Resurgent Capital Loan Modification

Resurgent Capital is headquartered in South Carolina and specializes in servicing consumer debt nationwide, particularly in the sub-prime mortgage market. Like most mortgage companies, the recent housing bubble has also prompted them to offer assistance programs to defaulting borrowers, allowing them to avoid foreclosure and get back on their feet. Among their biggest offers is loan modification, a process wherein the mortgage is permanently restructured to more comfortable terms.

To qualify for a Resurgent Capital loan modification, a borrower must prove that he or she is in financial hardship, and that they have the means to pay off the mortgage once it is modified. A hardship letter must be presented to the bank, explaining the circumstances of the default and providing a valid reason for falling behind. Reasons commonly accepted for mortgage modification include job loss, demotion, military service, and illness or death in the family.

Borrowers can also choose to work with a loan modification attorney to speed up the processing and get more positive results. While it’s possible to get a Resurgent Capital mortgage modification alone, legal representation can get one’s file directly to the Loss Mitigation office and lend credibility to the case.

If the borrower doesn’t qualify for mortgage modification, the loan modification attorney can also discuss alternatives with the bank. The most common fallbacks are a short sale and a deed in lieu of foreclosure. Both involve turning the home over to either the bank or a third party. They may not help borrowers keep their homes, but they minimize credit damage and provide more options for recovery.