If you loan is currently in default you will want to contact your account representative immediately to discuss options and avoid foreclosure process and legal fees.

 

Below are some general terms for options available to you.

 

General Loss Mitigation – If your loan is currently in default or delinquent with us. Your loan may fall into Loss Mitigation. This category includes all Loss Mitigation concerns that are not specific to one of the Loss Mitigation Options. 

 

Forbearance Payment structures - A Forbearance agreement is usually a trial payment period in which modified payments are made by the customer to alleviate past due payment amounts - Agreement is a written Agreement between a Lender and a Borrower, which contains a plan to bring the account current. It may include forgiveness of interest and late fees once the forbearance terms are completed.

 

Loan Modification - A Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the Borrower can afford. Modifications may often follow a competed Forbearance term.

 

Deed-in-Lieu - The Deed in Lieu of Foreclosure (DIL) is a disposition option in which a borrower voluntarily deeds their collateral property in exchange for a release from all obligations under the mortgage.  The lender will then have the responsibility of selling the home to recoup what they are able on the debt. DIL options may also involve cash for keys options to borrowers who are relocating from their home

 

Preforeclosure Sale/ShortSale - The Preforeclosure Sale (PFS) (SS) Program allows the defaulted Borrower to sell his/her home and use the Net Sale Proceeds to satisfy the mortgage debt even though the Proceeds are less than the amount owed.  The lender in turn will settle the debt for less than the full balance owed.

 

Foreclosure - Foreclosure should only be considered as a last resort and should not be initiated until all Loss Mitigation Options have been exhausted. Failure to initiate contact with your lender or servicer may initiate the  foreclosure process. When foreclosure cannot be avoided, it must be started quickly and prosecuted vigorously to minimize losses to the Lender.

 

Please call Linear Mortgage Customer Service at (877) 215-2507, Monday – Friday 8:30-5:00 pm ET.