Mortgage Resolution (Litigation)

Mortgage Resolution (Litigation)

Definition: Mortgage Resolution, also commonly referred to as Mortgage Litigation is the examination of loan documents for the prevalence of fraud in the origination or implementation of the loan. Legal recourse is then sought against the lender based on the findings. It is not a loan modification and the results are typically a lot more impressive. The legal recourse that can be sought is a...

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How To Qualify For A Short Sale

How To Qualify For A Short Sale

What is a Short Sale? A short sale can potentially occur when a homeowner finds themselves in a situation of being upside down in their mortgage. What this means is, the current market value of the property is much less than the present mortgage value on the home.  The Lender then agrees to accept less than the mortgage amount by the current homeowner from the sale of the property.   How Do...

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Pros and Cons of a Short Refinance

Pros and Cons of a Short Refinance

A short refinance is one of several alternatives that allows both a lender and home owner to avoid foreclosure.  It is typically available for borrowers that are in default and involves creating a new loan amount than the existing outstanding balance owned.  The difference is typically forgiven by the lender.  Why would the lender agree to such terms?  Foreclosure is almost always...

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How Do Events Impact Your Credit Score?

How Do Events Impact Your Credit Score?

So how does foreclosure impact your credit score?  What about other damaging item like Bankruptcy? Until recently the credit agencies have been very secretive about what will happen to your FICO score after you start to fall behind on your payments. Just recently Fair Isaac, which is the company that developed FICO scores, has come out with some estimates (averages) on how your credit score will...

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