If you are facing foreclosure, you may be wondering who to turn to for help. You have probably heard that a foreclosure looks pretty bad on your credit report, but you are wondering who you can trust to help you find options.  Perhaps you  have heard terms like Loss Mitigation Consultant and Home Retention Consultant, and you are wondering if there is a difference.

To answer your question, I am a real estate agent, who used to be a Loss Mitigation Consultant.  Now I am a Home Retention Consultant.  Same thing, but either way, I have special training to help people avoid foreclosure, and my services are free of charge.

Many homeowners are struggling at this time.  Often the temporary loss of a job leads to notices from the bank that foreclosure is a possibility.  It all can happen very fast.  Sometimes adjustable rate mortgages lead to unbearably high payments.  Whatever the situation, homeowners have many options, and a Home Retention Consultant can help.  They can supply and help prepare the needed paperwork so your lender will listen to you.  They can help communicate with your loan servicer, so that a workout solution can be found. 

Believe it or not, many lenders are more than happy to prevent foreclosures.  Foreclosures cost them money.  So, if they have the proper documentation, and if it is provided quickly, they will often lower interests rates and monthly payments, or in some way help the homeowner to get back on track. 

The assistance of a Home Retention Consultant will cost you nothing, unless it becomes necessary to sell your home quickly to avoid foreclosure; then typical real estate commissions will apply.  However, if a short sale becomes necessary, an HRC will at times cut commission, just as the lender receives less than what was originally owed.