COMPREHENSIVE LOSS MITIGATION SERVICES
LMCSM, LLC.
Bloomfield Hills, MI 48301
ph: 248-505-2509
informat
Loss Mitigation News Updates:
CRISIS COUNSELLING:
DEALING WITH MORTGAGE PROBLEMS
By Mike Niziolek
"There's a lot of bad advice spreadingaround," says Ellen Mahoney of Loss
Mitigation Consulting Services of Michigan
(www.lmcsm.com) who runs the business
from a home office in Birmingham.
She's referring to the home mortgage crisis
that's affecting thousands of metro-Detroit
residents who are struggling to meet their
financial obligations and looking at possible
foreclosures on their homes.
"People are so confused," Mahoney says.
"People are being told not to make payments
to get their lender's attention, to walk away
from their house because there's no
repercussion. "
Mahoney created Loss Mitigation
Consulting Services in January of 2008 to try
and set people straight by helping homeowners
find solutions to their mortgage problems
and at the same time making sure she isn't
adding to their financial burden. Unlike many
companies popping up, Mahoney offers a free
initial consultation and charges an hourly rate
as opposed to hefty upfront fees.
"A lot of companies are taking huge fees,
telling people that they will modify their loan
terms or get problems resolved," Mahoney
explains. "They charge a few thousand dollars
to do that with no promises, because you
can't make promises for third parties."
Utilizing her 26 years of real estate
experience and extensive background in
managing residential and commercial loans,
Mahoney works with individuals and families
to go over their set of circumstances and see
what potential solutions are available to
them. There's no one, singular fix with a
mortgage crisis, so Mahoney goes about
educating her clients on their options.
In many cases, people are interested in
helping themselves. In those instances
Mahoney works with the client and tries to
give them the ability to work with lenders
and negotiate on their own behalf.
"Most people just don't understand
enough about how to speak to their lenders
and how to even tackle the problem,"
Mahoney explains. "I give them the tools that
they want to try and take care of it
themselves. "
Mahoney understands that mortgage
problems can be extremely stressful, but she
encourages people that are experiencing any
difficulties in meeting their obligations to seek
help sooner rather than later - once a house
goes into foreclosure it's extremely difficult to
negotiate with the bank and get it out.
She also recommends the Department of
Housing's website (www.hud.gov), a nonprofit
governmental agency. Homeowners
looking for help but unable to afford or not
interested in hiring a consultant can find
assistance and programs there. BIZ X MAGAZINE •JANUARY 2009
For anyone considering a short sale, short pay or deed in lieu of foreclosure, you will want to consult with a CPA. There could be tax consequences associated with any debt forgiveness. The Debt Relief Act of 2007 only covers certain instances.
I recommend:
Dan Lis, CPA
Lis, McEvilly & Associates, P.C.
32410 Five Mile Ste. 104
Livonia, MI 48154
Phone: 734-266-8120 Fax 734-266-8129
email: Dan@liscpa.com
Website: www.liscpa.com
Legitimate Loss Mitigation (Loan Modification) Services
Please read this article IF YOU NEED HELP TO determine if a service is legitimate or not:
SWINDLERS FIND GROWING MARKET IN FORECLOSURES
NY TIMES, JANUARY 15, 2009
http://www.nytimes.com/2009/01/15/us/15mortgage.html
LMCSM, LLC.
Bloomfield Hills, MI 48301
ph: 248-505-2509
informat
