Here are some of the possible solutions that we may be able to offer you.
Option 1: Repayment Plan or Special Forbearance
Atlantic Pearl Mortgage, LLC may be able to arrange a plan based on your financial situation to spread out the repayment of your past-due balance over an extended period of time.
Option 2: Loan Modification
It may be possible to modify your mortgage contract to incorporate your past-due amounts and sometimes even reduce your monthly payment. This may be done by extending the loan term, lowering the interest rate or capitalizing past-due interest. However, this is a legal change to the terms of the loan and involves obtaining approval from the loan owner or investor.
Pre-Qualifying Factors:
- Customer must have a source of Income
- Income must be stable:
- No Temporary Source of Income
- No Unemployment or Temporary Social Security
- Pensions are allowed as long as they are permanent
- Property and Mortgage must belong to person/s applying for the Loan Modification
- All liable parties must be willing to sign the Modification Documents
***Note – A Processing Fee may apply, if applicable
Items Required For Review of Workout:
- Completion of Financial Form
- A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
- Copy of 2 most recent bank statements.
- Copy of 2 most recent pay-stubs
***Note – 6 months of Profit and loss statements applicable, if self-employed - Previous year’s Tax Return or W2
Option 3: Short Sale or Pre-Foreclosure Sale
This will allow you to avoid foreclosure by selling your property for less than the amount you owe on your mortgage. This may be less damaging to your credit than a foreclosure.
Pre-Qualifying Factors:
- There is a formal written offer on the Property
- The offer for the property is equal or less than the amount to payoff in full
- Jr. Liens (i.e. 2nd mortgages) must be willing to have an open line of communication with customer on possible negotiation efforts.
- The customer must be willing to allow MMS to evaluate the property’s interior to gain a proper value for the workout
***Note – The customer may provide their own appraisal if available - Preferred that the property has been listed for sale on the market
Items Required For Review of Workout:
- Completion of Financial Form
- Signed Purchase Contract by Seller and Buyer
- Estimated HUD1 or Net Sheet
- Pre-Approval letter for buyer, with no contingencies
***Note – For cash purchases proof of available funds - Listing Agreement
- A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
- Copy of 2 most recent bank statements.
- Copy of 2 most recent pay-stubs
***Note – 6 months of Profit and loss statements applicable, if self-employed - Previous year’s Tax Return or W2
- Letter of authorization for third parties, if applicable
Option 4: Deed-in-Lieu of Foreclosure
As a last resort, you may be able to voluntarily “give back” your property to the lender. You won’t be able to stay in your home, but it is not as damaging to your credit rating as a foreclosure. This option is only available if there are no other liens or judgments on the property.
Pre-Qualifying Factors:
- No liens or judgments (i.e. 2nd mortgages)
- (Small liens or judgments that may be negotiated to accept less may still qualify for a DIL.)
- Upon approval, property must be vacant and “open house clean” or “broom swept clean”.
- The customer must be willing to allow MMS to evaluate the property’s interior to gain a proper value for the workout ***Note – The customer may provide their own appraisal if available
- Preferred that the property has been listed prior and during the DIL process, but not required
Items Required For Review of Workout:
- Completion of Financial Form
- A letter detailing the circumstances surrounding your current financial situation (Hardship Letter)
- Copy of 2 most recent bank statements.
- Copy of 2 most recent pay-stubs
***Note – 6 months of Profit and loss statements applicable, if self-employed - Previous year’s Tax Return or W2
