loan industry. The loss mitigation firm, which specializes in short pay refinancing and loan modification, is leading the crusade against upside down mortgages with industrial short refinance and commercial loan modification services.

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“The commercial mortgage business is obtaining worse, the economy is showing no indicators of recovery and there are nevertheless numerous home owners out there who have all but offered up hope,” mentioned Michele Mitchell, President and CEO of M3 Technique. “We’re positioned to strategically approach lenders with our science and want to help as numerous folks as we can.”

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M3 Technique delivers across the board loss mitigation solutions, but their flagship specialty is quick pay refinancing. “With a brief pay refi, we reposition our clients in the actual estate industry by negotiating with the lender for a brief payoff, which corresponds with the present market place value of the home. As soon as equity loss is removed, mortgage holders can then qualify for a new loan at a fixed low interest price.”

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M3 Technique also launched a quick refi affiliate program final August as an opportunity for Realtors

Stop Mortgage Foreclosures with Loss Mitigation

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Jacksonville, FL (PRWEB) May possibly 6, 2010

Chief legal arbitrator, H. Hoover Hall, III of Harrison &amp Alexander, explains how an loss mitigation arbitrator can support homeowners compromise with lenders and locate a reasonable resolution for each parties concerning a mortgage foreclosure.

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Like millions of Americans, some homeowners may possibly be dangerously close to house foreclosure or facing the reality of those events already.

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Several may possibly think the only alternative is to throw in the towel and walk away from their property. Nevertheless, there are ways to save a residence from foreclosure, repair a low credit score, and commence rebuilding a anxiety-free of charge life when once again.

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Most home owners that are struggling with their mortgage or currently in foreclosure can not usually uncover resolutions on their own, which is why a loss mitigation arbitrator can be a beneficial asset in this fight.

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After Foreclosure&#13

There are many consequences of undergoing foreclosure that can have an effect on a homeowner’s life for years to come soon after foreclosure. The first and inevitable is a large hit to their credit score. Exactly how much harm this will lead to that homeowner, will rely on a assortment of aspects, but those events will stay a blight on one’s credit history for up to seven years, creating future loans, even those not associated to homeownership, all the much more difficult to obtain.

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What is worse is that if that homeowner listed any other properties as safety when applying for their original loan, the bank may have a right to seize those properties as effectively. Plus, that homeowner could also face further taxes on the former home.

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A loss mitigation arbitrator can aid the homeowner compromise with lenders and discover a reasonable answer for each parties.

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Loss Mitigation Arbitrators&#13

What is a Loss Mitigation Arbitrator and how can aid quit foreclosure? Nicely an arbitrator can represent consumers in criminal and civil litigation and other legal proceedings, draw up legal documents, and handle or advise consumers on legal transactions could specialize in a single region such as true estate or may possibly practice broadly in a lot of regions of law.

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An Arbitrator can advise clientele concerning enterprise transactions, claim liability, advisability of prosecuting or defending lawsuits, or legal rights and obligations. Interpret laws, rulings and regulations for folks and businesses. Analyze the probable outcomes of cases, making use of knowledge of legal precedents. Present and summarize situations to judges and juries.

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The education necessary to be an arbitrator is a J.D. (law degree) &amp the minimum formal education essential for this occupations. Couple this with an extensive skill, knowledge, and knowledge in the true estate field and you have a Loss Mitigation Arbitrator.

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Mortgage Foreclosures&#13

Many folks are not fully at fault for the risks that a lot of banks chose to take throughout the real estate boom. During the boom, loans became readily accessible and had been leant to these who were not truly certified, at some point the mortgage rates rose sharply as the business collapsed, which resulted in the existing immense amount of mortgage foreclosures.

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Lender greed does not cease there, nonetheless, and there are many unscrupulous businesses taking advantage of distressed home owners, offering fraudulent loan modifications that drive folks further into debt.

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It is critical to be cautious of any quick repair schemes or businesses that claim to be able to assist lessen loans.

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Loss Mitigation

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A loss mitigation arbitrator or an lawyer is the only genuinely certified specialist who can support a homeowner negotiate the terms of their loan and locate a plausible answer with regards to foreclosure. There are many ways one particular can strategy their case, like requesting reduced month-to-month payments and interest rates, changing an adjustable rate to a fixed rate, and permitting for payment extensions.

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It is in between the homeowner and the loss mitigation arbitrator to talk about which route will ideal suit that homeowner’s spending budget and life-style needs, as effectively as which the lender will uncover acceptable.

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A Loss Mitigation arbitrator is your best ally against foreclosure and they are price successful than an lawyer. You will want to seek the advice of with a certified expert very first in order to support you measure the charges against the potential gains right after negotiations are completed.

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Numerous men and women can benefit from the services of a loss mitigation arbitrator, but there are some cases exactly where foreclosure may be for the ideal.

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Study alternatives regarding achievable resolutions with mortgage foreclosure. Aside from in search of counsel from attorneys, also speak with a loss mitigation arbitrator to weigh all choices to attain the very best decision moving forward.

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Harrison &amp Alexander launched a new loss mitigation service in April 2010 to help homeowners quit forecloure &amp regain financial stability in their lives.

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Overture Technologies Launches Automated Decisioning for Loss Mitigation

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Bethesda, Maryland (PRWEB) January 22, 2009

Overture Technologies, the major provider of decisioning solutions for transparent, precise and responsive lending processes, announced these days the launch of Mozart for Special Servicing, an automated decisioning method for servicing distressed mortgage assets. Mozart for Specific Servicing is developed to address the unprecedented volume of delinquent mortgages in the U.S. right now as nicely as the rising complexities in modifying loans and mitigating monetary losses due to foreclosure. Mozart for Unique Servicing allows servicers to handle and effectively apply a far more robust set of options to borrowers in distressed mortgages, and a lot more rapidly yield a “very best-match” modification that can minimize repeat default rates and preserve the value of mortgage assets.

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According to the latest Mortgage Bankers Association National Delinquency Survey, the residential property delinquency price at the finish of the third quarter of 2008 was six.99 percent, up 140 basis points from the exact same period in 2007 and the highest recorded in the MBA survey. According to a recent report by RealtyTrac, foreclosure filings have been up 81% from 2007 and default or auction notices have been recorded on far more than two.three million properties in 2008. Credit Suisse estimates one more 8.1 million foreclosures are expected among 2009 and 2012. The current rate of defaulting mortgages in the U.S. right now far exceeds the manpower capacity for banks or servicers to function with borrowers employing standard strategies and is probably to result in much more foreclosures than productive loan workouts.

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“Considerable loan-level data and evaluation, up-front, and surgically applied is needed to handle the unprecedented volume of distressed mortgages and increasing complexities of merchandise, applications, and regulatory guidelines in the 21st century mortgage industry,” stated Linda Simmons, basic manager of Overture Technologies’ Mortgage Finance Options. “Mozart for Particular Servicing can swiftly give a much more accurate, existing view of borrower and asset data, supply a wider variety of suitable alternatives to borrowers, minimize recidivism by obtaining borrowers into the appropriate solutions the very first time and create an audit trail for transparency.”

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Mozart for Particular Servicing leverages Overture Technologies’ award-winning automated decisioning technology utilized in mortgage underwriting in a procedure known as, “automated re-decisioning,” applying a sophisticated guidelines program to re-evaluate risk and value of a loan at any point along the mortgage value chain. Mozart for Particular Servicing enables servicers to:

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*Get the borrower into the right choice the very first time, decreasing recidivism and maximizing owner-occupied house retention using a lot more existing, relevant data and data about the borrower and the asset.

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*Align the interests of borrowers, bankers, secondary markets, investors and other third parties at the beginning of the loan modification approach, as effectively as hold up with altering policies and needs.

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*Preserve consistent, defensible, and transparent, processes, levels of discretion and approval practices, calculations and agreed upon outcomes for every loan, regardless of spikes in volume and business booms.

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*Provide tailored workout alternatives at the loan level, even though nonetheless creating it effortless for Unique Servicing operations to scale up to meet the volume of today’s crisis

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*Leverage existing infrastructure, integrate with legacy systems and other data facilities.

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Mozart for Unique Servicing provides the greater transparency needed by investors, auditors and regulators with English-language policies, comprehensive history of details alterations, decisions, and chosen possibilities. The software resolution integrates with and enhances current work flow systems and is deployed as a computer software-as-a-service. Mozart for Particular Servicing is obtainable now and can be configured, integrated and running in a matter of weeks.

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To see a demonstration of Overture Technologies’ Mozart for Special Servicing, go to booth #518 at the Mortgage Bankers Association National Mortgage Servicing Conference in Tampa, February 17-20.

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About Overture Technologies&#13

Founded in 2000, Overture Technologies is the leading provider of decisioning solutions that enable transparent, correct and responsive lending processes for the mortgage and greater education lending industries. Overture Technologies’ buyers are devoted to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing options. The company’s leadership group applies decades of expertise from leading economic services and technology firms which includes Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to support our customers achieve their ambitions. For additional details, contact (301) 492-2155 or pay a visit to http://www.overturecorp.com.

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