What is foreclosure?

Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is 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 the lender forecloses on the homeowner, the homeowner must move out of the house, 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.

What can Foreclosure assistance companies do for me?

They can offer you consultation that can help you. 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 to save your home.  Call any of the foreclosure assistance companies and they can explain to you and determine which apply to 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 can foreclosure assistance companies stop foreclosure?

Foreclosure assistance companies specialize in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. Foreclosure assistance companies perform a detailed financial analysis and work with you to determine your best alternatives. They also review your lender's loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, Foreclosure assistance companies 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 recently offering help. Who do I choose?

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 a big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. Some companies have the most experienced and well respected specialists in the industry whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Do your homework, check their reputation and give them a call, speak with one of the professionals and you will be able to judge for yourself.  In fact some of the offer free consultation.

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 for to help you.  Don't make that mistake.

How long does it take to complete the case 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.

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.  There are foreclosure assistance companies that have stopped sales set for the next day but this is very risky and some lenders will not agree to it.  You're best option is to take action immediately to stop foreclosure before it goes too far.

How much does it cost to stop foreclosure?

Generally fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Professional loss mitigation consultants will evaluate your case and explain the best options to save your home.  Usually the fees are not too high compared to the cost of the other alternatives available. Some Foreclosure assistance companies offer money back guarantee if they cannot get you a work out agreement with your lender(s) and as long as no sale date has been set.

I'm currently in bankruptcy. Can Foreclosure assistance companies still help?

Yes. But they cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy, they proceed with the home foreclosure help. Sometimes after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged.

I've already talked with my lender and they just want all their money. Can Foreclosure assistance companies still help me?

Yes. Most of clients experience this kind of inflexibility from their lenders before calling Foreclosure assistance companies. These companies get your bank to listen to your needs because they know and trust us.  They also have mitigated thousands of home foreclosure cases. That kind of experience gives the Foreclosure assistance companies credibility with your lender. Over the years Foreclosure assistance companies have developed positive working relationships with key people at most banks.  They integrity and professionalism they have earned them a reputation that allows them to be heard when no one else can get through the red tape. Foreclosure assistance companies will use their experience and connections to your advantage.

Should I file for bankruptcy to save my house?

No!  That usually doesn't work.  The American Bar Association has reported that 96% 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.

Do I need to have a special type of mortgage loan for Foreclosure assistance companies to help me?

No. Foreclosure assistance companies specialize in out-of-court resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent. 

What if I can no longer afford my home? Can Foreclosure assistance companies still help me?

Yes. If you are certain that you cannot afford your home any longer and wish to sell, Foreclosure assistance companies can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.