Navigating Rough Waters in the Foreclosure Review Process
LAS VEGAS, Nov. 22, 2011 /PRNewswire/ — A foreclosure review process was recently announced by the federal government in which 4.5 million consumers can submit their foreclosure cases for review, resulting in potential restitution. Click for infographic.
With nearly an entire month having passed since this announcement, eligible parties should now be receiving the application via traditional mail. Efficiencies come into question. Is it reliable to mail anything to someone who has gone through foreclosure? And, if so, what address do you use?
“I endured three phone calls lasting over an hour when inquiring about the process. Banks are making it as hard as possible to apply,” said Damian Falcone, Founder of Falcon Credit Management. “It reminds me of my clients’ struggles when dealing with loss mitigation a few years ago.”
Eligible parties are those who foreclosed between January 1, 2009 and December 31, 2010 — a time when banks were flooded with loan modification applications they were unprepared to handle. What didn’t help then and won’t be helping now is 78 percent of licensed loan modification companies in Las Vegas have been forced to shut down despite the fact that foreclosure rates in Nevada still remain the highest in the country.
How will banks handle the requests this second time around?
“Applications will be thrown out if they aren’t perfect, just as loan modifications were sent back two years ago, even if the reason was to simply make the piles on their desks smaller,” said Falcone. “Over documentation will create the best chances for success.”
The foreclosure review application will be available on FalconDox. Anyone applying for a foreclosure review can access the software free of charge, providing users with an easy to use, environmentally friendly solution (typically $300-$3,000).
About Falcon Credit Management:
Falcon Credit Management is the first and only company in Nevada to receive the covered service provider, credit service organization and debt adjuster licenses enabling it to provide full service credit and debt management, along with restructuring services. The Nevada Limited Liability Company is unique in that it addresses all aspects of a portfolio for consumers and businesses, including: bankruptcy counseling, loan modification, credit worthiness, debt settlement and life coaching to assist with the relationship and emotional consequences of financial hardship/responsibility.
SOURCE Falcon Credit Management