Home Again Mitigation We perform successful mortgage loan modifications

Frequently Asked Questions

I am late on my mortgage payments, what are my options?

We understand that falling behind on your mortgage and facing the possibilty of foreclosure can be traumatic and extremely stressfull. Home Mitigation Solutions can provide you with options to help you avoid foreclosure.

What is a short sale?

A short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.

What are the advantages of a short sale?

Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well.

What do I need to get started?

In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a short sale. Contact Home Mitigation Solutions today and one of our specialists will help you get started.

What effect will a short sale vs. a foreclosure have on my credit?

Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a "settled debt” and is significantly less damaging.
Home Mitigation Solutions not a credit counseling agency, but credit experts say that a foreclosure will typically reduce a borrower’s credit score by 250 to 280 points and the borrower would usually need to wait more than 36 months before a lender will offer any kind of interest rate that makes sense. A short sale, on the other hand, will typically only result in an 80 to 100 point hit to the borrower’s credit and a significantly shorter waiting period before buying another home, usually about 18 months or less.
A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable.

HOME MITIGATION SOLUTIONS
400 Madison Avenue | 2nd Floor | Elizabeth, NJ 07201 | Phone: 908.469.4335 | Email:info@hmsnj.com

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