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The Nasty F Word Everyone who owns a home knows that the simple though of FORECLOSURE bring chills to your spine... your hard earned money, your dreams, your memories, your sweat and tears, all can go down the drain together with your credit rating because of a foreclosure.... |
But first, lets find out:
What is Foreclosure?
From Wikipedia, the free encyclopedia
Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principle and fees the mortgagee can file a claim for a deficiency judgement.
WHAT TO DO?
When facing foreclosure Time is of the Essence. You MUST act fast to protect your rights.
Many people facing foreclosure simply do nothing and hope for a miracle.
Don't fall into that trap! It's NOT going to go away unless you do something.
We have experience in all area of the process,
we can start working immediately to help you, at no cost to you
Contact us now for more information.
We speak spanish.
Foreclosure affects more than just you, it affects your whole family, your neighbors, your community. If you are falling back on your mortgage payments because of a financial difficult situation, you are taking the risk of loosing your home to FORECLOSURE.
Before it’s too late enlist the help of a Real Estate agent, but not just any good Real Estate agent, one that is certified as a Home Retention Consultant, (CHRC), one that knows when and how to deal with the different Lenders; one that has the knowledge and experience of helping many homeowners before you.
Our team of experts will explain to you the best available solutions to your problem.
Our services are provided at no cost to home owners in financial distress, so if you are currently in a difficult situation, don’t wait until it’s too late.
Nothing is worse than doing nothing
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Foreclosure Solutions for Homeowners
By: Scot Kenkel
Do you remember when the iPhone first came out? About a week before it hit store shelves, an on-line sports book published odds claiming that 1 in 20 shoppers would be trampled to death while trying to get one. Coincidentally, those are also the odds in any given week that someone will be behind on their mortgage payments.
Are you one of them?
If you are, you realize that the stench of fear permeates your being, as you approach the unfamiliar territory of foreclosure. You don't have to be a bum or a deadbeat to get into this position. It can be as simple as missing a few days of work or having a mortgage payment or two wind up in the Dead Letter File at the post office. Either way, your payment’s late or you're in deep doo-doo with your lender. Now your lender's threatening you with the Big “F” : foreclosure.
The last thing you want or need is to face the stigma of foreclosure, so you're seeking any port in a storm. The best way to get out of this mess – if you can come up with the cash – is reinstatement. The concept is simple: Pay your lender what you owe. In return, your lender will call off the hounds and allow you to continue with your mortgage contract as if nothing has happened. This could be a practical and doable option if your problem is a short term financial hiccup.
In practice, however, it could be a pretty tall order because you'll be required to catch up your payments – with late fees – in one single lump sum payment. Most lenders stipulate in your contract that partial payments won't be accepted. While it's possible to pay less than the full balance of your back payments, it isn't as likely an outcome. If you can work this out, you'll need to get it in writing and the only chance you have of making it happen is if you can satisfy the lender that the conditions that led to your being late won't be repeated. If you're able to convince your lender to accept a lesser amount, it will likely take an act of Congress and your first born child. In addition, this sort of an arrangement will take some time to negotiate – time you probably don't have.
When you're in this precarious financial position, you're at your lender's mercy. It's just you and your lender. Instead of being intimidated or bullied into making a rash decision that could have a dramatic impact on your financial future, you should enlist the help of a trained professional, someone who will be in your corner, looking out for your best interests – not the bank's.
I'm talking about a real estate professional.
By calling a trained real estate professional, you'll get sound advice from an objective advocate that will act as a counterbalance to the power of your lender. This advice won't cost you an arm and a leg.
As a matter of fact, it won't cost you a thing. Then you can decide for yourself whether reinstatement of your mortgage is the best course of action for you. Then maybe you can consider getting an iPhone – but only if you're willing to run the risk: marketing.
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