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Save your Credit... Stop Foreclosure & Avoid Bankruptcy
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| What to do when facing Foreclosure?
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 The Foreclosure Process
Once the lender files for foreclosure, you will be receiving notice that a hearing has been scheduled. At the hearing, if you cannot prove you are able to immediately reinstate your back payments and keep them current, you will be given a date and time for the auction of your property. You can lose everything that you have invested in your home... Equity (if any) that you have in your property will be lost at the courthouse steps. Even worst; if your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be also pursued. If that happens, you not only lose your home, you also would owe the lender an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.
In the meantime, there will be announcements appearing in the local newspaper that "John Doe and Jane Doe" living at (insert your address here) are in foreclosure. This will be announced publicly at three different times under the Legal Notices in the newspaper. This gives everyone you know several opportunities to see that your house is going into foreclosure.
What can you do? |
1. DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
2. STAY IN THE PROPERTY. You may not qualify for assistance if you abandon your property.
3. ACT NOW! Delaying can't help. If you do nothing, YOU WILL LOSE YOUR HOME and your good credit rating.
 We can help homeowners stop foreclosure.
We are a Professional Real Estate Holding Company with a spotless track record with the BBB. If your goal is to stop foreclosure while you get back on your feet or act to prevent your credit from being destroyed, we have some of the best Loss Mitigation Programs available to help you through this difficult, stressful situation. We will present you with several potential solutions based on your specific circumstances. Just knowing what your options are can help alleviate the stress you may be experiencing... When facing foreclosure time is of the essence. Let us help you!
 Want to learn more? Click here to contact us or Call Now: (800) 957-5502. We look forward to your call.
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Short Sale may be an Option when mortgage debt looms too large
By June Fletcher, The Wall Street Journal
Question: Could you please explain more about a short sale?. I'm stuck in my home with tow mortgages and can't get out. Please help. I cannot afford this house anymore and can't work anymore due to health reasons .
-Debbie Garcia, New York
Debbie: I'm sorry to hear that you have health and financial problems. I hope this explanation helps. When you can no longer pay the amount owed, you have several options...
Read More>>
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When facing foreclosure Time is of the Essence. You have options. You don't have to face foreclosure alone. |
What People Can Do If Foreclosure Looms
As Mortgage Woes Mount, Squeezed Homeowners Have Options To Try to Avoid the Worst -- From Counseling to the Courtroom
By AMIR EFRATI. Wall Street Journal
As mortgage woes spread, what's a nervous borrower to do?
Mike Wilt, who lives in Uniontown, Ohio, is trying to figure that out. Mr. Wilt, a marketing director for a communications firm, is current on his $180,000 adjustable-rate mortgage -- the home's price when he paid for it. But he says he may soon start to fall behind, as he's been notified that his interest rate jumped to 11.5% from 8.5% in September, which will cost him an extra $400 a month.
When he tried to refinance back in March, Mr. Wilt was turned down for a loan with better terms because of his credit score; not even his boss's friends from a local bank could help. "The rules that got me into the original mortgage had changed," says the 31-year-old, referring to what he perceives as tougher lending standards. Read more>> |
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