What is Loss Mitigation?

The Loss Mitigation service provided by Ultimate Home Loan Solutions includes the following steps:

1. Free preliminary assessment - When the package has been completed and submitted back to your representative, you will be notified if this is a case that we can improve.
2. Loan Modification/Loss Mitigation - A loan modification is when the lender modifies your current mortgage in order to work with us because of a financial hardship. We help homeowners reduce their mortgage payments, get them current with their mortgage, get adjustable rates fixed, extend terms, lower rates, and save you from foreclosure. Depending on your area, you might be eligible for a principle reduction and/or forgiveness of 2^ndmortgages.
3. Short-Sale (Sale of your home for what the market will bear) - For cases where we cannot accomplish a Loan Modification or a sufficient reduction in payment the next step will be a short-sale. This is where we will negotiate the sales price of your home to the current market value; this will only take place upon your request.
4. Deed-in-lieu - Surrendering possession of and the deed to your home to the bank rather than going through the foreclosure process. This will only take place upon your request.

THE FEE FOR THE SERVICE IS A ONE TIME (SERVICE CONTRIBUTION FEE).