The homeowner fell behind on her mortgage and contacted the nonprofit Alliance of Consumer Advocates for FREE help.
Homeowner lost her job during Covid, fell behind on her mortgage and contacted the non-profit Alliance of Consumer Advocates for FREE help.
COSTA MESA, CALIFORNIA, UNITED STATES OF AMERICA, July 18, 2022 /EINPresswire.com/ — Tamarra Alexander lost her job after the Covid 19 outbreak hit the country in 2020, putting her in late on his mortgage; she contacted the nonprofit Alliance of Consumer Advocates for free loss mitigation assistance. They first helped her to ask for abstention. Forbearance is an agreement between the lender and the borrower that temporarily suspends payments while preventing the debtor from taking action to collect the outstanding debt or from taking legal action against the borrower. While her original loan agreement was still active, the lender took no action to collect outstanding payments or take action against her as long as she complied with the forbearance agreement.
However, if she has breached the agreement, her lender can take legal action immediately and may have the right to bring a default action against the landlord.
Although a forbearance agreement may offer temporary relief to the owner, the concern is what may happen at the end of the forbearance period.
Tamarra Alexander and other homeowners like her facing foreclosure can take advantage of Federal Housing Administration (FHA) loan forbearance. This program can temporarily eliminate the need to make any monthly payments for the period which usually begins within 3 months and can be extended. Homeowners may also be eligible to receive funds to repay overdue payments if they are deemed eligible. The program can be extended to a number of months, depending on when the borrower entered forbearance. Once the forbearance plan is complete, the nonprofit Alliance of Consumer Advocates will submit a comprehensive alternative loss mitigation application to your lender, commonly referred to as a loan modification, at no cost to the homeowner. Often, a loan modification may be the best solution for those who can resume a mortgage payment but cannot afford to make additional or higher payments if the lender asks for a refund of the suspended amount withheld during the mortgage payment period. abstention. Therefore, the nonprofit Alliance of Consumer Advocates came up with this plan and helped her modify her loan, which is a long-term solution. The terms of a loan modification may vary depending on the circumstances and the prevailing lender-borrower agreement.
Tamarra Alexander secured the best possible terms for her mortgage; Nonprofit Clinic received a very sustainable monthly payment under new terms between Tamarra and its lender. For the protection of Tamarra, the Nonprofit Alliance of Consumer Advocates and Tamarra had a plan B and a plan C ready to be implemented in the event that Tamarras lender refused to comply with the request of the Nonprofit Alliance of Consumer Advocates . The nonprofit clinics have several industry alliances that include private equity firms, real estate brokers, direct lending mortgage bankers, foreclosure defense attorneys, bankruptcy attorneys, and law firms. wrongful foreclosure attorneys who will pursue eligible cases at no out-of-pocket cost to clients referred to them by the nonprofit clinic. Although Tamarra was ready and prepared to implement Plan B and/or Plan C, being overprepared and needing no better than being underprepared and wishing you had a plan in play at the 11th hour than to be seized when your lender refuses you for Assistance.
Prior to Tamarra’s new loan modification, she was behind on her defaulted mortgage by $94,742.39 with a total mortgage payment of $1,207.13 per month. The non-profit clinic helped reduce its interest rate from an adjustable rate of 5.00% to a low fixed rate of 3.5% and reduced its mortgage payment by $944.01.
Tamarra Alexander still can’t express her deepest gratitude to the nonprofit Alliance of Consumer Advocates for working hard to secure such an allocative loan modification during a pandemic.
The primary goal of the nonprofit Alliance of Consumer Advocates is to educate homeowners about all of the viable options available to avoid the lingering difficulties that can lead to foreclosure. For assistance, call (855) 622-2435 or visit them at https://nacalaw.org.
J De La Vega
Nonprofit Alliance of Consumer Advocates
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