In your Foreclosure Prevention Counseling session, a counselor will speak with you about any of these options of which are eligible. These options are not available to every homeowner.
Probably the most important thing to understand about modifications is that they are processed on a case-by-case basis. No two situations are exactly alike, just as no two lenders or investors are alike. Lender and investors utilize a complicated formula referred to as Net Present Value (NPV). This formula is first and foremost designed to protect the interests of the investor. There are simply no guarantees. The lender’s first objective is to minimize the loss to the investor. If this objective coincides with the homeowner’s desire for a modification, everyone wins. Otherwise, the homeowner may have an uphill battle to obtain a permanent modification.
In a report to the U.S. Treasury Department, lenders have estimated that the cause for denial of permanent modifications in 80% of the cases is lack of complete documentation or missing paperwork from the homeowner. This statistic presupposes the homeowner had been accepted for a trial modification in the past, and also underscores the importance of the homeowner following through with all lender requests for updated information and documentation.
In any case, a wise consumer will have a back-up strategy in the event their goal of home retention is not realized.
Call 877.412.2227 to make an appointment with one of our certified housing counselors to research these various options and to better understand the time line for foreclosure.
Important Advisory: Clearpoint will NEVER text, email, mail or call to ask you to send or deposit money to any account other than your own (according to your chosen payment method associated with a Debt Management Program, or for specific services like housing education or bankruptcy counseling). If you receive any correspondence of this nature, please beware that it could be a scam. Do not respond or share any personal or banking information, and contact our office immediately at 877 877 1995, or by email.