Tips for Working with Your Loss Mitigator During Foreclosure

A Loss Mitigator is an individual who helps homeowners stop foreclosure. Every bank or lending institution has what is known as a Loss Mitigation Department. The role of this department is to review financial portfolios and determine if they are creating a profit or loss for the bank. Loss mitigators can work directly for a bank or lending institution, as a representative for the lienholder, or an independent agent who works strictly for the interests of the homeowner. When ...

What Are My Options During Pre-Foreclosure?

In a nutshell, pre-foreclosure is the final opportunity you have to avoid losing your home to foreclosure. Typically, when you default on your mortgage, your lender will initiate legal proceedings against you within 30 to 90 days of your delinquency. Obviously, this doesn't give you much time, so it's best to be proactive from the moment you realize you cannot pay your mortgage. The biggest mistake people make during the pre-foreclosure stage is to avoid calls and letters from ...

The Right Time to Buy your First Home

There are many economic and market forecasts and predictions, however the bottom line is if you want to buy your first home—there is no wrong time. There is because the motivation to buy is not determined by regional market conditions or by location. Industry opinions, economic reports and investor speculation do not sway or predict when a particular individual will be ready to buy. For the great majority of folks, the most compelling reasons to buy a home are based on individual circumstances ...