The NWFA-NFDM Team-Up- By: Cassiano Travareli
The new team-up of NW Foreclosure Advisors (NWFA) and the National Foundation for Debt Management (NFDM) aims to restructure the implementation of Loan Modifications, through some changes in data collection and loan resolution process.
NFDM is a non-profit agency approved by the US Department of Housing and Urban Development. It provides really helpful solutions for homeowners for the tools and expertise of their foreclosure prevention counselors on staff can be trusted. It even provides solutions for homeowners who do not want Short Sales.
With its highly trained foreclosure prevention counselors, NFDM has come up with several resolution options to modify loan terms:
- Loan Modification: Yes, you can pay your loan, but do not have the cash to make your mortgage account current? Your lender could actually offer to change some of the mortgage terms in your original housing loan to allow you to pay your mortgage dues more easily.
- Partial Claim: Got insurance for your mortgage? This may qualify you for an interest-free loan that would bring your account current. This delays for several years the repayment of your loan.
- Reinstatement: Donít worry. Your lender could always discuss with you about the acceptance of the settlement of your total owed amount by a certain date. More often, this is combined with the Special Forbearance option.
- Special Forbearance: Got a hiring bonus, an investment, an insurance settlement, or even a tax refund? If money that will bring your account current will come to you in the future, then this option can work well with your Reinstatement option. Your lender may agree in the reduction and suspension of your payments for a short period of time.
- Repayment Plan: You may get back to your usual monthly payments, with that portion of your previous due payments every month while you get all fixed up.
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Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.