Learning Center

What can Loss Mitigation do for me?

The purpose of Loss Mitigation is to work out an agreement between you, the borrower, and the Lender or Loan Servicing company in order to stop the foreclosure proceedings. This allows you to keep your home and avoid foreclosure which may protect your credit.
What is a Loan Workout?

Either a Loan Modification or a Repayment Plan.
What is a Loan Modification?

A Loan Modification occurs any time the terms of the original loan contract is permanently altered. This can involve a reduction in the interest rate, forgiveness of a portion of the principal balance due or an extension of the maturity date of the loan.
What is a Repayment Plan?

A plan that allows the borrower to become current and catch up on missed payments. This is accomplished by spreading the amount of delinquent payments over next few months which allows the borrower to bring the account current.
How much do you charge for your service?

Call today to determine if you qualify to have your loan modified. By discussing your scenario with one of our Financial Advocates, we can help determine the best course of action that may lower your monthly payment and save your home for you & your family.
How long does it take for completion once we fill out all the paperwork?

The timeline depends on the state of foreclosure you may be in, your financial position, and your Lender or Servicing Company. Typically it takes 4-8 weeks to complete a Loan Modification or Loan Workout. We commence work on your case as soon as we receive your paperwork. Time is of the essence.
What about my privacy? How do I know you are legitimate?

Just as if you were applying for a new loan, all of your information is confidential. We value the privacy and security of our clients. Please review our privacy policy and don’t hesitate to contact us should you have any questions.
Do I have time to stop the foreclosure proceedings?

Due to the state of our economy, lien holders would rather keep a borrower in their home rather than foreclose. Therefore, if there is an opportunity to complete a Loan Modification or Loan Workout, the lien holder will typically work to get the payment modified. It is imperative you act quickly if a sale date has already been scheduled for your home. This means you have a limited amount of time to start the process with MTDLAW. We recommend that you contact us today for an eligibility assessment.
I have bad credit, should I even bother going through the process?

Absolutely! The lien holder looks at your capacity to repay the modified payment, not your credit score. Remember, they want to keep you and your family in your home and have the ability to make a consistent, on-time payment.

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