SOS L Services, LLC is a Loss Mitigation Company specializing in short sales and loan modifications. We are a life preserver for those upside down in equity or drowning in their mortgage payment. With years of experience in negotiations, SOS L Services is here to help.
What is Loss Mitigation - a third party helping a homeowner that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure or negotiates a short sale.
Short Sale: This is a process whereby a lender reduces the principal balance of a homeowner's mortgage in order to permit the homeowner to sell the home for the actual market value of the home. This specifically applies to homeowners that owe more on their mortgage than the property is worth. Without such a principal reduction the homeowner would not be able to sell the home and if they are not able to make the mortgage payments then foreclosure litigation will ensue and the mortgagor will go into foreclosure
Recent Deals: A good example is the client/seller whom we closed this week. The client owed 295K to the lender and the current fair market value of the home is 235K. The offer of 235K was presented to the bank and approved with forgiving the client the 80K deficiency balance.
Coming soon - Process and variables for short sales !!
Nancy Schoen
SOS L Services, LLC
4 Nancy Court Suite 4
Wappingers Falls, NY 12590
P - 845-214-0282
F - 845-230-8639
nschoen@sosloanservices.com
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