FREQUENTLY ASKED QUESTIONS ABOUT MORTGAGE FORECLOSURE

Can you really stop foreclosure?

Yes. We can review your situation and provide a solution to solve your problem.

How do you stop foreclosure?

We review your unique financial situation and work with your lender to ensure the best possible alternative to foreclosure. Foreclosure is really the option of last resort, and in almost every circumstance a better solution can be achieved.

What is loss mitigation?

It is the process of working out a permanent, equitable, and fair solution between you and your lender to save your home from foreclosure.

I tried this, but my lender won't budge? Can you still help?

Yes. We have noticed that most lenders act this way until we get involved. We know how to get the bank to settle on fair terms that will avoid foreclosure. We know who to talk to and what to say. We will use our experience to get you the best possible solution.

How much time do I have?

In this process, time is your enemy! The sooner you act, the better a solution we can achieve. The foreclosure process is usually very quick and we have encountered many homeowners that did not even know they had lost their house. So, DO NOT delay!

When does KSH Financial begin the loan modification process?

Once you have fully retained our services, your lender will be notified immediately, and KSH Financial will begin the modification process. However, you are required to pay the complete service fee before your loan modification is completed.

Can I just do this myself?

Yes, but should you? it really depends on the results you want to achieve. How good would your hair look if you cut it yourself? How would you do if you represented yourself in court? If you are facing a foreclosure, you want the very best result, and we can get that for you! We have a staff of loan mitigators whose only job is to work with lenders and modify loans, every day, six days a week. By letting KSH Financial do what we do best, you will get better results with a fraction of the stress. KSH Financial knows how to deal with lenders and has in-depth knowledge about how these institutions work. We can potentially save you thousands of dollars and free you from a considerable amount of stress.

Why should I use KSH Financial to mitigate my loan instead of doing it myself?

Our team has extensive experience in negotiating loans and working with lenders. We have an impeccable relationship with lenders, who are usually unwavering in negotiating with consumers directly. Our team has extensive knowledge about loan mitigation, modification, and deed-in-lieu of foreclosures.

How long does this take?

Once we get the paperwork, we begin right away. Currently, most lenders are very busy, so we are noticing about 3-6 weeks before a final settlement is reached.

Do I have enough time to stop my foreclosure?

There is hope right up until the foreclosure sale occurs. But, do not delay; the closer the day gets the more extreme the action needed to save your home. Every day counts and we can get better results with more time!

Will KSH Financial stop late fees and interest accruing on my account?

KSH Financial can not stop a lender from adding interest or late fees to a loan. However, your individual program will allow you to catch up on any late payments, and all interest and fees will be restructured into your new payment.

I filed for bankruptcy. Can you help me?

Yes. We can review your situation and let you know your options, but must wait until your mortgage has been discharged or dismissed from your bankruptcy to negotiate with your lender.

If I file for bankruptcy, will it save my home?

It does not appear that way. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure. So, it seems that if you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure. But, bankruptcy is and important tool in debt relief, and if you believe you need this option, we advise you to seek the counsel of a bankruptcy attorney.

Can you help me with my loan type?

Yes. It does not matter what type of loan you have, we can help! We specialize in out-of-court resolutions of government and non-government mortgage delinquencies for every type of lender, including: banks, credit unions, thrifts, FHA, Rural Administration, VA, CalVet, Fannie Mae, Freddie Mac, etc.

What if I can no longer afford my home? Can you help?

Yes. If you are certain you cannot afford your home we have several options that will minimize your credit damage and forgive the debt. They include returning the property to the lender or selling it to a third party.

How do I find out the progress of my loan?

You can call us at (877) KSH-4YOU (877.577.4968) Monday through Friday from 8:30 a.m. - 9:00 p.m. EST and Saturdays 9:00 a.m. - 3:00 p.m. EST to speak with a customer service representative and get an update on the progress of your program.

Will I owe money to the IRS for my reduced settlement?

Creditors are required to report cancelled debts exceeding $600 to the IRS and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any "income" from cancelled debts up to the amount by which you were "Insolvent" at the time. Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent, non-principal amounts such as fees accumulated on the account may be deducted from the amount reported. Consult a tax professional for your specific situation. Refer to: www.IRS.gov Publication 908.

What does this cost?

We are one of the lowest cost mitigation companies around, and we offer a money back guarantee on your service fee if we aren't successful with the lenders. We stand behind our firm and the work we do. Call to speak with one of our counselors, or complete our online application and they will go over all of our programs with you, counsel you on your best options, and the payment details with you.