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.
