FORECLOSURE PREVENTION INSTITUTE, LLC
Providing Loss Mitigation Services to Avoid or Stop Home Foreclosure
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30 years of experience
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1 800 826-1929
How We Save Homes and Prevent Foreclosure
Here are some stories and comments from our clients (names have been changed, but the stories are true):
From Don:
I was laid-off from work and my wife had surgery. It was hard with no income and no health insurance. Finally, I got back to work, but we were now facing foreclosure. I first tried to get help from my lender but the collection's department offer and plan was impossible for us to meet. ThenI got a post card from Foreclosure Prevention Institute and called them. 1st Loss Mitigation of Michigan had to first go in and undo my agreement with the lender, but within 3 weeks they were able to get us a 6 month repayment plan with a possible loan modification that fit our cash flow. We were so happy to be able to save our home and so quickly.
(Lesson: There is a difference between the collections department and the loss mitigation departments. 1st Loss Mitigation of Michigan knows how to get into the loss mitigation departments of the various lenders. They take charge so the headaches and frustrations are gone for the client.)
From Cheri & Yehnim:
We fell behind because my mother passed away and we had out-of-pocket funeral expenses as well as some past medical bills. I will also admit that I was not a good money manager. Overall, we just needed time to catch-up, but the lender wouldn't listen to us because of a stop payment on a past check. In the meantime, we received a letter and called Foreclosure Prevention Institute, dba 1st Loss Mitigation of Michigan. With some hard negotiations, our lender provided us with a forebearance agreement. My husband was about ready to give the house back, but in the end 1st Loss Mitigation of Michigan pulled through for us with persistence, and we were able to keep our home.
(Lesson: It's best to call the lender ahead of time and tell them you will be late with a payment, than to write a nonsufficient check.)
From Stuart:
I had health issues that prevented me from driving on my job. I was on short term disability but my income was only 65% of my salary. Once I recovered I was able to get back to work, but now I was 4 months behind with legal fees to boot from the start of the foreclosure proceedings. I needed help, but I didn't have time to call my lender because I was working overtime to try and catch-up. 1st Loss Mitigation of Michigan was able to call and arrange a special forebearance plan stretched over a whole year. If I am able to keep up with the current payments, I may qualifiy for a loan modification within 3 months to keep me at a fixed-rate. I have an adjustable rate mortgage that is about to kick-in and this would financially stretch me pretty thin. I really want to keep my home and prevent this from happening again.
(Lesson: Lenders are very willing to work with people who have sincere hardships. If you decide to go on a once in a life-time trip or make poor financial choices, the lender may not consider this a hardship, and may refuse to negotiate.)
From Lynn and Mao
We are from Viet Nam. I make good money and my wife works as well. We only spend our money on the bare necessities. However, I have had to send money home to Viet Nam to cover my dad's funeral expenses and to help with my children's living expenses as we try and bring our children here to America. I put my family first over our mortgage payments. Thus, we got behind and I didn't understand the seriousness of being delinquent on payments. I built our home and want to keep it so that when my children come they will have a nice home. I tried to talk to our lender, but they couldn't understand me and I couldn't understand them. I sought help with 1st Loss Mitigation of Michigan and am lucky to have a chance to save our home with a 4 month forebearance agreement. If I keep current for the next 3 months and pay on time, the lender may be willing to add the arrearages to the end of my loan and get me into a fixed-rate so that I can live in my home and support my growing family. My kids will be arriving in the U.S. next month. !st Loss Mitigation of Michigan worked with us step-by-step through this whole lengthy and timely process.
(Lesson: Lenders seem to appreciate cultural differences and do want to keep families in their homes. They do not want your home, but they do expect payments made on time.)
From Susan,
My doctor told me that I couldn't work due to my health. I was making $17.50 an hour and had a 40 hour a week job. Now I am on welfare, and will be starting back to work with a new job, but part-time. I really wanted to keep my home, but know that isn't possible with my current financial situation, and since I had to file bankruptcy. So I consulted with 1st Loss Mitigation of Michigan and we are in the process of asking for a short sale to limit the damages.
(Lesson: It is a privilege not a right when asking for a short sale from your lender. The investor may or may not grant a short sale depending upon the situation.)
From Donna,
I lost my job, because my company went south beyond the border. I receive unemployment and am going back to school. I couldn't save my home from foreclosure, because I didn't have the income to support loss mitigation. I tried my best with my lender, but ran out of time. I am now in the process of obtaining a short sale with 1st Loss Mitigation of Michigan.
(Lesson: Bad things sometimes happen to good people. One should not be ashamed or embarrassed, and you should know that you are not alone. Many people in Michigan are losing their jobs or are underemployed. The lender would like to help, but in the end the servicing companies have to follow the investor guidelines.)
From Mary and Darrin,
Our problems started when my wife and I lost income due to IRS garnishment. I then got laid-off due to a slow down in Michigan's auto industry. We also had wedding obligations. Now, I am currently working on the side and may be going back to work. We have also settled with the IRS and so overall our financial set-backs were temporary in nature. I tried talking to our Lender, but I didn't know how to communicate our situation with them and the foreclosure sale date was close and pending. I got a post card from 1st Loss Mitigation of Michigan and we immediately set-up an appointment with them. They picked-up the ball and made a lot of calls to us and the lender. Communication was great and we have our home.
(Lesson: Sometimes, the lender likes to talk and negotiate with a third party to keep all of the emotions out of play and to professionally find workable solutions.)
From Audrey:
I have never been in this situation before in my life. I have always paid my mortgage payments on time. However, there were unexpected circumstances that I faced. My mother suddenly died, and then I got fired and couldn't find a new job quick enough nor that pays as well. So, I am now in foreclosure. Then, I got a miracle postcard from Foreclosure Prevention Institute and am praying that they can save my home. I do have some financial resources if I can get a work-out solution in time. I would have called sooner had I known that there were people like this to help me. They are very caring and understanding. I cry thinking about losing my home, but just maybe they will be able to help me save my home. Note: We did save Audrey's house from foreclosure. We helped her file an insurance claim for a sewer back-up in her home, and she found a roommate to increase income. The lender was willing to delaythe sherrif sale, since she did have an insurance claim pending.
(Lesson: 1st Loss Mitigation of Michigan cannot guarantee that every home will be saved from foreclosure, but we do try our best to save homes and/or to lessen the financial damages. Do not delay, call us today.)
Want to Stop Foreclosure?
From Lori:
We initially tried to refinance our home 8 months ago with two lenders including Concept Financial, but kept getting turned down. Our problem is that we are on a fixed income and were facing ARM resets starting in January of 2008. Looking back, we should never have refinanced with an ARM in the first place, but we did two years ago due to my being placed on disability. Now we just didn't know where to turn. We considered bankruptcy, but Janet said don't do that. We have always been on time with our mortgage and really didn't have many other debts except for the house. Janet suggested a loan modification. We about gave up, because our lender was so slow in responding to our loan modification package. We waited two months and the lender finally sent us an agreement to put us on a forbearance plan with no promise of a loan modification and with no relief from the ARM adjustments. None of us could accept this, because we were not in foreclosure. So Janet and Ron continued to negotiate and through sheer persistence finally convinced our lender to provide us with a loan modification with a fixed rate that dropped the interest rate by 2 1/2 points. At times, I was very impatient with the whole process and practically gave-up, but Janet and Ron ignored my many complaints and I am so glad they did. Considering the time and effort they put in, they worked for "peanuts." My retired husband and I saved thousands of dollars and fees by optaining this loan modification and more importantly saved our home. We have lived in our home for 20 years.
(Lesson to be learned: Loan modifications do take 1 to 3 months to obtain and are not guaranteed. However, lenders are obligated to loss mitigate and with some threats one can get the lender's clerks or loan officers to agree to negotiate a fair resolution especially when homeowners' payment histories are good.)
If you want to save your home, call us TODAY!
Call Foreclosure Prevention Institute, LLC
1st Loss Mitigation of Michigan Today!
8:00 a.m. to 8:00 p.m. Eastern Standard Time
Office is open Monday through Saturday; and Sundays by appointment
Toll free number is 1 800 826-1929
Address: 271 Viking Dr.
Battle Creek, MI 49017
Address: 956 Innes St. NE
Grand Rapids, MI, USA 49503
How to Contact 1st Loss Mitigation of Michigan
or visit our primary website www.foreclosurepreventioninstitute.com
or visit our secondary website www.foreclosurepreventioninstitute.net
or Call Dave Brigle @ 1 800 826-1929
or email Janet at @ fpinstitute@gmail.com
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