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Obama Administration awards nearly $1.6 billion in homeless grants to thousands of local housing and service programs nationwide

National Mortgage Professional
Feb 19, 2009

Wingspan Portfolio Advisors announces Foreclosure Resolutions Division to help consumers save their homesMortgagePress.comWingspan Portfolio Advisors, Foreclosure Resolutions Division, Steven Horne, loan workouts, REO Wingspan Portfolio Advisors LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has announced its new consumer division which is focused on helping borrowers whose loans are in default from losing their homes to foreclosure. Called "Foreclosure Resolutions," the division leverages Wingspan Portfolio Advisors' specialized capabilities as problem loan servicers to deal with lenders and their loan servicers on behalf of borrowers and negotiate arrangements that allow people to keep their homes. "Our loan resolution specialists are highly experienced in dealing with borrowers on the servicer's behalf," says Steven Horne, CEO of Wingspan Portfolio Advisors. "This is a natural extension of our core competencies, just in reverse. With Foreclosure Resolutions, we go to bat for consumers, working with lenders and servicers to head off foreclosures before it's too late." Horne explains that Wingspan Portfolio Advisors knows that mortgage lenders and investors are, in many cases, as eager as borrowers to avoid foreclosure, as the wave of mortgage defaults threatens their survival. By working with loan servicers who are inundated with defaults to come up with payment plans that are acceptable, Wingspan is able to help borrowers who desperately want to stay in their homes. "It is often difficult for borrowers to reach the right people in servicers' offices to discuss solutions because servicing staffs are overwhelmed with cases these days, Horne says. We are able to cut through the red tape and bureaucracies to negotiate effectively. We also understand borrower motivation extremely well, and when we have a consumer who is desperate to keep their home for the long term, not just trying to buy time, we can suggest realistic alternatives that will resonate with servicers to make it happen. Horne notes that Wingspan Portfolio Advisors is thoroughly familiar with servicer and investor workout guidelines, an advantage that enables them to work with borrowers to "prepackage" workout scenarios that have a better chance of meeting with quick approval from the servicers. Foreclosure Resolutions is using an advertising campaign to reach out to consumers who are having trouble making mortgage payments, have been denied modifications to their payments, are considering bankruptcy or who have adjustable rate mortgages with payments that are going up. They escrow any payments for their services until they have successfully negotiated an agreement with the lender, refunding all of it to borrowers if they are unable to deliver the desired results. "We are very comfortable not charging if we are unsuccessful," says Horne. "It is not only that we are confident we can deliver, we are also confident in our understanding of borrower and lender/servicer motivation." Horne describes a concept Wingspan Portfolio Advisors calls "psychological equity," which takes into account not just the financial stake borrowers have in their homes, but the other less tangible factors, such as the attachment the family has to the home, their neighborhood, the schools and the activities that bring quality to their lives. "This is a very powerful motivator," Horne says of psychological equity. "People don't want to uproot their families if there is any possible way to avoid doing so, and we understand that. We provide a lifeline that will help them, and the overwhelming majority will grab it and hold on for dear life." Horne knows that lenders can be similarly committed to avoiding having more real estate-owned (REO) in their portfolios and will respond to borrowers who are motivated to stay--if the arrangements make sense. "Our decades of experience come into play, giving us the insights that help us structure plans with lenders we know will make sense for them." For more information, visit www.WingspanAdvisors.com.
Published
Feb 19, 2009
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