Talk to someone real. Save your home.
Talking to a real decision maker.
You called, you emailed, you sent in package after package, but still no response. They ask you for continual updates but can never give you a firm decision. All you want to do is talk to someone real.
Unfortunately, often you will not speak with an actual bank representative unless you are in mediation. In Florida, mediation is a positive way to talk to the bank to get them to actually review the loan modification application you have already put in. It gives the bank a clear and definite deadline to meet by the courts. Too often, it is not until the bank is seeking to sell your home that you have an opportunity to discuss your issues with the bank and attempt to resolve the problem. Mediation creates an opportunity for homeowners and lenders to reach an agreed upon solution that will possibly avoid and/or stop foreclosure.
In mediation, the decision maker will have already reviewed your file, your foreclosure case, and any documents that you may have submitted to the bank for a modification. The decision maker may appear in person or by phone. If you have submitted a complete package, they will be able to give you an answer on every type of option available with the bank in real time. No waiting, no more worry.
Save your home.
Your home is where your kids grew up. It’s where you have holiday dinners. It’s where you live your life and it deserves saving. Your best chance of saving your home is through mediation. Homeowners who enter mediations with documents submitted to the bank at least 15 days prior have seen much higher success rates than those who don’t. You can choose to mediate early in the case, or you can agree to mediate later. Even if you are not modified at the mediation, the parties can continue the mediation to a later date and meet again for a final decision. Regardless, the mediation will speed up the loan modification process and you will have a clear answer in 30-60 days. This will save you time and money in the end.
There are several solutions that you and your bank can explore. Each lender has different options available to you. Some possible solutions are, Loan Modification, Principal Reduction, Reinstatement Plan, Repayment Plan, Forbearance Plan, Extension Agreement, Deed in Lieu of Foreclosure, and Short Sale. The solutions offered will depend upon the information provided in your application package. There are many cases where the bank may be willing to work things out in exchange for being able to return a loan in default to performing status. Banks have to expend time and energy to process a foreclosure, so you may be surprised at their willingness to work out some kind of agreement with you.
Mediations are no longer a mandatory requirement by the courts before the banks can go forward with selling your home. If you have a notice of foreclosure, you should make sure that you have a mediation to save your home. Don’t wait, do it today.