You can do the Loss Mitigation negotiations with your Servicer or Loan Owner direct. If that is the path you choose, please spend time on my HomePage to: 

  • Each Servicer for the company that owns your loan will have a slightly different process. As you begin your calls,..I suggest you use a dedicated notebook for recording the following information:​                   
  1. ​The date & time of your call
  2. Federal law required Loss Mitigation personnel with your Servicer to provide additional information BESIDES their first name. Some of the options you MUST ASK for: Last name; Extension; Employee #; e-mail address; but your Servicer may have other options. Remember,..every conversation will be recorded and you have the right to identify the personal one each call. Take copious notes.
  • Click the Federal Trade Commissionlink to study all available resources at their "Credit and Loan" page
  • Click the CFPB (Consumer Financial Protection Bureau) link to understand the Federal program under the Treasury Department to use if you have any issues with your Servicer getting all options of "The Waterfall Effect"
  • Click MyFICO to know the financial impact, potential judgment by the lender and possible 1099 from the IRS for Short Sales and Foreclosure & how Deed-In-Lieu is reported by the Lenders that will negatively impact your FICO scores. 


          You will need to studying the information I have provided you because EVERY level you will have to clear to get to the next needs to be viewed as the concise checklist that it is. You have complete control over YOUR options to get out of default on your home loan or to stop your scheduled foreclosure. 

If you choose to allow me to help you - THREE POINTS:
     1) I am not a lawyer and I DO NOT give legal or financial advice. Please consult a real estate attorney or your financial consultant for legal issues. 
     2) I DO NOT CHARGE homeowners in DEFAULT on their home loans for the following: 

  •     Explain your options
  •     Answer question you will have in understanding some the pros & cons of each option
  •     Negotiate on your best behalf

     3) If you choose to allow me to help, you will sign an authorization letter for the servicer to allow me to negotiate with their Loss Mitigation Department. This will have to be the first step of our process stopping your pending foreclosure.


[PLEASE NOTE: Short Sales & Deed-in-lieu option both negatively impact your FICO credit and should be the last two options to stop a foreclosure.] 

          Please research the effects Deed-in-lieu, Short Sales and Foreclosures have on your credit at the Federal Trade Commission website above and me with any questions or to get started. I live in central Texas and will travel to YOU ~ if you live within a 30 minute drive. If you live outside a 30 minute drive,..we will meet at a location equidistant. 


Billy Waddell

254-444-8826

Billy@BellCountyRealty.com