What is Loss Mitigation?

In our current economic climate, hundreds of thousands of American families are struggling to maintain their mortgage payments on home worth less than the amount owed upon them. When homeowners find they can no longer manage their payments, they have few options. They can let their home go in foreclosure, negotiate a loan modification or sell their home in a short sale. In all cases the bank or mortgage lender tries to limit their losses. This is referred to as Loss Mitigation.

What is a Loan Modification?

A loan modification is a negotiated agreement between the homeowner and the lender to preserve each others interest. The loan modification process can be difficult and arduous. It requires constant updating and follow-up. Many loan modifications are taking over several months to process and negotiate. Franklin Advantage will review your lender's loss mitigation policies, perform a detailed financial analysis of your current situation and refer you to an attorney to negotiate.

Franklin Advantage will make sure you are not bullied into an agreement that is neither beneficial nor financially viable. We will make sure you get a resolution tailored to meet your specific criteria and financial circumstance. At Franklin Advantage we know the difference between an answer and the right answer.

What is a Short Sale?

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the real estate sold.

In a short sale, the bank or the mortgage lender agrees to discount the loan balance due to the borrowers financial hardship. The homeowner / borrower sell’s their property for less than the outstanding balance owed to the lender with the lender typically agreeing to the sale as a full satisfaction of debt.

At Franklin Advantage we know that the key to negotiating any short sale property listing is to document the sellers hardship, substantiate the buyer's offer, and present a comprehensive market analysis of the property being submitted. Franklin Advantage has a proven history of delivering short sale results.

Why a Short Sale?

For the homeowner, the advantages of a short sale include avoidance of a foreclosure on their credit history. A short sale does adversely affect the homeowners credit report, the negative impact is typically less than a foreclosure. A foreclosure can remain on the borrowers credit for ten years where a short sale may remain for only seven. It is possible to obtain another mortgage two years after a short sale if all other credit factors are meet guidelines.

It is important that a homeowner have an experienced firm like Franklin Advantage on the front lines to ensure the short sale process is resolved smoothly and with the right result. Take a moment now to Contact Us or click on LIVE CHAT to discuss your hardship case with a Franklin Advantage professional. Within minutes you will be on your way to a solution.

We Specialize in Results

You need a seasoned professional on your side, here at Franklin Advantage we are your advocate and are ready to assist you. At Franklin Advantage we know a home shouldn’t be a burden.