Financial Hardship: Steps to Help Avoid Foreclosure
Del Toro Loan Servicing is not a counseling agency and does not charge upfront fees to negotiate modifications or forbearances. We are a liaison between you and your lender. We collect information from you and provide it to your lender. Your Lender will review this data and work with you, through us, to see if a foreclosure alternative is possible.
If you cannot make or get current on your monthly payments, refinance or sell your property in a timely manner, you may be able to seek relief by way of:
- A Loan Extension or Modification
- A change in terms such as maturity, interest rate or payment amount
- A Forbearance Agreement
- An agreement to postpone the sale of a defaulted property as long as the newly negotiated terms are adhered to
- A Deed in Lieu of Foreclosure
- The mutual agreement to turn the property over to the lenders for debt forgiveness
- A Reduced Payoff / Short Sale
- Allow you to sell the property for less than what you owe, also known as a “short sale”
Call our loan servicing department 877-335-8676 9a - 5p PST, Monday - Friday to discuss your options. If your Lender offers the option and you choose to apply for a loan modification or forbearance, we will need the “Modification Request” & “Financial Spreadsheet” (links on this page) completed and faxed to our office. Simply providing this information does not guarantee you approval. It should be noted that Del Toro is not your Lender and we are not authorized to grant modifications; this is a function of your Lender solely.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
Please be advised that Del Toro is attempting to collect a debt and any information obtained will be used for that purpose.
The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person, other than your attorney or spouse, about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities, you may contact the Federal Trade Commission at 1-877-FTC-HELP or www.ftc.gov.
Toll free number made available by the United States Department of Housing and Urban Development (HUD) to find a HUD certified housing counseling agency is 1-800-569-4287 or TTY/TDD 1-800-877-8339. You may find other useful consumer information on foreclosure alternatives on the HUD website at http://www.hud.gov/foreclosure/ including an article on "Tips for Avoiding Foreclosure".