Can't Refinance due to the
MORTGAGE MELTDOWN??

No Equity?    Low Scores?    Late Payments?
Owe more on the House then what it is worth?

Primary Residencies   
Second Homes
Investment
Commercial

YOU CAN lower your interest rate and monthly mortgage payment!!

or SELL AND HAVE THE NEGATIVE BALANCE FORGIVEN

call (239) 298-2392 x 105

for a free consultation

Home foreclosure is a process by which a lender forces the sale of a property which they financed . IF no one buys the property at the courthouse steps in a public auction for cash , the lender is forced to take  ownership of  the  property  and eventually sell it themselves . Typically, foreclosure  is started because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When a new owner is established at the Auction at  the courthouse steps,  the homeowner must move out of the house after being notified by the Sheriffs office , therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.

Do I have enough time to stop foreclosure?

Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. Foreclosure  sales set for the next day  have been stopped  by paying off the full balance or by JUDGES orders , but this is very risky . You're best option is to take action immediately to stop foreclosure before it goes too far.

What can be done to for me ?

There are several options to get you out of foreclosure and protect your credit history. Loan Modification, Forbearance Agreement, Deed in Lieu and a short sale are some of the techniques used use to save your home. Call us so we can explain each of these to you  so you can determine which applies your particular situation.

What can loss mitigation do for me?

The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

How does one  stop foreclosure?

one must determine your best alternatives. you  must ask about your lender's loss mitigation policies and your state's foreclosure law to make sure that  you make the bese choice  within the context of your situation. By working with  your choices and your  circumsatances  , you  can tailor a resolution to meet your specific criteria and financial circumstance.

How long do I have to act?

Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use.

Several companies contacted me offering help. What should I do ?

There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you.  Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.

Should I negotiate with the lender myself?

Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate a work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don't waste a lot of time on this. Time is not on your side right now. If you don't have something worked out within 1-2 weeks, then it's obvious that your lender is not serious about working things out with you directly. When you get to that point you will be better served by professional representation that can use the formal business and legal protocols to your advantage. Many times they will lead you to believe they are working out a resolution and then all of a sudden you get a letter from an attorney. By then it may be too late .

  Don't make that mistake.

More FAQ's

How long does it take for lenders to respond  once we fill out all of the paperwork?

Anywhere from 2 days to a few months. This depends on the stage of foreclosure, the state you live in, your financial position and the lending institution. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings.

 

 

I'm currently in bankruptcy. Can  I be helped?

Yes.  Talk to your attorney . A common misconception is that Bankruptcy is the cure all and will help you keep your home . In reality , homeowners are telling us it is a band aid to gain time to correct  the situation .

However , a foreclosure will still happen if you can't meet the new payment arrangement . People are reporting the payments are a combination of the back payments that are late and new payments agreed upon.

Most  financial decisions  must be approved before a Bankruptcy Judge until you bankruptcy is finalized  .

 

  Sometimes after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged. however you may still have a huge balance on a home valued at thousands less (Upside down, or under water ) we specialize in selling homes quickly in this situation ( SHORT SALE)

 

 

I've already talked with my lender and they just want all their money. Is this common?

Yes. Most homeowners  have experienced this kind of inflexibility from their lenders. Phone calls , we are hearing ,are a source of frustration and in accurate information. Each representative may  give conflicting answers . There are usually policies in place for your situation that require proper documents to be presented in a specific manner in order to get results .  

 

Should I file for bankruptcy to save my house?

That is a personal question that can be discussed and decided after meeting with Attorneys and other Real Estate professionals. The American Bar Association has reported that a high percentage of homeowners who declare bankruptcy end up losing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report. Afterwards lenders require

good credit for 2 years after a bankruptcy and for 4 years after a foreclosure in order to qualify for the best FNMA or FHA type home loans .

What if I can no longer afford my home? What do I do ?

 If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff  at no cost to you . A deed-in lieu of foreclosure agreement with your Bank is often suggested by the lender . They want you  to sign over the deed and leave . Often times these agreements can be just as damaging to your credit as a foreclosure. In any case , a deficiency balance

must also be avoided .  ( the difference between what  you owe and what the bank

recieved at foreclosure or deed transfer ) 

 

Call Now! (239) 298-2392 x 105