If you do not qualify for any Loss Mitigation programs offered by your Servicer, then the attorney for the plaintiff is supposed to file a certification that says that you have been reviewed and that you do not qualify for any Loss Mitigation program.
The certification should also say that you have 30 days to officially Answer the Complaint. The lawsuit then resumes.
You should reject the offer in writing.
But carefully consider your alternatives before rejecting the offer because you may not get a better one.
You should comply with the terms of the program offered, including any trial payment plans.
According to the Administrative Order, once you have participated in the program successfully for three months, the mortgage company’s attorney is supposed to dismiss the foreclosure lawsuit and then it is all over.
The Servicer should be able to tell you if it offers, or if the Owner allows, a Loss Mitigation option.
For many loans, you will not be able to look up or review the eligibility criteria for your Servicer’s Loss Mitigation programs.
However, some loans that are either insured by a federal government agency such as the FHA, or owned by Fannie Mae and Freddie Mac, have Loss Mitigation rules that are published on the internet.
Generally speaking, no.
If the Servicer has Loss Mitigation programs, then it is required to accurately review your application to see whether you qualify for a Loss Mitigation program.
These programs can include Loan Modification, Repayment Plans, Forbearance agreements, a Short Sale, or a Deed in Lieu of Foreclosure stating that you want to participate in Foreclosure Intervention and requesting a Loss Mitigation application.
There is no uniform process for what happens next.
The Servicer or the attorney may send you a Loss Mitigation application to fill out and submit along with supporting paperwork such as paystubs and bank statements. You should check with the mortgage company's attorney to find out if you will need to fill out and submit documents to be reviewed for Loss Mitigation.
Foreclosure Intervention was a process created by an of the S.C. Supreme Court. However, on May 17, 2023, the S.C. Supreme Court issued Administrative Order 2023-05-17-01, which rescinded the 2011 Order and eliminated foreclosure intervention from the foreclosure process.
Foreclosure Intervention was a process created by an of the S.C. Supreme Court. However, on May 17, 2023, the S.C. Supreme Court issued Administrative Order 2023-05-17-01, which rescinded the 2011 Order and eliminated foreclosure intervention from the foreclosure process.
Often, the mortgage company’s attorney will tell you to work with the Servicer to apply for Loss Mitigation. However, the new administrative order still gives you the right to deal directly with the mortgage company’s attorney.
Foreclosure Intervention was a process created by an of the S.C. Supreme Court. However, on May 17, 2023, the S.C. Supreme Court issued Administrative Order 2023-05-17-01, which rescinded the 2011 Order and eliminated foreclosure intervention from the foreclosure process.
FORECLOSURE INTERVENTION UNDER ADMINISTRATIVE ORDER 2011-05-02-01
Foreclosure Intervention was a process created by an administrative order of the S.C. Supreme Court. However, on May 17, 2023, the S.C. Supreme Court issued Administrative Order 2023-05-17-01, which rescinded the 2011 Order and eliminated foreclosure intervention from the foreclosure process.
