| Conflict Resolution Professionals! Did you know there are over seven million privately owned companies in North America? Connect with the universe of family owned companies who need your services as a professional who speaks their language! Add your profile to our directory of professionals right now. |
|
Loss Mitigation - A Set Of Tools To Stop Foreclosure
By Jeff Manzanares
What is loss mitigation?
You can be sure that there are a lot of people who do not have the faintest idea what this expression means. For that matter, there are a
lot of terms in the finance field that are rarely used by most people in everyday conversation.
If you are now facing a home foreclosure, you are looking for answers-
answers that will explain what all this "foreclosure" terminology, means in simple-to-understand words.
Rather than define all these confusing financial terms at once, let's look at loss mitigation and explain how it may be a "weapon" that you can use to defeat your home foreclosure.
Loss Mitigation...
A course of action that is available to you, the homeowner, and a process that will enable you to stop home foreclosure. That is correct; you the homeowner have the power to request negotiations with the lender.(Imagine that)
Not only can it stop the foreclosure process, but it can help you save your family home and the equity you have built up. The lender agrees to
assist the borrower (you) by working out an agreement to help you stay in your home and restructure your loan payments. Loss mitigation is a set of tools the lender uses to stop foreclosure.
Which could include:
> Special forbearance agreement
> Loan modification / Mortgage Refinance
> Partial claim
> Pre-foreclosure sale
> Deed-in-lieu of Foreclosure
An agreement between the lender and homeowner to repay past due payments within an agreed upon period of time is the goal of loss mitigation.
Any of the previously mentioned tools or combination of each can be used by the lender to enforce the agreement.
Your current situation...
Your current situation is important in the process, because you are now behind on payments and in danger of defaulting on your home loan. This
information needs to be very clearly and succinctly described to
the lender. Communication with your lenders is very important.
Do not
Our articles continue...
|
hesitate to tell your lender all the facts. When they understand your situation completely, your lender will be more able to help you find the right solution. You must remember this is business and the lender will approach the negotiations that way. Your job is to put a face/family in front of them and make sure they understand the situation you are facing. If you have recently faced any hardships such as: > being laid off at work > going through a divorce > medical bills > health issues - resulting in loss of income The lender MUST know this information. These few are just examples of what the lender will take into consideration when trying to help you stop the foreclosure process. Your hardship and financial circumstances will be taken into consideration. The negotiations...The outcome of the negotiations usually results in your existing loan being re-established or modified to some degree. Loss mitigation does not involve you losing your home or the equity you have accrued. In addition loss mitigation is not dependant on your credit rating. There is help...As stated earlier loss mitigation is a process available to you. That does not mean that you have to go into your lender alone. In fact if you use a reputable firm, your chances of negotiating with your lender (to benefit you) elevate significantly. This is not a game; you are facing the possibility of losing your home to foreclosure. Be sure you check out the company before you consider using them. You definitely want to work with a reputable establishment. The loss mitigation firm will work with you to customize a plan that will fit your individual circumstances. The benefits of loss mitigation negotiations...It is a process that you and your lender enter into. This course of action is meant to cut the losses incurred by both parties. If the lender has to foreclose on your property it actually will cost them more than taking time to work out a solution with you NOW! You keep your home and equity, and the lender has halted the foreclosure process and has an agreement with you to continue your (altered) mortgage payments One final point...You must always remember when you are facing a home foreclosure that time is your enemy. The clock is always running. Even while you are negotiating with your lender...the clock never stops ticking. Tick-tock, tick-tock, tick-tock... The best of luck during your Loss Mitigation negotiations. Article Directory: http://www.articlecube.com Jeff Manzanares is the president / owner of Bridges Finance Inc. a finance companay in Orange County CA. Jeff is also owner of Home Foreclosure Help a website dedicated to helping a homeowner keep their home when they are facing foreclosure.
Here are some more mediation articles...
Conflict at Work May Be the Snake Under the Rug (Part 1 of 2)
By Tammy Lenski
Once upon a time there was a rug merchant who saw that a beautiful carpet he acquired had a large bump in its center. He gently stepped on the bump to flatten it out. He succeeded, but the bump Read more...
|
The Difference Between Debt Consolidation And Debt Negotiation
By Gibran Selman
Debt consolidation is a plan to get you out of your debt through combining all your debts into a single larger debt, and paying to a single creditor through a single check each month. Debt Read more...
|
Mediation Losing Its Effectiveness: Lack Of Diverse Mediators
By Elizabeth Moreno
Diversity happens when it has a positive impact on the bottom line. This was the overall consensus of representative corporations and law firms this past year at an ABA Dispute Resolution Section Read more...
|
Blood Diamonds: What You Can Do To Ensure You're Purchasing A Conflict Free Diamond Jewelry
By Melanie Spark -
What are blood diamonds? Blood diamonds, also called conflict diamonds, are mined in war torn African countries by rebels to fund their conflict. The rebels grossly abuse human rights, often Read more...
|
| mediation certification news: |
How to Protect Your Customer Data and Your Reputation
When it comes to safeguarding customer data, the stakes are higher than ever in today's wired world. A single security breach can create a legal and regulatory nightmare. How vulnerable is your organization to hackers and disgruntled employees? What can you do to protect your company?<br><br>Sponsored by Cisco, this 30-minute BizWise TV broadcast for small and mid-sized businesses outlines the legal, ethical, and business obligations you face. A panel of security experts will show you how to assess your vulnerabilities, implement an effective security plan, handle an employee suspected of committing a security breach, and execute "damage control" through effective PR if a breach does occur.<br><br><br><br>BizWise TV features TV Style Broadcasts on topics relevant to SMBs. Tune in for a new topic on the third Thursday of every month or watch the previous broadcasts on demand at your convenience.
Intrusion Prevention Case Study: Mainova AG - Energy
This case study examines Frankfurt, Germany energy supplier Mainova AG's reliance on McAfee for its network security.
Corporate Incident Response: Why You Can't Afford to Ignore It
This Foundstone Professional Services paper explains the need for an effective corporate incident response plan and highlights common problems associated with inadequate incident response. It also discusses the steps you need to take when creating a corporate incident response plan and serves as a general guide to the phases that should be included in a comprehensive plan.
Making Your Business Disaster Ready with Virtual Infrastructure
Download this white paper to learn how a virtual infrastructure built on VMware server software can help make your disaster recovery strategy more effective and affordable. The paper emphasizes the need for business continuity and disaster recovery (DR) planning in today's enterprises and explains how a virtual infrastructure enables you to:<ul><li>Extend disaster coverage to more applications</li><li>Reduce recovery time</li><li>Make DR processes more reliable</li></ul>
Master Time Management With a Final 7 Time Management Tips
Time management is a hot topic these days. With more pressure on most people to do more with less, people are constantly turning to gurus in this area to try and improve their time management skills. This paper seven more tips to help people in their quest to master their time usage.
Action Plan in Time Management
Action plans are lists of responsibilities that instruct a person "To carry out to achieve an objective." The list centers on the goals immediately needing achievement on demand. The list or action plan enables one to center his attention on the specific obligations required of him. The marketplace has several software programs that help those people that have busy schedules and time management is a struggle.
Business Continuity Preparedness Handbook
AT&T's Business Continuity Preparedness Handbook provides a broad range of information to support your business continuity planning efforts.<br><br>The 16-page handbook examines business continuity in the context of two potential catastrophic events a pandemic influenza and a hurricane strike and highlights why taking a proactive approach to business continuity planning is essential for all disaster scenarios.<br><br>Topics include:<ul><li>AT&T's own business continuity preparedness efforts</li><li>Planning assumptions for pandemic influenza and the 2006 hurricane forecast</li><li>Best practices recommendations</li><li>AT&T solutions that support business continuity strategies</li><li>AT&T customer support during business continuity "events"</li></ul>
The Inexpensive Instant Message: Creating an E-Mail Newsletter
How does one share accurate, timely information with employees, customers and the community - and do it faster, better and less expensively than using the normal media outlets? The person should turn to e-mail. Faced with a barrage of negative media coverage as a result of innovative steps that provided a few surprises during the 2000-01 upheaval in energy markets, Chelan County PUD (Wenatchee, Wash.) came to this realization: The media were not going to tell their side of the story for them; they had to do it ourselves.
Using Crises as Publicity Opportunities
There are two kinds of Crisis Management: Internal (for when something happens within a company or externally that affects the company directly) and External (for when something happens in the world that indirectly affects the company). The authors' recommend that every company have a written plan on how to handle a range of both internal and external crises. This paper deals with external crisis management, and how one can, with advanced planning, gain positive publicity for the company when an external event occurs.
Telling Everyone You're Ok - A Key Element in Crisis Communications
Have a person ever noticed that one of the first side effects of most disaster situations is that the phone lines in the area immediately go down? The author believes that the first thing people think about in disasters is how it affects the people they know, or maybe just know of. That's why the phone lines go down - calls to check.
Impact of Past Crises on Current Crisis Communication
Previous research based on Situational Crisis Communication Theory (SCCT) suggests that an organization's past crises history affects the reputational threat posed by a current crisis when that crisis results from intentional acts by the organization. The study reported on in this paper provides a wider test of crisis history to better assess its role in crisis communication. Results from the present investigation showed that a history of similar crises intensified the reputational threat of a current crisis even when the crisis arose from the victimization of the organization or from an accident, rather than from the organization's intentional acts.
Sample Source: Crisis Management Plans - Part II
This paper includes specific action steps to take in the event of a crisis. Schools should create detailed procedures for each type of crisis that may threaten the school environment. Each process will vary, according to the type and severity of the emergency. The paper also describes the process in which the school recovers and restores its community.
Sample Source: Crisis Management Plans - Part I
Every morning, millions of students pour into school buildings all across the country. Families depend on schools to ensure that the environment in which their children learn and play is as healthy and safe as possible. Emergencies can take many forms, including severe weather and natural disasters, medical incidents, terrorism, and other threats of violence. Although many of these incidents are rare, it is vitally important for schools to be adequately prepared in the case of an actual crisis.
Media Communication Takes on New Dimensions With RMP
It is puzzling why many companies are doing little to prepare the local press for the information that will soon become public. This may stem from the industry's long-standing mistrust of the media. The good news about the U.S. Environmental Protection Agency's (EPA) Risk Management Program (RMP) rule is that it could serve as the catalyst for improved relations between the chemical industry and the news media. The bad news is that both are going to have to learn a new set of rules. Before the RMP rule, a chemical company's communications with the local media took place on two levels - routine and crisis.
Crisis Management and Disaster Recovery: The New Reality - Response to 21st Century Threats
The unfortunate truth is that many companies have failed to recognize that physical events or nagging perceptions can be their undoing. As keepers of corporate reputation, people need to step up to one of their most important responsibilities: developing the capabilities for responding to threatening situations. In the process, if the planning is founded on ethical core values and implemented properly, it can help avert loss of public confidence. Today, up to 25 percent of every chief communicator's time requires attention to readiness planning. That planning had taken on new dimensions that will be discussed in this paper.
UC coach staying, Nippert Stadium to expand
University of Cincinnati Football Coach Brian Kelly announced he would stay at UC Tuesday, following a meeting at which UC officials vowed to pursue an expansion that would add up to 10,000 new seats to the 35,000-seat Nippert Stadium.
Northern Cincinnati tourism group ends ’08 on high note
With a month left in 2008, the Northern Cincinnati Convention & Visitors Bureau is looking to post its best results ever.
Cincinnati unemployment below statewide level
Greater Cincinnati’s jobless rate topped 6 percent in October, but that was below the statewide average and equal to the national rate, according to the U.S. Bureau of Labor Statistics.
Toyota sees 34% drop in U.S. sales
Toyota Motor Corp.’s U.S. sales in November dropped by more than one-third year over year, the automaker said Tuesday. (TM)
Convergys wins FDIC customer service subcontract
Convergys Corp. has won a five-year agreement to help the Federal Deposit Insurance Corp. deal with a flood of calls from citizens concerned about their bank accounts. (CVG)
Local stocks bounce back after Monday's debacle
Greater Cincinnati stocks and the overall market overcame some bad auto sales news to rally Tuesday after Monday’s plunge. (GM) (GE) (BGC) (ASH) (CECE) (M) (LABL) (AKS) (AFG) (CINF) (FITB) (FFBC) (CQB) (KNDL) (LCAV) (PG) (KR) (HI) (ATRC) (SSP)
Ford lays out plan to profitability
Ford Motor Co. is telling Congress it expects to turn at least break even in two years under a business plan that seeks, if necessary, $9 billion in bridge financing from the federal government. (F)
Cincinnati CFOs: More hires than fires planned
Chief financial officers in Cincinnati area are still hiring, although job cuts are also up, according to the latest Robert Half International Financial Hiring Index. (RHI)
N. Ky. builders group elects Bogenschutz president
Paul Bogenschutz will serve as 2009 president of the Home Builders Association of Northern Kentucky, the organization said Monday.
Center for Closing the Health Gap wins $225K grant
The Center for Closing the Health Gap will use a $225,000 grant from the Robert Wood Johnson Foundation to promote healthy eating in Cincinnati’s Avondale neighborhood, the group said Tuesday.
|
