Foreclosure Alternatives
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Pre-Foreclosure Trustee Demand Letter LFS prepares and serves a letter to trustor (borrower) on behalf of beneficiary (lender), demanding that payment be made by a specified deadline. Such letters are sent ether to comply with statutory or contractual requirements or as a collection tactic. In certain instances, a demand letter from LFS proves to be an effective tool to compel borrower's performance. Loan Reinstatement/Payoff and Lien Release » Request for Reinstatement Statement » Request for Payoff Statement LFS prepares and issues reinstatement or payoff statement in collaboration with beneficiaries. Upon receiving payment, LFS distributes funds to designated parties. LFS then prepares and record Notice of Rescission or Deed of Reconveyance, whichever is appropriate. Senior Lien Monitoring and Management » Letter of Authorization When a senior lien holder forecloses, all liens junior to the foreclosing lien are extinguished from the title chain. Therefore, it is critical to keep track of the status of any senior lien foreclosures. Upon request, LFS will initiate monitoring of senior lien foreclosures on behalf of a junior lien holder. Our services include i) prepare and record Request for Notice; ii) obtain reinstatement or payoff statements from senior liens; iii) Advance to senior liens to reinstate or pay off loans; iv) Negotiate forbearance agreement or postponement of trustee's sale; v) Bid at the senior lien's trustee's sale. Debtor Bankruptcy Monitoring and Management » Request for Bankruptcy Monitoring » Letter of Authorization Bankruptcy is a frequently employed and often abused tactic by a trustor to stall foreclosure proceedings. In lieu of a bankruptcy filing, it is essential for the foreclosing beneficiary and his legal counsel to receive accurate, complete and timely information of the debtor's case in order to devise the best legal strategy. LFS offers the convenience of monitoring case progress and status on behalf of the foreclosing beneficiary, which includes case docket, petitions, hearing notices, court proceedings, rulings, and adversary actions. Loan Forbearance and/or Modification Upon mutual request and agreement between the foreclosing beneficiary and trustor, LFS will process loan forbearance agreement and/or modification agreement in collaboration with parties' legal counsels, record modification to Deed of Trust, Notice of Rescission, and/or any other applicable documents. Deed in-lieu-of Foreclosure As an alternative to foreclosure, a trustor may voluntarily agree to deed title to the collateral back to the beneficiary to satisfy the indebtedness. Beneficiary may agree to such an arrangement, provided, among many other considerations, that such a transfer does not subject the grantee to any other liens encumbering the collateral. Upon request, LFS will conduct title search, prepare and record transfer documents to effectuate a deed in-lieu-of foreclosure. Note Sales Beneficiaries may elect to sell non-performing notes to investors as an alternative to foreclosure. LFS acts as an intermediary in marketing such assets to prospective buyers. Short Sale Assistance » List of Required Items » Statement of Information » Short Sale Information Sheet » Short Sale Guides » Letter of Authorization Banking on our extensive experience in loss mitigation, LFS has developed a program to expedite approval and improve successful rate of short sale transactions for real estate agents. LFS consults with real estate agents on short sale strategies and serves as a facilitator and contact point with short sale lenders. LFS prepares the short sale package, negotiates with lender's representatives, monitors file progress until receiving final approval. LFS conducts thorough research on market data and seller's financial situation and present only cohesive and convincing short sale package for lender approval. With above 90% of approval rate on all loans qualified for short sales, LFS proves to be a trusted partner in successful short sales for realtors. Please contact LFS short sale department for more program information at 626-579-5350. |