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CRF Loan Servicing, LLC

CRF IS COMMITTED TO HELPING CUSTOMERS KEEP THEIR HOMES

CRF recognizes that homeownership can be challenging, especially when economic difficulties result in an income reduction.

Loss of a job, death of a family member, divorce, and other traumatic events can cause customers to miss mortgage payments.  Simply because a loan is delinquent does not mean it is a lost cause.  With this in mind, Litton's staff is trained to present a variety of alternatives to customers struggling to make payments.

For customers facing temporary financial challenges, below are a few options CRF provides.  In all the foreclosure alternatives discussed, certain financial information is required and must be verifiable.

Modification  

This is a change in the original terms of a Note to help customers avoid foreclosure and/or get back on track with their monthly mortgage payments. Litton offers several types of loan modifications, including ones under the government's Home Affordable Modification Program (HAMP). Certain conditions of the title may not allow this option, and investor approval may be required.

Pre-Foreclosure Sale  

This is a transaction requiring the sale of the property to a third party.  Proceeds of the sales transaction are typically less than the total amount owed to pay off the loan.  The investor, prior to any closing, must approve an exchange of the sales proceeds for a satisfaction of the debt.  Certain information related to the sales transaction is required. 

Settlement  

This is similar to a pre-foreclosure sale in that the proceeds to satisfy the debt, if approved by the investor, may be less than the total amount owed to pay off the loan.  Source of funds may be from a relative, friend, employer, etc.  In a settlement, the customer retains possession of the property. 

Deed-in-Lieu  

This is also known as a voluntary conveyance.  The customer must agree to deed back the property to the investor.  The customer is required to surrender possession of the property and the property must be in good and marketable condition.  This transaction requires approval from the investor prior to any closing.  Certain conditions of title may not allow this option. 

Repayment Plan  

This is a workout arrangement that requires a series of payments over two or more months that will pay a portion of the delinquent amount in addition to the regular monthly payment amount.  If payments are made in accordance with the plan agreement, foreclosure action will be postponed.  It is granted only when satisfactory arrangements, acceptable to CRF to satisfy the delinquency for a designated amount, date, and term, are obtained. 

Cash For Keys

This is a convenience offered to customers who cannot afford their payments and do not have the cash resources for moving expenses.  CRF will assist with moving expenses in exchange for the keys and deed to the property.

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