Welcome to The Foreclosure Fix Podcast, where our goal is to help one million homeowners successfully navigate foreclosure! On this episode, we’re talking to loan expert Melissa Bolling about what we should know about mortgage servicing. 

We’re diving into the intriguing world of escrow, insurance, and the emotional toll of foreclosure. Melissa shares her expertise on how escrow calculations work and why they can increase over time. She also provides valuable insights on finding the best insurance coverage and premium deals, including a mention of USAA's military discounts.

As we discuss the damages and difficulties faced by homeowners in this situation, Melissa sheds light on the options available to borrowers, such as applying for exemptions and appealing property value assessments. She also emphasizes the importance of seeking help early on and maintaining open communication with lenders to explore solutions like loan modifications. 

Stay tuned as Melissa shares success stories and addresses common misconceptions about banks and their true motivations in foreclosure cases. Whether you're a homeowner facing financial challenges or simply interested in understanding the foreclosure process, this episode of Foreclosure Fix is packed with valuable information you won't want to miss!

Key takeaways:

• Regularly review and shop for insurance to ensure the best coverage and premium. Online platforms and insurance agents can help find better deals, and companies like USAA offer discounts for military personnel.
• Foreclosure can lead to significant property damage, as borrowers often leave homes in disarray or intentionally destroy the property before leaving. Foreclosure can be emotionally difficult for homeowners who view it as their home.
• Communicate with your mortgage servicer and ask for help if you're struggling with delinquency. Lenders prefer to avoid repossessing properties and will offer modifications to help borrowers stay in their homes.
• Explore options to save money, such as applying for exemptions and appealing property value assessments to lower taxes. It is the responsibility of homeowners to find every discount and save money.
• Acting earlier when facing delinquency provides more options for saving your home. Reach out to your servicer, communicate any financial challenges, and propose a plan. Applying for loss mitigation early increases your chances of finding a solution.

Check Out Our Social Media!

YouTube

Facebook

Instagram

LinkedIn

Twitter (X)