Avoiding Foreclosure

Get help in avoiding foreclosure
of your home through loan mitigation!

Note:  Prevent foreclosure! Help is available nationwide in negotiating with your lender to stop foreclosure of your home.  Some say that this is something that you can do yourself.  That's true, but there is a definite advantage when a professional negotiator is doing this for you... the same reason why doctors and lawyers consult with other practitioners rather than handling their own cases.  Why risk it?

 Are you behind with your mortgage payments?

We can help... but first, let me explain that you're not alone.  Some homeowners face this problem due to death in the family with the main wage-earner passing away.  Others lose their jobs, incur huge medical bills or experience some unavoidable disaster.  However, many are faced with this situation because of the type of mortgage they obtained when money was easy to get.

When money was easier to get, lenders were lax in extending credit.  Not that they extended credit to non-deserving borrowers.  However, the amount they allowed borrowers to borrow in some cases is more that what they normally would because the money supply was plentiful.  This left little room to maneuver when homeowner's financial situation changes, or when monthly payments go sky high when interest rates go up.  This is particularly true for those who obtained adjustable rate mortgages (also known as ARM), or interest-only loan.

There are several alternatives to getting out of this dilemma; but one alternative that is not right is to not do anything.  That, really, is not an alternative!  Instead of sitting tight "hoping" that things would change, you should be proactive in looking at alternative ways of getting out of this difficult situation.  You may tend to be in denial, and always hope that things will change, instead of facing reality and look for alternative means of solving the problem.  Some homeowners who are in this situation simply give up and mail their keys to the lender while some think of filing for Chapter 7 (where debtor is released from, and does not have to pay for, the debt) or Chapter 13 Bankruptcy (where you are on court monitored payment plan) protection.  While others still try to sell their home at inflated prices, hoping that they will get sufficient money to payoff all their debt.

It will be prudent for you to look at the other alternatives first, such as renegotiating the terms of your loan, before resorting to some choices that would be considered "last and final choices." 

How Can Danny Cachuela Help?

You must work with someone who is not in the business of buying these properties (also known as distressed properties).  People who buy distressed properties usually buy them at "low ball" prices.  This is because they are in the "business" and they have to make money out that purchase.  Instead, work with those who are in the business of helping homeowners avoid foreclosure.  But be sure to work with a reputable one.  There are many scams out there who take advantage of people who are having difficulities.

Danny Cachuela is not in the business of buying pre-foreclosure or foreclosure properties.  Danny Cachuela is a Certified Loss Mitigation Consultant for Freedom Foreclosure Prevention Services, LLC ("FFPS").  He is also a licensed real estate agent (in Pennsylvania and New Jersey) who is knowledgeable in handling short-sale of homes.  This is a specialty since many agents do not even know what a short-sale is; and those who know generally do not want to be involved in it due to its complexity compared to a regular home sale.

A home that is in pre-foreclosure status is not necessarily for sale.  The owner may still be pursuing other options to cure the default, which could include re-financing of the loan.  However, an offer from a financially-qualified buyer could sometimes be the best solution to get the owner out from under the impending foreclosure.

Danny Cachuela can help you avoid foreclosure in the following ways:

1. You will receive assistance in preparing a financial analysis to establish your financial difficulty, or to determine eligibility for loss mitigation.
2. Your financials will be submitted to FFPS for handling of Loss Mitigation work.  The purpose here is to renegotiate the terms of your loan so that you can stay in, and continue to own, your home and avoid foreclosure.  If handling of your case is approved by FFPS, it will be very likely that your lender will approve the loss mitigation solution that will be proposed by FFPS.  There is guaranty that if FFPS agreed to handle your case, and FFPS fails to get your lender's approval, all fees will be returned by FFPS provided you followed the steps that you agreed to do.  The key benefit to the borrower is that it increases borrower's credibility in dealing with the lender because borrower employed the services of a professional.
3. If FFPS does not accept your case, then we can discuss the possibility of doing a Short Sale of your home. 
4. If short sale still does not work, then your final recourse will be a Deed In Lieu of Foreclosure (see below).
   

Loss Mitigation Programs That Stop Foreclosure Fast!

Stop Foreclosure with Loss Mitigation Programs

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner's situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure.  The extensive experience of FFPS and solid working relationships with mortgage lenders help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender.  After performing a thorough assessment of your personal finances and analyzing your lender's loss mitigation policies FFPS professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem.  FFPS could help you save your home and credit history through a variety of loss mitigation options as follows:

Repayment Plan

If you have incurred a short term financial hardship and your loan is two or more months past due, your loss mitigation specialist will also consider submitting a request for a payment plan to your lender for approval.  Only after reviewing your financial situation will this option be considered.  All clients must be able to show that they can afford this plan in order to be eligible.

Special Forbearance
(FHA loans only)(Type I and II)

If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due, the loss mitigation specialist will also consider submitting a request for a special forbearance.  A special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II - can be utilized in an unemployment situation whereby the promise of future employment is present. FFPS has done VA loans that resulted 27-month repayment plans.

Loan Modification

If you have incurred a long term financial hardship, FFPS can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage.  This could lower the interest rate and/or extend the term of the loan resulting in lower payments.  There are costs and fees associated with a modification that you will be responsible for.  All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification.  Any additional liens or mortgagees must agree to be subordinate to the first mortgage.  All requests are subject to your lender's approval. 

VA Loan Modification/Refunding

A refunding is when the VA buys your loan from the lender.  Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider.  When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized.  Your new loan will be non-transferable without prior approval from the Secretary.  If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate. 

Deed-In-Lieu-Of-Foreclosure

If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure.  To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement.  Also, there cannot be any additional claims or liens (other the mortgage) against the property.  If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights.  You may be asked to participate in a Short Payoff program before a deed-in-lieu of foreclosure is accepted.

Partial Claim
(FHA mortgages only) (Some Freddie Mac Investor loans)

The loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if your loan is 120 to 365 days past due.  A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development.  The partial claim note will require you to start making payments when you pay off the first mortgage.  There is no interest. The partial claim can be for no more than 12 months of past due payments.

About Danny Cachuela

Danny Cachuela, with his financial background as a Pennsylvania Certified Public Accountant (inactive), is uniquely qualified to provide this service.  As a Realtor, he will be able to help you in the sale of your property, if necessary.  His experience in negotiation working as a former CEO of a multi-million dollar corporation in is invaluable in helping you go through the negotiation of short-sale with your lender (sometimes, multiple lenders).  He is not the so-called "phony counseling agency" that charges a fee for counseling, then disappears.  He is affiliated with the well-known company, Freedom Foreclosure Prevention Services, LLC as a Certified Loss Mitigation Consultant. 

If he sells your house as an Associate Broker of Prudential Fox & Roach Realtors, he collects his fee in form of commission from the sale of your house, just like a traditional sale by a Realtor.  That means... no sale, no fee.  And if it turns into a "Short-Sale," the net effect is that your lender is the one paying his fee -- not you.  He could explain this further.  You can preview his Real Estate website at www.ShowMeTheHome.com.  And, for more information on short sale, go to www.ShortSaleSecretRevealed.com.

Note that there is no business relationship between Prudential Fox & Roach Realtors and Freedom Foreclosure Prevention Services, LLC, although Danny Cachuela represents both separately as an Associate Broker and as Certified Loss Mitigation Consultant, respectively.

For more information, simply call him at 610-356-8347, or his toll-free number at 888-561-8453.  His services are offered nationwide.

IMPORTANT:  The information provided on this website is designed for general information only.  Before acting on any matter contained herein, you must consult with your personal legal counsel, tax and financial counselors.

Danny Cachuela, CPA
Certified Loss Mitigation Consultant
Freedom Foreclosure Prevention Services, LLC
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Toll-Free: 888-561-8453
Office: 610-356-8347
Cell:  610-213-6771
danny@CachuelaTeam.com