Frequently Asked Questions
- What is loss mitigation? Back to top
- It is the process of working out a permanent, equitable, and fair solution between you and your lender that eliminates or reduces current debt you have incurred from a bad mortgage.
- I tried this, but my lender won’t budge. Can you still help? Back to top
- Yes. We have noticed that most lenders act this way until we get involved. We know how to get the bank to settle on fair terms. We know who to talk to and what to say. We will use our connections and experience to get you the best possible solution.
- How Much Time Do I Have? Back to top
- In this process, time is your enemy! The sooner you act the better a solution we can achieve. We have encountered many homeowners that didn't realize they could fix their current situation until it was too late. DO NOT DELAY!
- When does AMG begin the loan modification process? Back to top
- Once you have fully retained our services, your lender will be notified immediately and AMG will begin the modification process. However, you are required to pay the complete service fee before your loan modification is completed.
- Can I Just Do This Myself? Back to top
- Yes, but should you? It really depends on the results you want to achieve. How good would your hair look if you cut it yourself? How would you do if you represented yourself in court? If you are in trouble with your loan, you want the very best result and we can get that for you!
We have a staff of loan mitigators whose only job is to work with lenders and modify loans, every day, five days a week. By letting AMG do what we do best, you will get better results with a fraction of the stress.
AMG knows how to deal with lenders and have in-depth knowledge about how these institutions work. We can potentially save you thousands of dollars and free you from a considerable amount of stress.
- Yes, but should you? It really depends on the results you want to achieve. How good would your hair look if you cut it yourself? How would you do if you represented yourself in court? If you are in trouble with your loan, you want the very best result and we can get that for you!
- Why should I use AMG to mitigate my loan instead of doing it myself? Back to top
- Our team has extensive experience in negotiating loans and working with lenders. We have an impeccable relationship with lenders, who are usually unwavering in negotiating with the consumer directly. Our team has extensive knowledge about loan mitigation, modification, short refinance and short sale programs.
- How Long Does This Take? Back to top
- Once we get the paperwork, we begin right away. Currently, most lenders are very busy, so we are noticing about 4-8 weeks before a final settlement is reached.
- What does this cost? Back to top
- Our fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives. We offer a money back guarantee if you are one of the few we cannot help.
- Will AMG stop late fees and interest from accruing on my account? Back to top
- AMG cannot stop a lender from adding interest or late fees to a loan. However, your individual program will allow you to catch up on any late payments, and all interest and fees will be restructured into your new payment.
- I filed for bankruptcy. Can you help me? Back to top
- Yes. We can review your situation and let you know your options, but must wait until your mortgage has been discharged or dismissed from your bankruptcy to negotiate with your lender.
- If I file for bankruptcy, will it save my home?Back to top
- It does not appear that way. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure. So, it seems that if you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure. But, bankruptcy is an important tool in debt relief and if you believe you need this option, we advise you seek the council of a bankruptcy attorney.
- I have flexible monthly income. Can I still participate in the program?Back to top
- Yes. Our fees and payment schedule are on a client-by-client basis. We will figure an affordable and simple plan for your unique situation.
- Can you help me with my loan type? Back to top
- Yes. It does not matter what type of loan you have, we can help! We specialize in out-of-court resolutions of government and non-government mortgage delinquencies for every type of lender, including banks, credit unions, thrifts, FHA, Rural Administration, VA, CalVet, Fannie Mae, Freddie Mac, etc.
- What if I can no longer afford my home? Can you help? Back to top
- Yes. If you are certain that you cannot afford your home we have several options that will minimize your credit damage and forgive the debt. They include returning the property to the lender or selling it to a third party.
- How do I find out the progress of my debt settlement? Back to top
- You can call us at 866-429-1205 Monday thru Friday from 9 a.m. - 6 p.m. PDT to speak with a customer service representative and get an update on the progress of your program.
- Will I owe money to the IRS for my reduced settlement? Back to top
- Creditors are required to report canceled debts exceeding $600 to the IRS and you are supposed to report the same as income on your annual tax return. However, the IRS permits you to write off any “income” from canceled debts up to the amount by which you were “Insolvent” at the time. Therefore, unless you have a positive net worth, then you ordinarily will not be obligated to pay taxes on the forgiven amounts. Additionally, if you do not qualify as insolvent, non-principal amounts such as fees accumulated on the account may be deducted from the amount reported. Consult a tax professional for your specific situation. Refer to: www.IRS.gov Publication 908