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Getting Help with Mortgage Payments

February 24, 2014

Many people today in the New York area and beyond find themselves falling behind on their mortgage payments and being terrified of losing their homes. For this reason, organizations like Doral Bank offer guidance and alternatives that can help a family to keep their home. Doral Bank explains, through its Loss Mitigation program, that it has helped over 30,000 families to keep their homes when faced with difficult times.

Here is a rundown of the basic way that the Loss Mitigation program works.

  1. Payment Plan: In this situation, the customer has a temporary issue that has caused him to be late with his payments. The bank performs an analysis and comes to an agreement with the client about making payments and even raising the monthly payments, at times, to help him catch up.
  2. Modification: Here, the client has experienced a long-term income reduction. The analysis shows that he is able to make a certain monthly payment, but not the amount he was making before. A modification can be created to extend the term of the mortgage, to reduce the interest, and to do other things.
  3. Short Sale: If the client and Doral Bank realize that there is no way to retain the house, the client may put the property up for sale. Here, it’s possible that the customer will qualify for relocation expense help and other assistance.
  4. Deed-in-lieu: If the client needed to sell the house and has been unable to do so for at least six months, Doral Bank would evaluate the possibility of taking the property on as a voluntary surrender.
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