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Having Trouble Making Your Mortgage
Payment?
Possible Solutions
There
are two basic ways to help customers who are having financial difficulties
and want to avoid foreclosure. One is to help customers retain
homeownership with some kind of loan workout or bringing the loan current,
while the second involves assisting borrowers with selling the property or
transferring the title back to their lender. At Midwest First Financial, we
give borrowers several choices, allowing them to determine which course of
action to take.
Midwest First
Financial is committed to helping customers keep their homes, if the
customer has some means to make payments and is committed to working with
us. Not all loan workout types may be available for every customer, but Midwest
First Financials experienced Asset Manager will review your situation and
offer solutions that work for you and Midwest First Financial.
Options
that may be available to avoid foreclosure:
Keeping The Home
1)
Full reinstatement of account
2)
Forbearance if requirements are met
a.
Borrower must complete financial worksheet
b.
Allow access for an interior BPO
3)
Possible temporary interest rate freeze
a.
Borrower must complete financial worksheet
b.
Allow access for an interior BPO
Selling The House
1)
Deed in Lieu of foreclosure
a.
Borrower must complete financial worksheet
b.
Title must be clear of any liens
c.
Agreement that the borrower will convey the property vacant and free
of personal property
d.
Itemization of keys, built in fixtures and equipment
e.
Borrower’s agreement to provide proof that certain utilities,
assessments and HOA dues are paid in full at the transfer date
2)
Deed in Lieu of foreclosure in conjunction with lease option
a.
Borrower must complete financial worksheet
b.
Title must be clear of any liens
c.
Borrower’s agreement to provide proof that certain utilities,
assessments and HOA dues are paid in full at the transfer date
d.
Itemization of keys, built in fixtures and equipment
e.
Physical inspection of property by property manager
To request a financial worksheet to complete,
please contact an Asset Manager at (866) 240-7477.
Midwest
First Financial, Inc. - 11904 Arbor Street, Suite 200 - Omaha, NE 68144
Telephone
(402) 330-2274 Fax (402) 330-6416
Toll
Free (866) 240-7477
Contact Midwest First Financial Mffi@mffi.com
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