Alternatives to keep your home

Did you know that staying well informed may prevent you from making a hasty decision about keeping or losing your property? Doral Bank is committed to providing all the guidance and alternatives you need to keep your home.

So far we have helped over 30,000 families who have been through difficult times to keep their home. If you are behind on your payments due to loss of employment or other reasons, the Loss Mitigation program has tools that may help.

For more information call or visit us at:
DFC Plaza Ave. Roosevelt Piso 4
Phone: 787.474.6220 / 787.474.6491
E-mail: doralLMG@doralbank.com
Hours: M-F 9:00 am a 5:00 pm y Sat 9:00 am a 12:00 pm

 

The following is a brief description of some of the general options provided through the Loss Mitigation program. There may be variations depending on the investors' rules or regulations. In addition, in the event of exhausting all the options, we will also assist you on the sale and voluntary surrender.

Payment Plan

In this particular case, the customer had a temporary situation that caused the late payments on his mortgage. When performing an analysis of revenues and expenses, it shows that the customer is able to make a payment and an additional amount to update his mortgage in a short period. In some cases this is resolved through a higher monthly payment until he catches up.

Modification

In this case the client has a long-term income reduction. The income and expenses' analysis shows that he will be able to make a monthly payment of X amount. A modification may result in an extension of term and interest reduction, among other things.

Short Sale

In this case, after evaluating all possible retention alternatives and determining that there is no viable way to achieve this, the client may put his property up for sale and the offer will be evaluated by a committee. The customer may qualify for a monetary contribution for relocation expenses and / or Realtor's commission, if there were any involved in the transaction.

Deed-in-lieu

In this case, after evaluating all possible retention alternatives and the client having marketed the property for a reasonable period (6 months), we would evaluate the possibility of accepting the property as a voluntary surrender.

 

frequently asked questions

  • What is the purpose of the Loss Mitigation program?
  • Providing an alternative to customers who are going through an economic situation that prevents them from keeping up with the mortgage payment, whether it be short or long term. This way, we avoid the foreclosure process and ensure each client retain his property.
  • In order to qualify, must I have fallen behind on my mortgage payments?
  • Not at all, each client's particular situation as to why he has not been able to keep up with his mortgage payments is different. You need to contact us in order to be evaluated by a Loss Mitigation agent so we may help you choose the alternative that best fits your particular financial situation.
  • What alternatives does Loss Mitigation offer?
  • The Loss Mitigation program offers various alternatives depending on the client's economic profile and his past due mortgage payments. They range from payment plans to moving past due payments towards the end of the loan balance or reducing the monthly mortgage payment, among others.
  • What documents do I need in order to be evaluated for a LM alternative?
  • You need to provide evidence of your income (last 3 paychecks, tax returns, bank statements, etc.), your monthly bills (water, electricity, credit cards, loans, college, etc.), a letter explaining the reason for falling behind on the payments, among other things.
  • If I'm unemployed, do I qualify?
  • In most cases the customer may qualify even if unemployed. The important thing is to contact us in order to solve the problem and prevent it from becoming worse. It all depends on the loan type and investor or regulator.
  • If I filed for bankruptcy, do I still qualify?
  • Yes. On the following cases:
    • Chapter 13 - Contact your attorney to notify the court and the trustee.
    • Chapter 11 - Contact your attorney so he may notify the Court.
    • Chapter 7- Wait for the trustee abandon the collateral or for the cessation to Doral to be waived.
    You may then visit us at Doral.
  • If my home is already on the foreclosure process, do I qualify?
  • Yes, you may qualify even during the foreclosure process. The difference would be the legal costs required, which depend on what stage the process it's at. It's important you contact us to avoid further legal penalties and to halt the foreclosure process once the alternative is closed.
  • What happens to my credit?
  • The customer's credit is affected once he falls behind on his monthly mortgage payments. The good news is once a Loss Mitigation alternative is closed, we set the account up to date so that his credit report does not continue being affected. The previously reported arrears on mortgage payments, however, will remain on the client's credit history.
  • When should I call the bank to get started on loss mitigation solutions?
  • Once you start getting collection calls on your mortgage payments or once you come to realize that you will not be able to keep up with your mortgage payments because of your economic situation, you may call us at 787.474.6220 or 787.474.6432. You may also visit us at Doral Bank's headquarters (4th floor) on Roosevelt Avenue or write to doralLMG@doralbank.com. Remember we are here to help and provide you with alternatives to keep your home.
  • Some terms and restrictions may apply. Doral Bank is an FDIC member. Lic OCIF B-34.