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Alternatives to Foreclosure


RMIC provides customers on-site training with its program, Alternatives to Foreclosure.

Alternatives to Foreclosure include:

  • Repayment Plans – 30-60 days repayment plans are customary; plans over 90 days are usually formalized with an executed repayment agreement
  • Forbearance Agreement – Delays foreclosure and allows a period of reduced or suspended payments
  • Loan Modification – Modify the balance, extend the loan term or add delinquent payments to the end of the mortgage
  • Re-Amortization of the Loan – Extend the amortization period
  • Loan Assumption
  • Borrower's Pre-Sale – Allow the house to sell prior to foreclosure (with or without loss)
  • Lender Titled Pre-Sale – Lender acquires title and sells the property (with or without loss)
  • Deed in Lieu – Lender accepts property deed in lieu of pursuing a foreclosure 

RMIC is one of the first insurers to offer Delegated Loss Mitigation authority. Under this program, approved lenders gain the flexibility to proceed with decisions without the constraint of receiving prior approval from RMIC.

 
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