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Serving The States of Missouri & Kansas
612 Spirit Drive, St. Louis, MO 63005
Phone: (636) 537-0110
Fax: (636) 537-0067
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Information For Borrowers
These materials have been prepared for informational purposes only. These materials are not
intended and should not be construed as legal advice. This information is not intended
to create, and receipt of it does not constitute, an attorney-client relationship. All
readers are strongly encouraged to seek the advice of professional counsel in making decisions
concerning their mortgage loans.
Although foreclosure may have
already commenced, there may be alternatives to foreclosure for which you qualify.
Many lenders provide alternative solutions for qualified borrowers to resolve the issues on
defaulted mortgage loans ("Loss Mitigation"). Some alternatives are as follows:
Forebearance Agreement/Repayment Plan: This is an agreement where the lender agrees
to stop the foreclosure and allow the borrower to catch up payments by making
the regular monthly mortgage payment plus an additional amount each month to
bring the loan current.
Loan Modification: This is an agreed upon change to the loan documents by the borrower
and lender to resolve a default. Lenders may agree to add back payments to the balance of the
loan, change payment options, or modify the length of the loan, among other changes, to
resolve the default.
Deed in Lieu of Foreclosure: If the borrower does not qualify for other alternatives,
the lender may accept a deed from the borrower giving the property back to the lender.
Short Sale: If the borrower has a purchaser for the property, but the purchase price
does not fully pay off the loan, the lender may accept less than the full amount of the
loan balance.
Most lenders will require the borrower to provide specific financial information, such
as current wages, copies of tax returns, and information concerning expenses during these
discussions. Please also note, Millsap & Singer, LLC will not postpone or otherwise
cease the foreclosure process unless the default is resolved or we are otherwise instructed
by the lender.
If you would like to contact your lender regarding your loss mitigation options, but you
need contact information, please call Millsap & Singer, LLC at 636-519-4290 or contact
us via e-mail at info@msfirm.com. We will be happy to
provide you with the amount necessary to bring your loan current, the amount necessary to
pay off your loan, and a method by which you may contact your lender to explore your
Loss Mitigation options.
Helpful Links for Borrowers
United States Department of Housing and Urban Development Approved Counseling Agencies:
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
United States Department of Veterans Affairs:
http://www.homeloans.va.gov/
Consumer Credit Counseling Services:
http://www.cccservices.com/
Homeownership Preservation Foundation:
http://www.995hope.org/
Legal Services of Eastern Missouri
http://www.lsem.org/
Legal Aid of Western Missouri
http://www.lawmo.org/About.htm
Millsap & Singer, P.C. and Millsap & Singer,
LLC are debt collectors. Any information obtained will be used for that purpose.
Unless you notify us within thirty (30) days after
initial communication that the validity of your debt is disputed, we will assume the debt
is valid. If you do notify us of a dispute, we will provide verification to you. Also,
upon your written request within thirty (30) days after initial communication, we will
provide you with the name and address of the original creditor if different from the
current creditor.
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Disclaimer: |
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Nothing provided in this web site should be considered legal advice or legal opinion.
This web site is not intended to create an attorney-client relationship. The
receipt of material from the web site or from e-mail transmission does not
constitute an attorney-client relationship and under no circumstances should you
construe any interaction with this web site as creating an attorney-client
relationship. The choice of a lawyer is an important decision and should not be
based solely upon advertisements. This page and any communications coming from
this page are not encrypted. Any information provided may not be secure or
confidential due to the lack of encryption.
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