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Homeowner Solutions & Services

As a homeowner, falling behind on your mortgage payment or dealing with the dreaded possibility of foreclosure can be a traumatic experience and extremely stressful. If for whatever reason you are currently behind on your mortgage payments – or foresee that you will soon be unable to continue making your payments – take heart: you do have options. Quite understandably, many distressed homeowners simply give up and give in to the foreclosure process, often without being fully aware of the options available to them.

At ALM, we understand that navigating through the foreclosure process can be a daunting prospect, especially in light of the other stresses you are dealing with. Our goal is to connect with you as early in the process as possible in order to educate you about the options available to you. By conducting a thorough analysis of your particular situation we can assist you in identifying and implementing the best possible solution.

Depending on the situation, the following loss mitigation options may be available to you:

Also known as a real estate short pay-off or a pre-foreclosure workout, a short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.
Also known as voluntary conveyance, with a deed-in-lieu of foreclosure the borrower voluntarily transfers title back to the lender to avoid foreclosure. The lender then releases the borrower from the mortgage and repossesses the property.

Keep Your Home Options

A Loan Modification is a change in one or more of the terms of a borrower’s loan, and results in a payment that the borrower can afford.
With a reinstatement, the homeowner brings the mortgage current by making up for all missed payments and paying any late fees and penalties.
Typically, when foreclosure is a result of a temporary loss of income, the lender may agree to a forebearance wherein they will allow the homeowner to delay payments for a short period or negotiate a payment plan to make up for missed payments over the course of several months. The lender may also agree to some combination between reinstatement and forbearance, enabling the homeowner to delay payment for a short period and then bring payments current by a specific date.
A repayment plan enables the homeowner to submit payment of a portion of the past-due amount and penalties with future payments until the past-due amount and penalties are paid-off.

ALM will work with you to come up with the best possible solution given your particular situation. In many cases the best and most appropriate solution is a short sale. At no cost to you, we will negotiate with your lender to agree to a short sale and see the process though to a final sale of your property.

Advantages of a short sale

Minimize damaging impact to credit: Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner as well.

Minimize financial exposure/liability: In many foreclosure situations, the lender will ultimately sell the property at a significant discount once they foreclose and repossess the property. The homeowner can then be financially liable to the lender. While the same may be true with a short sale, the difference is with a short sale the homeowner is still involved in the process and can therefore contribute their input, have more control over the sale price of the property and the potential associated liabilities. In a foreclosure, however, once the lender repossesses the property, the homeowner is typically defenseless with respect to what follows next.

How it works

When you decide to work with ALM you can take comfort in the knowledge that you have a professional acting on your behalf and you will no longer have to deal with uncomfortable correspondence from your lender.

After consulting with a specialist at ALM and reviewing all of your options, if we determine that a short sale is the most appropriate solution for you, the process will begin. We will work with you to collect all of the necessary documents and compile the complete short sale file that is required by your lender. ALM will act as an authorized agent on your behalf to negotiate the short sale. We will retain a realtor from our nationwide network of realtors that specialize in short sales in order to get you the highest possible price for your home. Finally, we will negotiate with your lender to reach the best agreement possible so that you can put this behind you and get back on track.

It is important to keep in mind that short sales tend to be time-consuming, complicated, and often a frustrating process. As a national leader in short sale negotiation, the professionals at ALM are available to manage this process for you. When you team up with ALM, you are tapping into our renowned expertise in negotiating short sales, and leveraging our experience and resources to resolve your problem. With ALM you can be sure that together we will achieve the best possible outcome.

Why ALM

ALM is a national leader in the field of short sale negotiating. Our principals and affiliates have decades of combined experience in all areas of the mortgage and real estate industries. Our expert loss mitigation specialists are highly trained and thoroughly knowledgeable in every aspect of this often complicated process. We operate in every state and have a comprehensive understanding of all the ins-and-outs and rules and regulations applicable to each foreclosure situation. Our expertise and experience is what differentiates us, our commitment to our clients is what sets us apart. It is this unique combination of industry-leading expertise, impeccable professionalism, and extraordinary customer focus that enables us to offer the highest level of service to our clients nationwide.