Our default Services include:

1.  Discounted Payoff - In some instances, the lender may approve a loan payoff where a discount is awarded if the unpaid amount is paid in full.  Instead of having to pay the entire balance of the unpaid principal and arrearages (including late fees, accumulated interest, legal fees), the lender may agree to a negotiated payoff amount.  Possible sources of funds may include: 401K withdrawals, credit cards, private lenders, or family and friends.

2. Payoff / Refinance - The entire outstanding debt may be paid off when a new replacement loan is taken to refinance the loan or loans that are secured to the subject Real Estate.  

3. Reinstatement - This entire past-due amount on the mortgage loan (all missed payment including fees) may be paid in full and brought current if the lender approves.  This option is most frequently seen during the foreclosure process.

4. Forebearance Agreement - The lender may agree to a temporary repayment plan based on the homeowner's financial situation.  The lender may even be able to modify the payment amount, interest rate, or other loan term.  The lender will have to review the homeowners financial information to see if this option is a good fit.  The lender will need to gather enough information to verify that the borrower will be able to meet their new payment obligations.  

5. Deed in Lieu of Foreclosure - The homeowner may offer to give the property back to the lender instead of letting the lender take the property back by foreclosure.  

6. Turn the Property into a Rental - If the market value of the rent is greater than the loan payment obligations, it may be advantageous to turn the property into a rental.  Lenders require that the property be well maintained and in good condition, in addition to all the taxes, insurance, and maintenance be properly maintained.

7. Sell the Real Estate- If the home is worth at least enough to pay off all of the mortgage debt, then the homeowner may sell his home and pay off the loan balance.  However, if the property is not worth enough to pay off the entire mortgage debt, a short sale (otherwise known as a pre-foreclosure sale) can be negotiated in conjunction with your lender and a real estate professional.

8. Obtain a New Second Mortgage - A less frequently explored option is also available, but it is mostly related to 1st mortgages.  In some cases, the lender may agree to securing a second mortgage in return for bringing the 1st mortgage up to date.  Starting from that point on, the homeowner must make two payments: One to the 1st mortgage, and another one to the 2nd mortgage.  

Riga Capital Partners, llc

844-382-8060