Loss Mitigation

In today's economy, homeowners may be facing foreclosure for a variety of reasons, including unmanageable house payments due to adjustable rate mortgages (ARMs) or balloon loans, loss of household income as a result of unemployment, illness, or divorce, or unforeseen medical expenses. In the second quarter of 2008, one of every 271 households in Missouri was in some state of foreclosure, an 85% increase from the same time a year ago.

At Carol Jones Realtors, we are proud to offer the services of our Loss Mitigation department as a resource for clients during these unusual economic times. Our goal is to educate you regarding alternatives to foreclosure, including working with the lender to stall the foreclosure process so that you can retain your home, or negotiating with your lender to accept a sales price for your property of less than is what owed against it (Short Sale). We have provided these Frequently Asked Questions as a reference.

We understand that this is a difficult time, and we are here to help you evaluate your options so you can make the best decision for you and your family. If you are facing foreclosure, time is of the essence - contact a Loss Mitigation Specialist today.

1. Loss Mitigation
   a) FAQ
   b) Steps to Take When You Can’t Pay your mortgage
   c) How are Missouri Mortgages Foreclosed
   d) Tips to Avoid Foreclosure
   e) Alternative to Foreclose
   f) 401K Loan and 401K Hardship Withdrawals
   g) How to Avoid Predatory Lending
   h) Forensic Loan Audits
2. Government Programs
   a) Housing and Economic Recovery Act – FAQ
   b) Housing and Economic Recovery Act – Tax Credit for First-Time Homebuyers
   c) First-Time Home Buyer Tax Credit – FAQ
   d) FHA Mortgage Assistance – Hope for Homeowners
   e) IRS Tax relief for debt forgiveness – Form 982
3. Bankruptcy
   a) Overview
   b) Chapter 7
   c) Chapter 13

LOSS MITIGATION Frequently Asked Questions

Housing and Economic Recovery Act

Foreclosure Process in Missouri

Click here to view our Loss Mitigation Specialists