Disposition Alternatives
In some cases it’s not possible to maintain homeownership. In this situation there are alternatives that can be offered to help you get out from under your home.
· Pre-foreclosure or Short Sale: Occurs when a property is listed for sale and proceeds of the sale are accepted in exchange for a release of the lien, even if those proceeds are less than the amount owed.
· Deed-In-Lieu of Foreclosure: Voluntarily transfers title to and possession of the property to Lender to satisfy the mortgage loan debt and avoid foreclosure.
In order to apply for a Disposition Alternative you will need to:
Download our Borrower Financial Information Sheet and the List of Supporting Documentation. Complete and sign the form and submit all of the supporting information to:
First Federal Lakewood
Loss Mitigation Department
14806 Detroit Avenue
Lakewood, Ohio 44107
Fax (216) 221-4507
We urge you to be as detailed as possible, making certain to list all income, assets, debts and liabilities for all persons on the loan. An incomplete package may delay processing. Upon receipt, your account will be assigned to a loss mitigation specialist, a credit report will be obtained and a review of your account completed. An appraisal may also need to be ordered to determine the value of your home.
Allow approximately 3-4 weeks for review after all requested documentation has been received. You will be notified in writing of the recommendation.
We encourage you to provide as much documentation as you can to help explain and clarify your situation.
All supporting financial documentation must be submitted with the loss mitigation packet. A review will not be completed unless all supporting financial documentation is received.
You do not need to be delinquent on your loan in order to apply for any of these options. We strongly encourage you to seek assistance prior to missing a payment.