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HOMEOWNERS CAUTION:

The most common mistake is for homeowners to think that just because their lender offers to provide a workout plan that the homeowner is going 'straight to the source' to fix their problem. It has been our experience and general statistics that 85% of homeowners that are placed on lender issued workout plans or modifications will fall off the plan after the first or second payment is made. The lender is not looking out for your best interest. We know what programs are available for each homeowner and what the qualifying criteria is with each lender. We approach the lender on your behalf. We are fighting for a solution that you can afford, not one that benefits the lender's position.

CUSTOMER SOLUTION:

At MMS, we are here to help you. Foreclosure situations tend to be extremely time sensitive so please contact us today for a consultation with one of our specialists.

You may be eligible for loan relief as a result of the upcoming Federal housing rescue bill. Mortgage Mitigation Services can help you determine if you have a case and how to effectively win substantial mortgage payment and principal balance reductions. We look out for the best interest of the homeowner to prevent Lenders from denying or misrepresenting the workout options that every American homeowner is entitled to

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program - but the bill allows for as many as 1 million or 2 million borrowers to participate in the program.

They can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage - and attest that they are not deliberately defaulting just to obtain lower payments.

Before homeowners can get FHA-backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home.

But lenders won't sign off on a workout unless they think that they'll lose less money on that than they would by allowing a home to go through the costly for Counseling for Federal Relief Program qualification - Learn your rights and how to prevent being disqualified from workout assistance that you may be entitled to. Find out who's eligible, how to apply, what the cost is, and what drawbacks are involved. If you do not qualify our senior legal team and will inform you regarding all alternative options.

Losing a home can be financially and personally devastating. Here's information to help you keep your home. Relief may be available.

2. Talk to a housing counselor -

If you don't feel comfortable talking with your lender, you should immediately contact a housing counseling agency and make an appointment with a counselor. A counselor can help you:

Review your financial situation with professional expertise , determine what options are available to you, and complete a comprehensive debt to income analysis before you negotiate with your lender Learn which of the various workout arrangements lenders consider makes the most sense for you and your family, based on your circumstances Call the lender with you or on your behalf to discuss a workout plan Protect you from future credit problems before you get too far behind on mortgage payments Give you information on services and programs in your area that provide financial, legal, medical or other assistance A good counselor will help you create a monthly budget plan to ensure you meet all your monthly expenses, including your mortgage payment. Your personal financial plan will clearly show how much money you have available to make the mortgage payment. This analysis will help you and your lender determine whether a reduced or delayed payment schedule could help you.