How to Stop Foreclosure

Since the mortgage crisis began Loan Modifications have become one of the major buzz words throughout the Country.  Loan Modifications have actually been available through Loss Mitigation procedures since  April 1996.  FHA, the Federal Housing Administration, which is a federal agency of the Department of Housing and Urban Development (HUD) that insures residential mortgages, implemented Loss Mitigation procedures after the HUD Assignment Program was terminated, as in accordance with , dated May 1, 1996.

HUD defines a Loan Modification as “a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford” as indicated in the Loan Modifications link (above in blue).

Today Loan Modifications offer better opportunities for homeowners behind in their mortgage payments than they did in the past.

United Capital Mortgage Assistance has been assisting homeowners stop foreclosure  through Loss Mitigation procedures since January 1997, and we see a rise in the number of Loan Modifications that mortgage lender are now offering, which is terrific for homeowner behind in their mortgage payments.  However, with the rise in foreclosures throughout the Country and the rise in Loss Mitigation procedures that are now being demanded upon mortgage lenders, we are now seeing that many mortgage lenders have quickly tried to hire and train new employees, which most we find, under-trained.

Therefore, due to the rise in the number of foreclosures across America, due to the added demand upon mortgage lenders and due to under-trained employees of many of these lenders has made it much harder, more difficult and more time consuming to complete a Loan Modifications now than it did in just the recent past.

We have received numerous calls from homeowners who have already sent information to their lender or have given their lender information over the phone and still many weeks later have not heard back from the mortgage lender, thereby not knowing what to do.

United Capital Mortgage Assistance has negotiated homeowners’ Loan Modifications, even after the homeowner has sent information to their lender, and UCMA has gotten great terms on for those clients as well.

Contact UCMA Today and see how the “Real Experts” can help 1.800.474.1407