Q: What is foreclosure?
A: When a borrower has been unable to make the scheduled payments on his or her mortgage loan for an extended length of time, the lender may feel that the loan has been defaulted, and will undertake legal proceedings in order to repossess the property. Any equity the homeowner may have built up in the home is lost, and the homeowner will have to vacate the premises. Laws on how long a homeowner has before a lender can start foreclosure proceedings vary form state to state.
Q: What happened when I miss my mortgage payments?
A: Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe the lender an additional amount.
Q: What is loss mitigation?
A: Loss mitigation is a set of programs/solutions that consists of a variety of procedures set up by the government and lenders to assist homeowners threatened by foreclosure. The goal of loss mitigation is to help the homeowner to stay in their home, and protect their credit history.
Q: What should I do?
A: Do not ignore the letters from your lender. Get all your financial information together. Be prepared to explain your situation. Stay in your home for now. Do not leave else you may not qualify for assistance if you abandon your property. We are here to help with whatever you feel is the best fit for you.
Q: I have bad credit, should I even bother?
A: Yes. Most homeowners who have fallen behind on house payments have experienced some credit problems in the past. We can still provide you assistance.
Q: My mortgage company sent back my payment, Why?
A: Many lenders will refuse to accept any payment unless it is the entire amount you are behind (including late, collection & legal fees). Once foreclosure proceedings have started your lender will usually not accept any payment less than the full amount that is in arrears, including foreclosure costs and legal fees.
Q: Someone stopped by the house, what is happening?
A: Lenders & investors often have representatives perform a site inspection to evaluate the condition of the property and verify occupancy.
Q: I am behind on payments, how much time do I have before foreclosure?
A: Foreclosure time varies according to state law. Time is not on your side when you’re behind on payments. You need to take action. With our help you can avoid foreclosure procedures from starting or stop the foreclosure if its already begun. The longer you wait, the more you will pay in court costs, late charges, and attorney fees. The worst thing to do is nothing.
Q: Do you provide help with my credit card bills or auto loans?
A: No. We specialize in helping people understand their situation and present options so they can make good, clear decisions with their mortgage problems.
Q: How long does it take for a case to be completed, once I am approved?
A: It could be completed in a few days or could take many weeks depending on the circumstances and on your financial situation.
Q: Is there time to stop my foreclosure?
A: Until the auction occurs there is enough time for a homeowner to stop their foreclosure. TIME IS OF THE ESSENCE, and action should be taken as soon as possible. Under normal circumstances, a foreclosure can be stopped through Foreclosure Assistance's mediation services in approximately 4-6 weeks. For homeowners with a sale date set for their property, the process moves much more quickly.
Q: Can I get help immediately?
A: Yes. You may apply for assistance right now. Call us at (973) 706-5989 for a free consultation!
Q: What can loss mitigation do for you?
A: The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings. This allows the homeowner to stay in their home and protects their credit history.
Q: How do we stop foreclosure?
A: Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lenders 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 we can tailor a resolution to meet your specific criteria and financial circumstance.
Q: Can't I negotiate with my lender myself?
A: If you are only a payment or two behind, you can certainly discuss your difficulties with your lender yourself, and work out a suitable arrangement. However, if your lender is not cooperative, or puts you off for more than a couple of weeks, then it is the time to contact us. Don't wait for more than a couple of weeks, because, as it cannot be emphasized enough - time is not on your side in these matters. We provide the professional representation that you need to achieve the best workout agreement possible with your lender.
Q: Can you help me improve my credit score?
A: The best thing to do to help you improve your credit score is to prevent foreclosure, which we can help you with. In general, however, we do offer credit repair services.
Q: How long is this going to take?
A: Working with your lender to reach a suitable arrangement can take anywhere from a few days to several months. It all depends on your current financial position, and whether or not foreclosure proceedings have already been started. Typically, it takes several weeks to complete a workout agreement and stop foreclosure proceedings.
Q: I'm currently in bankruptcy. Can you still help?
A: It is possible to help you, it all depends on your unique situation.. We cannot, however, negotiate a workout agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings.
Q: I've already talked with my lender. They just want to get paid. Can you still help me?
A: Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.
Q: Should I file for bankruptcy to save my house?
A: This is usually not a good idea. According to the American Bar Association, 96% of homeowners who declare bankruptcy end up losing their home to foreclosure. Bankruptcy is very unlikely to help you save your home. There are certain times when bankruptcy is appropriate – we recommend you consult a reputable attorney in this regard.
Q: Do I need a special type of mortgage loan for you to help me?
A: No. We work with any type of mortgage loan, from FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans.
Q: What if I can no longer afford my home? Can you still help me?
A: If you are certain that you cannot afford your home any longer and wish to sell, relinquishing any equity you may already have in your home, we can help you to secure a "short sale" payoff (contingent on approval by your lender) or a deed-in lieu of foreclosure agreement (again, contingent on approval by your lender). These agreements can be arranged at low or no cost to you.
Q. How long do I have to act?
A: 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 work out an 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.
Q. Do I have enough time to stop my foreclosure?
A: 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. You’re best option is to take action immediately to stop foreclosure before it goes too far.
Q. I've already talked with my lender and they just want all their money. Can you still help me?
A: Yes. This kind of inflexibility is not uncommon from lenders. We can work with different solutions. We will use our experience and connections to your advantage.
Q. What are my chances of success in working with you to get a forbearance done?
A: We are experts at negotiating forbearance plans because we know what financials and kind of presentation your bank is looking for. Your chance of success in working with us is exponentially higher than would be the case if you were negotiating on your own.
Q. I'm considering filing for bankruptcy to stop my foreclosure but I understand that this could dramatically affect my credit. What should I do?
A: You are correct. Outside of a foreclosure, bankruptcy is the worst thing you can have on your credit report. Bankruptcies stay on your credit for up to 10 years and can prevent you from getting any kind of loan for many years. In addition, recent changes to federal bankruptcy laws have made it increasingly difficult to use bankruptcy as a means to keep one's home. There are many other ways that you can keep your home and avoid filing for bankruptcy.
Q. I've thought about listing my home with a realtor. Why should I consider your company over using a realtor to sell my house?
A: The greatest benefit to you in working with us is that we can offer creative financial options to fit your specific needs. If your preference is to sell, we offer multiple resources to assist you with this as well. We want to help you keep your home if possible, but if the numbers are too heavily stacked against you, we can assist you in the sale of your home without any fees or commissions. In the end, our goal is to help you move on with your life in a positive direction.
Q. What if I just can't find a way to keep my house?
A: There are times when all means have been exhausted and the situation is so dire that a person just won't be able to stop the foreclosure process through debt negotiation. In these circumstances it is always best to not give up but to take further action to avoid foreclosure. A foreclosure has the most significant negative impact on one's credit and can make future home financing extremely difficult if not impossible. Please do not let this happen to you.
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