Westside Properties

Home Redemption Solution
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What We Do
 

MISSION  STATEMENT
Our mission is to help homeowners keep their home and preserve their credit profile. 
 
Many homeowners realize that mortgage payments are just too high and/or the house has little or no equity at all.  Some people feel like there is no hope.  Why should they keep throwing money away.  But before you decide to walk away. Give us a try.  We believe in helping people. We negotiate with the bank on your behalf to modify your existing loan. 

 

Loan Modification

A Loan Modification is a written agreement between the borrower and their lender, that permanently changes one or more of the original terms of the note, to make the payments more affordable.   The Loan modification can consist of any or all of the following;

  • Locking in a fixed rate
  • Reducing your interest rate
  • Extending the term of your loan
  • Reducing the amount of the principal you owe 
 
 Loan modifications are time consuming and often have similar qualifications of a refinance or new mortgage loan. As long as you can prove a stable income and have recovered form the hardship, this may be your answer to saving your home from foreclosure.
 
A successful loan modification wiil give the borrowers a second chance  to get the default caught up and the loan back on track, while avoiding a foreclosure that is likely to be on your credit profile up to 10 years. 
 
 
Other Alternatives
Each client will receive a customized analysis of their situation that incorporates their property, the loan(s), value and laws.  Based on that analysis,  one or more of the following services may turn out to be a better outcome.  We will work with you to do what is best in your situation. 
 
1. Refinance- The replacement of an existing debt obligation with a debt obligation bearing different terms. It requires income, credit, and most times equity to support a new mortgage or deed of trust.
 
2.  Reinstatement-Catching up with the past due amounts and bringing your loan to a current status. The amount of penalties, late charges and other fees will depend on how far behind you are on your payments.
 
3. Forbearance- A special agreement between the lender and the borrower in order to delay a foreclosure as long as the terms are followed. The borrower is responsible for the interest that accrues on the loan during the forbearance period.
 
4. Short Sale-A sale where the lender will agree to accept less than the full amount of the mortgage. This allows you to sell the house, while the lender recovers the bulk of the amount due without having to pursue foreclosure proceedings.
 
5. Deed-in-lieu -You give your home back to the lender (the “deed”) in exchange for the lender canceling the loan. The lender promises not to initiate foreclosure proceedings, and to terminate any existing foreclosure proceedings.