Preventing foreclosure

Bridgefield is in business for the long term — which also means working to help find ways to keep people in their homes through good times and bad.

Bridgefield Mortgage Corporation is committed to keeping borrowers in their homes to the greatest extent possible. We would like to make certain that our borrowers understand the alternatives to foreclosure and exactly how to get help from us.

We want to hear from you.

Far too many homeowners make the mistake of not contacting their mortgage servicer when they are having difficulty making their mortgage payments. While it may feel intimidating to make this phone call, it is critically important. For many borrowers this telephone call may be the first step to avoiding foreclosure proceedings.

If you are experiencing difficulty with your mortgage payments and are concerned about the possibility of foreclosure, the most important thing that you can to is contact Bridgefield today to explore alternatives to foreclosure that may be available to you. Representatives are standing by to take your call at: 1-866-804-5604.

Repayment plans

Some Bridgefield borrowers who go through the process described above will qualify for relief from foreclosure via a repayment plan. Depending upon your specific circumstances, Bridgefield may be able to delay or cancel foreclosure proceedings if you can agree to a repayment plan for your past due balance and display a track record of on time payments pursuant to a repayment plan. Your Bridgefield representative can explain how different types of repayment plans may work.

Loan modifications

Depending upon your specific circumstances, you may also qualify for relief from foreclosure proceedings via a loan modification. A loan modification is a permanent reduction in the interest rate or other terms of your loan. Bridgefield must be able to review a complete picture of your financial circumstances in order to approve a loan modification. However, if you qualify, your interest rate or other terms of your loan may be modified to reduce your monthly payments.

Deed in lieu

For borrowers that feel as though they would be unable to continue making loan payments pursuant to a repayment plan or loan modification as proposed by Bridgefield, Bridgefield may be able to conduct a transaction known as a deed in lieu of foreclosure. In simple terms, this means that you give your house to Bridgefield as repayment for your loan. Bridgefield may be able to allow you to consider your loan repaid as the result of a transfer of the deed to Bridgefield. It is important for borrowers to understand that this type of a transaction cannot be undone and is typically viewed as a measure of last resort.

Short sale

During challenging economic times and a difficult real estate market, many borrowers experience difficulty making mortgage payments due to long term changes in their financial circumstances. Many of these borrowers would like to sell their properties and “downsize” in to a property with lower overall costs that are more in line with their current financial circumstances. However, for some borrowers the chief obstacle to accomplishing this is a decrease in local real estate values. In a down-trending real estate market, some borrowers find that they cannot sell their home at a price that is greater than the amount of their mortgage loan. Hence, they cannot pay off their loan by simply selling their house.

Dependent upon the specific facts and circumstances involved, a short sale may be an option for some of these borrowers. In a short sale transaction, Bridgefield may agree to accept less then total balance due on your mortgage loan as repayment for your loan at the point at which you sell your property. Not every circumstance is appropriate for a short sale and some borrowers will not be approved for short sale transactions.

However, if you apply for approval for a short sale transaction and are approved, upon selling your property all proceeds from the sale of your house are sent to Bridgefield and your loan is considered paid in full — even if the proceeds from the sale would not pay off the entire balance of your current mortgage loan. Bridgefield then releases the deed/mortgage from the property. Advance approval for short sales must be received from Bridgefield prior to the sale of the property. And, just like the other alternatives to foreclosure described above, Bridgefield will evaluate each borrower’s individual circumstance in order to determine eligibility.