Foreclosure FAQ
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Q. What if I have already received a date for auction?
A. In most cases the Lender will review offers right until the actual sale. You also might be able to take action that secures more time. The lender typically wants help from companies like us as foreclosure auctions are expensive for them. However, you must act very quickly and call us for a free consultation. Contact us for a No-Cost consultation.
Q. How do we stop foreclosure?
A. We will perform a detailed forensic review of your purchase agreement, loan documents, and servicing history for any violations we can use to get your loan modified into a loan beneficial to you. We review your lender's loss mitigation policies and apply it to state and federal regulations while using our forensic audit findings as leverage to get the desired results. By working with you and your lender, we can attempt to solidify an agreement between you and your lender that meets your specific needs.
Q. What if there are no discrepancies found in my paperwork? Can you still help us?
A. Yes. We can still proceed with negotiations for a loan modification based on your financial situation as it stands today. Again, if a loan modification makes sense to the lender, they may comply and modify the loan into a loan with new terms beneficial to you. You will be required to provide documentation to prove your hardship, expenses and income.
Q. What is a Short Sale?
A. A Short Sale is yet another way we are able to stop foreclosure. A Short Sale is a legal, lender-approved solution assisting financially strapped homeowners to get out from under their mortgage commitment quickly. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a purchase price for your property to a third party buyer for less than what you currently owe on your mortgage balance.
Q. Why would a lender consider a short sale or loan modification?
A. Lenders are not in the business of buying and selling real estate, and now, more than ever, are upside-down just like you may be. In fact, its expensive and time consuming for them to foreclose on your property. In order for them to protect their charter, especially in difficult market environments, they must do what is needed to minimize their losses. Therefore, lenders have established short sale, loss mitigation departments. In many cases a preemptive offer or attempt to sell your property, even for less than you owe, will actually be a better option for the lenders. Contact us for a No-Cost consultation.
Q. How does a short sale affect my credit?
A. If we can sell your property before a sale it will typically show up as "paid" or "settled deficiency", however the lender does reserve the right to make a notation typically "less than originally owed". We will do what we can to communicate to the lender a "paid" status be shown on your credit report. The best way to preserve your credit is to act quickly. The actual foreclosure sale and subsequent judgment for the sale difference is what you MUST avoid. Your credit report will also show the sale.
Q. Are you a Law Firm?
A. No, we are not a law firm. It is important to consult an Attorney for legal advice on legal matters. We would be happy to refer real estate attorneys in your area that can help. Contact us for a No-Cost consultation.
Q. What other options do I have available to me?
A. The options available to you depend on your specific situation and desired outcome. Options we might review with you and/or your lender(s) include: Pre-Foreclosure Sale, Short Sale, Loan Modification, Loan Forbearance, Deed-in-Lieu of Foreclosure, Bankruptcy, Reinstatement Plan, Repayment Plan, Loan Restructuring, Loan Refinance or Do Nothing. What ever you do, take action now, doing nothing is not a realistic option.
Q. Should I file for bankruptcy to save my house?
A. Maybe, but not before we examine all your documents and an attorney reviews your file. The attorney will recommend some appropriate options at that time. Use bankruptcy as a last resort to saving your home. Once you file a bankruptcy, there is little we can do to negotiate a loan modification even if there's evidence of loan fraud.
Q. Should I try and sell my house myself?
A. FSBO (for sale by owner) is always an option while you own the property. Most Lenders will require that you list your home for sale with a REALTOR who subscribes to MLS, since they are licensed and are most credible of selling property. The listing Agreement is often proof of your willingness and attempt to sell, which in turn, the lender might allow more time. However, if you do not have a realtor, we can assist you in finding one. Contact us for a No-Cost consultation.