Foreclosure Process

It you are confronted with a property foreclosure, it is important to first understand the foreclosure process and its various steps. This is a pre-requisite  before trying to find a solution to stop foreclosure and we can help you avoid foreclosure.

Foreclosure reasons are numerous : the loss of a job, an illness, a death in the family or a change of interest rates, ... In any case, it all starts with missed payments of the mortgage and it can happen to anyone. There is a lot of stress associated with foreclosure. A house is typically the most valuable asset of a family, and you have a lot to lose in the process. For that reason, and because of the implication to your credit record, it is important to seek assistance with a professional that can help you as soon as possible. We are foreclosure experts and can help you stop foreclosure.

Foreclosure is the legal process money lenders use to recover the debt associated with a piece of property when the agreed upon monthly payments are not paid. The lender seizes the property and resells it to repay the amount due, in full or partially, depending on the value the property can be sold at. Depending on the state, the foreclosure can be judicial, non-judicial or strict.

Typically after 3 consecutive payments have not been made, you will receive a notification letter from the lender that you are in default of payment. By sending this letter, the lender gives the property owner a chance to pay what is due (the late monthly payments) and resume periodic payments, before the foreclosure process is started.

The pre-foreclosure period starts when a complaint is filed (judicial) or when the notice of sale is recorded (non-judicial). At this point, the clock starts ticking because a date and time has been set for a public auction to sell the property. During this period (variable depending on state - 90 days is typical), the owner can stop the foreclosure process by paying the outstanding amount due to the lender (right of reinstatement).

If you have a house foreclosure situation, contact us and seek foreclosure help at 1-888-304-2843 before the Sheriff knocks on your door to evict you a few days before the property is auctioned off. You want to avoid foreclosure because you will avoid a 200 to 300 point loss on your credit score, which would affect you for 7 to 10 years and make it extremely difficult to buy or rent in the future. There is no time to lose to stop the foreclosure process.

Note that the loss of the house may not be the end of the foreclosure process if the house is worth less than the amount owed to the lender (upside down mortgage home foreclosure scenario). In such a case, the lender can sue you and seek a deficiency judgment in order to recover the remainder of the amount due on the mortgage minus the amount the highest bidder paid for the house at the auction. Contact us at 1-888-304-2843 to discuss a possible short sale to avoid foreclosure.