Stop the worry and frustration of foreclosure Now! We can help.
Foreclosure FAQ's: In this section we will give answers to the many questions you have about foreclosure and your rights.
How to Stop Foreclosure: This section will give an overview of things you can do to stop a foreclosure and end those sleepless nights.
How we can help: In this section we will explain your options to use our services to stop the worry and frustration of foreclosure and save your credit.
THE SINGLE MOST IMPORTANT WAY TO STOP A FORECLOSURE IS TO ACT FAST, RIGHT NOW!
What is "foreclosure"?
A foreclosure is a procedure where property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.
Who can foreclose on my property?
If you have a first, second, or third mortgage, delinquent taxes, and in some cases a mechanics lien, or a judgment, you can be foreclosed upon if your obligations are not met.
Is there more than one type of foreclosure?
There are basically 2 types of foreclosure, Judicial and Non-Judicial. Some states conduct a Judicial foreclosure. Other states conduct Non-Judicial foreclosures.
What happens in a Judicial Foreclosure?
Judicial foreclosures are processed through the courts, beginning with the person or business you owe money to filing a complaint. The complaint will state what the debt is, and why the default should allow the lender to foreclose and take the property given as security. The homeowner will be served notice of the complaint, either by mailing, direct service, or publication of the notice, and will have the opportunity to be heard before the court. If the court finds the debt valid, and in default, it will issue a judgment for the total amount owed, including the costs of the foreclosure process. After the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The sheriff's sale is an auction, open to anyone, and is held in a public place, which can range from in front of the courthouse steps, to in front of the property being auctioned. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from later that same day up to 30 days after the sale. Check your local procedures carefully. At the end of the auction, the highest bidder will be the owner of the property, subject to the court's confirmation of the sale. After the court has confirmed the sale, a sheriff's deed will be prepared and delivered to the highest bidder, when that deed is recorded, the highest bidder is the owner of the property.
What happens with a Non-Judicial Foreclosure?
Non-judicial foreclosures are processed without
court intervention, with the requirements for the foreclosure established by
state statutes. When a loan default occurs, the homeowner will be mailed a
default letter, and in many states, a Notice of Default will be recorded at
approximately the same time. If the homeowner does not cure the default, a
Notice of Sale will be mailed to the homeowner, posted in public places,
recorded at the county recorder's office, and published in area legal
publications. After the legally required time period has expired, a public
auction will be held, with the highest bidder becoming the owner of the
property, subject to their receipt and recordation of the deed. Auctions of
non-judicial foreclosures will generally require cash, or cash equivalent either
at the sale, or very shortly thereafter.
It is important to note that each non-judicial
foreclosure state has different procedures. Some do not require a Notice of
Default, but start with a Notice of Sale. Others require only the publication
of the Notice of Sale to announce the sale, with no direct owner notification
required. You need to know the specific procedure for your state.
Can I stop a foreclosure and save my credit?
The good news is YES you can! There are many ways to stop foreclosure. You will of course have late payments on your credit report. That damage can not be un-done. But you can keep more late payments, and a foreclosure off your credit report. The first thing most people consider is Bankruptcy. That is a last resort at best! Keeping your home is a possibility in some instances, but it is not usually the case.
Why can't I just refinance?
That would be the most simple solution! Unfortunately, with late payments on your credit, other lenders will be very negative about your ability to repay them. Most lenders will not be willing to take the chance since you are unable to make your current house payment.
How do I stop a foreclosure?
Great question. Let's hop over to How to Stop Foreclosure to see many ways this can be avoided.
THE SINGLE MOST IMPORTANT WAY TO STOP A FORECLOSURE IS TO ACT FAST, RIGHT NOW!