If you’re past due or facing foreclosure, Atlantic Pearl Mortgage, LLC. Home Owner Assistance Team may be able to work out a way for you to catch up or minimize the damage to your credit. They determine eligibility on a case-by-case basis and may be able to arrange one of the following loan solutions.
Here are some of the possible solutions that we may be able to offer you.
A forbearance agreement is a written agreement to reduce or suspend payments due on your loan for a limited and specific time period. During the forbearance period, Atlantic Pearl Mortgages will forbear from initiating foreclosure action.
Because a forbearance plan may not fully reinstate the loan, the plan will often be followed by reinstating the loan by one of the following methods based on your ability to pay:
A repayment plan is an executed plan wherein you agree to pay your current monthly payment plus an additional amount, and a down payment to repay the outstanding debt owed in an established amount of time. If you remit all payments, late charges and advances (property inspections, BPO’s, etc.) the completion of the plan results in you bringing your loan current.
A modification is a structured agreement where one or more terms of your mortgage are changed to enable you to bring your defaulted loan current.
A short sale occurs when you sell your property and the proceeds from the sale are less than the total amount owed. Atlantic Pearl Mortgages may be able to approve your short sale and forgive the remaining debt owed.
A Deed in Lieu occurs when you agree to sign over your property to Atlantic Pearl Mortgages in exchange for Atlantic Pearl Mortgages not foreclosing on your home.
Atlantic Pearl Mortgages works closely with lenders who might be able to help you refinance your loan. In addition, in certain circumstances the current owner of your mortgage may be able to help you with closing costs, accept a separate note for the debt that cannot be included in your refinance or even forgive some of your debt to facilitate the refinance.
The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies designed to help homeowners avoid losing their homes. To obtain a list of HUD-approved counseling agencies, please call (800) 569-4287 or visit www.hud.gov.
Home Learning Center – Operated by the Mortgage Bankers Association, HomeLearningCenter.com provides helpful tips and information for homeowners as well as a Foreclosure Prevention Center for borrowers who may be having difficulty making their mortgage payments.
NFCC – National Foundation for Credit Counseling refers borrowers to NFCC-certified credit counselors who can provide guidance about your options and where to turn to for help. Consumers can take the Mortgage Reality Check, an easy-to-take quiz that helps borrowers gain a better understanding of how their mortgage fits their current budget and income.
Hope Now – HOPE NOW is an alliance between counselors, mortgage companies, investors, and other mortgage market participants. This alliance will maximize outreach efforts to homeowners in distress to help them stay in their homes and will create a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they will be more effective than by working independently
Contact Atlantic Pearl Mortgages today to learn more.
Atlantic Pearl Mortgage LLC NMLS ID: 2597854
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