Upon request, LFS will assist the beneficiary and trustor to reach an agreement on suspending the foreclosure process temporarily in exchange for Trustor’s promise of certain performances. The Trustor benefits from the additional time allowed to cure the default. In the meantime, the beneficiary may resume foreclosure immediately if the trustor breaches the agreement.
LFS can also help the Beneficiary and Trustor to modify the original loan terms and document the changes.
Depending on the specific circumstances, Loan Forbearance and Modification are sometimes combined to achieve the best results.
A borrower/trustor may propose to transfer title voluntarily to the real property to the Beneficiary to avoid a foreclosure. LFS can assist the Beneficiary to assess the feasibility and pros and cons of accepting a deed in-lieu in the context of existing liens and title condition. Upon Beneficiary’s approval, LFS will prepare all required documents to effectual the title transfer and termination of the foreclosure proceeding.
Disclaimer: LFS is not qualified to give advice on the legal and tax consequences in connection with a Deed In-Lieu-of Foreclosure. Beneficiary and Trustor shall consult their respective legal and tax specialists on such matters.
A borrower may elect to sell his/her property in the open market to avoid a foreclosure. However, a property in foreclosure often carries encumbrances in excess of the property’s fair market value. Much negotiation, persuasion and coordination are required among all lien holders to reach compromised payoff amounts.
LFS can assist Realtors representing Seller or Buyer to negotiate and expedite approval of a short sale by different lien holders and has had extremely high rate of closings over the years.