need help on my first deal

What are my options -for some on in foreclosure.
1.) Refinance-Replace your current loan with another (if your credit is good enough and you have equity)
2.) Borrow money to catch up the late costs (if your credit is good enough and you have equity) or (you have family or friends willing to lend)

Loss Mitigation Programs-
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner's situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender's loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem. We can help you save your home and credit history through a variety of loss mitigation options:

Solutions for Temporary Problems

4.) Reinstatement: Your lender is always willing to discuss accepting the total amount owed to them in a lump sum by a specific date. They will often combine this option with Forbearance.

5.) Forbearance: Your lender may allow you to reduce or suspend payments for a short period of time after which another option must be agreed upon to bring your loan current. A forbearance option is often combined with a Reinstatement when you know you will have enough money to bring the account current at a specific time in the future. The money might come from a hiring bonus, investment, insurance settlement, or a tax refund.

Special Forbearance - A special forbearance is a written repayment agreement between a lender and a mortgagor, who contains a plan to reinstate a loan with at least three mortgage payments due and unpaid affect your ability to bring your account current. If you have incurred a short term financial hardship and your loan is 90 days to 365 days past due a special forbearance is designed to provide you with more relief than is possible with a regular repayment plan. Typical approval can result in spreading the repayment over 12 to 18 months. Type II ¬can be utilized in an unemployment situation whereby the promise of future employment is present.

6.) Repayment Plan: You may be able to get an agreement to resume making your regular monthly payments, in addition to a portion of the past due payments each month until you are caught up.
If it appears that your situation is long-term or will permanently

7.) Mortgage Modification: If you can make the payments on your loan, but you do not have enough money to bring your account current or you cannot afford the total amount of your current payment, your lender may be able to change one or more terms of your original loan to make the payments more affordable. Your loan could be permanently changed in one or more of the
following ways: Adding the missed payments to the existing loan balance.
Changing the interest rate, including making an adjustable rate into a fixed rate. Extending the number of years you have to repay.

LOAN MODIFICATION
(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)

If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender's approval.

For FHA Loans
The lender might be able to help you receive a one-time payment from the FHA Insurance fund. Your loan must be at least 4 months but no more than 12 months past due and you must show you are able to begin making full mortgage payments. You must sign a promissory note which allows HUD to place a lien on your property for the amount received from the fund.The note is interest fee, but must eventually be repaid. The note becomes due when you payoff the loan or when you sell the property.

VA LOAN MODIFICATION/REFUNDING
(Available for VA loans only) (Need at least 30 days to process)

A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate.

8.) Partial Claim - (FHA mortgages only) (Some Freddie Mac Investor loans)

Under the partial claim option, a lender will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or "partial claim" notes carry no interest and are not due and payable until the borrower either pays off the first mortgage or no longer owns the property.The loss mitigation specialist may assist in requesting a partial claim if you qualify. You may be eligible if your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development. The partial claim note will require you to start making payments when you payoff the first mortgage. There is no interest. The partial claim can be for no more than 12 months of past due payments.

9.) Extension of Time - To comply with required time frames, an Extension of Time may be granted for a mortgagee to initiate or complete a Loss Mitigation (exception Preforeclosure Sale option) and/or foreclosure action.

Solution for long term problems

10.) Assumptions - A qualified buyer may be allowed to assume your mortgage, even if your original loan documents state that it is non-assumable. - Assumption of an FHA¬ insured mortgage is a servicing function where the responsibility or paying for a mortgage is taken over by another person through simple assumption or creditworthiness assumption.

11.) Deed-in-Lieu - A Deed in Lieu of foreclosure is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments. Deed-in-lieu: Your lender may agree to allow you to voluntarily "give back" your property and forgive the debt. Although this option sounds like the easiest way out for you, generally, you must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option. Also, this option may not be available if you have other liens such as judgments of other creditors, second mortgages, and IRS or State Tax liens. The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.

If you have incurred a long term financial hardship and your house has been on the market (at fair market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be considered for this option, you must complete a financial package and provide a copy of your recent active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage) against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may waiver all deficiency judgment rights. You may be asked to participate in a Short Payoff program before a deed-in-lieu of foreclosure is accepted.

12.) Pre-Foreclosure Sale - The Pre-Foreclosure Sale option allows the mortgagor in default to sell his or her home and use the sale proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.

(Pre-Foreclosure Sale) or (Short Sale) (Compromise of Sale)

If you have suffered a long term financial hardship and are unable to maintain your loan or if you need to sell the property to avoid a default loss on the property, it is possible that the lender may be able to accommodate you with a short payoff This option can also include a period of time to allow you market the property and find a qualified buyer. If the property's sales value is not enough to pay the loan in full, your lender may be able to accept less than the full amount owed.

There may be tax ramifications associated with any short payoff or foreclosure; therefore, we recommend you contact your tax advisor for details. Some states permit lenders to seek a deficiency judgment for the amount the payoff was discounted. See your state's foreclosure law for more information. Check with an attorney for advice on your personal situation.

13.) Foreclosure - Foreclosure should be considered only as a last resort and should not be initiated until all other relief options have been exhausted.

14.) Declare Bankruptcy (caution: this is seldom a solution as most fail and it will negate all other possibilities when filed possibly leaving you homeless, with a life time of debt and financial ruin)

Yes all bank has a mitigation department it cost them 30,000 to 80,000 to foreclose. They will not negoiate until they are in actually foreclose after their 90 days when the NOD was recorded.On average we been getting 62 cents on the dollar.