FORECLOSURE PREVENTION INSTITUTE, LLC

If you would like more information on the Forensic Loan Modification (the most powerful strategy in stopping foreclosure), Debt Settlement, or want help with Loss Mitigation, please call us.  Time is of the essence, so call our toll free number at 1 800 826-1929 right now!  Our normal business hours are 9:00 a.m. to 8:00 p.m. Eastern standard time.  We do provide an intial free home evaluation by phone or possibly can do a home visit if within our direct area of service.  Coaching services by appointment. 

When you are about to be late in making a mortgage payment or after you have missed a payment:

• Immediately, contact your lender.
• If you obtained your loan through a mortgage broker, ask your broker for guidance on the situation.
• Cut out any unnecessary expenses and try to trim your budget where you can.
• Don't make any large purchases.
• Work with your lender to determine if selling your house is an option or if there are any other options to assist your circumstance.
• Talk to the Loss Mitigation department and to as many people at the lending institution as necessary in order to find someone who will help you.  Write down names and departments.
• Don't sign any documents from your lender before they are thoroughly reviewed.
• If you are unsuccessful, don't have the time, or need help, call Foreclosure Prevention Institute for assistance (1 800 826-1929).

Lenders do not want your home.  Most lenders would rather work out a solution with you than foreclose.  These solutions depend on several factors.  Know that it is the investor of your loan that sets the rules.   Becoming familiar with all your financial options places you in a stronger position when dealing with your lender.  Try and save as much money as you can to help you negotiate your work-out solution. 

If you have a question regarding the foreclosure process, call Dave, Ron, or Janet today toll free at 1 800 826-1929.  If you would like to fight foreclosure, save your home, and/or learn more about forensic loan modifications in addition to educating yourself on the

• Do's & Don'ts when you are dealing with your "friendly" lender
• The foreclosure process and timelines
• An example of a hardship letter
• The 3 forms needed to "talk" to your "friendly" lender to do a work-out.
• And discussion involving the "secret" letter used by Dave Brigle to delay the sheriff sale.

Then complete the form below:

1. FHA Special Forbearance (SFB):  A written repayment agreement between a lender and a borrower, which contains a plan to reinstate an asset that is a minimum of three mortgage payments due and unpaid.
2. Loan Modification:  One or more of the terms of the loan are changed to bring the delinquent mortgage current.   The borrower may also be able to refinance the debt and/or extend the term of the mortgage loan.  Sometimes the monthly payments can be reduced to a more affordable level.   A person may qualify if one has recovered from a financial problem but one's net income is less than it was before the default (failure to pay).  
3. Pre-Foreclosure Sale:  The proceeds of a sale are accepted as full satisfaction for the mortgage obligation, even if it is less than the mortgage balance.   One may qualify if:  1) the "as is" appraised value is at least 70% of the amount one owes and the sales price is 95% of the appraised value.; 2) the loan is at least 2 months delinquent prior to the pre-foreclosure sale closing date; and 3) one is able to sell one's house within 3 to 5 months (depending on what the lender agrees to).  An additional benefit to this option is the assistance one will recieve with the Seller-paid closing costs.
4. Deed-in-Lieu of Foreclosure:  As a last resort, the borrower voluntarily deeds the property to the lender to avoid foreclosure.   This may help one's chances of getting another mortgage loan in the future.  One may qualify if:  1) in default and doesn't qualify for any of the other options; 2) one's attempt at selling the house before foreclosure was unsuccessful; and 3) one doesn't have another FHA mortgage in default.
5. Repayment Plan:  A formal repayment plan that may include special forbearance and is structured to allow the consumer to repay delinquent installments and/or payment advances to bring the mortgage current.
6. Assumption:  An enforceable "due-on-sale: clause, which is waived to allow a qualified buyer to assume the mortgage of a delinquent borrower.
7. Special Circumstances:  There are special situtations involving natural disasters and bankruptcy where an agreement can be worked out with the lender and the borrower.
8. Special Payment Arrangements:  Special agreements can be made to allow the borrower to "catch up" by stretching payments over a set period of time or by allowing extra time to make payments on the delinquent amount.
9. Interest-Only Payments:  A lender or servicer can agree to take interest-only payment by waiving the requirements for principal over a period of time to assist the borrower.
10. "Short" Sale:  The lender takes less than what is legally owed, reducing the payoff balance to the agreed-upon amount, in order to allow refinancing or sale.

     Most lenderrs will try to help homeowners facing foreclosure, but you need to act immediately.  The first thing you should do after receiving a foreclosure notice, or a "Lis Pendens," in writing is to respond immediately.  Consumers usually have 20 to 30 calendar days to respond.  These 20 to 30 calendar days begin from the date the "Lis Pendens" notice was served.   If you can't talk to your lender or don't physically have the time to talk and negotiate a settlement with your lender, call us today.   Don't wait another moment, pick-up the phone and call 1 800 826-1929 and ask for Dave, Janet, Ron, Bruce or Amy.  Lenders sometimes prefer to talk to a third party to obtain a work-out solution. 

     Homeowners are also advised to attend the hearing.  The judge will listen to your side.  If you do ot attend, a sale date will be set for approximately 20 days after the hearing date.  If you are present at the hearing, you may receive up to 60 days to work out a resolution.

    Note:  Filing bankruptcy can stop a foreclosure, but beware.  Sometimes the end result causes one to lose their home rather than to save one's home.   We are not attorneys nor financial consultants, but call us today to answer your questions regarding foreclosure.  Our toll free number is 1 800 826-1929. 

     Main points to remember:

     1.  Call or write your mortgage lender immediately,

     2.  Stay in your home to make sure you qualify for assistance ,

     3.  Arrange an appt. with a HUD-approved housing counselor to explore your options.

    4.  Cooperate with the counselor or lender trying to help you.

    5.  Explore every alternative to losing your home.

    6.  Do not sign anything you don't understand.

    7.  Act now.  Delaying can't help.  If you do nothing, YOU WILL LOSE YOUR HOME and your
         good credit rating.   Call us today.  1 800 826-1929

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