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The following Professionals are involved in today's Mortgage Markets :
Mortgage Insurers take a role in providing funds to prevent foreclosurers . . .
If you have mortgage insurance you may want to contact them if you are facing foreclosure as they have a vested interest in the outcome of your situation. The Mortgage Insurance Company will have to pay if you don't and they would be willing to try to help you stay in your home and continue to pay your mortgage. They cannot change the terms of your loan, but they can intercede on your behalf with the lender or the company that services your mortgage on behalf of the investor that now owns it. Last year, several Mortgage Insurance companies worked with lenders and servicers to help complete more than 37,000 loan workouts or modification on behalf of borrowers. The reason they want to help is obvious since insurers lose $50,000 to $60,000 for each insured mortgage that is foreclosed upon.
The homeowners first step is to determine if they have Mortgage Insurance by checking the original Good-Faith estimate, your HUD-1 settlement statement, your annual escrow reconciliation statement or your payment book or notice. If you do have the coverage, call the Insurer and tell them your situation and ask for help. They will assign you a contact at the insurer to help negotiate with the lender or servicer. In the meantime, they may be willing to provide you with cash to help make your mortgage payments in order to prevent forecloser while they work on your behalf to make some modifications.
The homeowners first step is to determine if they have Mortgage Insurance by checking the original Good-Faith estimate, your HUD-1 settlement statement, your annual escrow reconciliation statement or your payment book or notice. If you do have the coverage, call the Insurer and tell them your situation and ask for help. They will assign you a contact at the insurer to help negotiate with the lender or servicer. In the meantime, they may be willing to provide you with cash to help make your mortgage payments in order to prevent forecloser while they work on your behalf to make some modifications.