Let's see your options and how we can be of service!
866-382-3205
Let's see your options and how we can be of service!
866-382-3205
Many people think they can not stop a foreclosure... so they stop answering their phone, opening their mail, or answering the door hoping it will all just disappear. The good news... there is a way to make the foreclosure go away! Let National Foreclosure Assistance help you get back to living a happy and stress-free life. Call 480-382-8803 to schedule your free no-obligation consultation today!
The most obvious option is to pay your past due balance and make your loan current. If the foreclosure proceedings have already been filed, then the amount needed to get the loan current will include not only back payments but also late charges and attorney fees. This is the quickest and most efficient way of stopping the foreclosure.
A mortgage forbearance agreement is an agreement made between a mortgage lender and a delinquent borrower. In this agreement, a lender agrees not to exercise its legal right to foreclose on a mortgage, and the borrower agrees to a plan that will bring the account current over a reasonable period of time. If you are already in foreclosure, forbearance is most likely not something your lender will agree to.
A loan modification could stop the foreclosure by negotiation with the lender to modify the terms of your loan and may include adjusting the interest rate, extending the loan period, or adding the delinquent portion back onto the principal balance of the loan to be repaid over time. If you are already in foreclosure, you may not have the time required to get a loan modification approved by your lender.
In most cases, once the foreclosure has started, you have been through several months of late payments or no payments. These late payments have a devastating effect on your credit rating, which in most cases will lead to a denial of the refinance loan application. If you are approved, it will probably be at a VERY high-interest rate with high closing costs. If you are seriously considering this option, then call CONNECT WITH US ASAP. We have connections with companies that could help you. Remember that time is of the essence, so don’t waste valuable time on this option, or you could lose your home while waiting on loan approvals.
If you have been unable to work with your lender or find another suitable solution promptly, it is time to consider selling seriously. When time is of the essence, you should consider selling your property to an investor who offers FAST closing. Typically, this will be less than market value but can be a benefit to you because it is an “as is” sale, which means you won't have to spend money on repairs or spend time putting the house in sellable condition. And there will be no commissions, fees, or closing costs. By selling your house “as is”, you get a quick sale that allows you to instantly stop the foreclosure and salvage your credit.
This means you voluntarily deed the title to your property to the lender. You give the house back to the bank. The ordinary effect of the taking of a Deed in Lieu is to extinguish the lender’s deed of trust and vest the lender with the title subject to all other existing liens and encumbrances. In effect, the lender becomes the new owner. The lender is not required to accept the Deed in Lieu and can show his/her refusal by filing a Notice of Non-Acceptance with the County Recorder. In our opinion, this is a bad choice because if you have equity in the property, you would be forfeiting all of that equity. Before you decide to move forward with a Deed In Lieu, call 480-382-8803, so we can help you make the best decision for your situation.
Some homeowners act on their lawyer’s advice and file bankruptcy thinking that all their problems are now solved. Bankruptcy does put a hold on everything, yes, but all it buys you is a little time. The end result is almost always the property still goes to auction, and you now have a bankruptcy in addition to the foreclosure on your credit report.
You may find it odd that nothing is listed as an option; however one of the most common options taken by homeowners is NOTHING. Don’t fall into the trap of thinking that everything will magically work itself out, because it will not. You are likely confused by your options and fearful of making a bad decision, but by doing nothing you are making a very bad decision. The decision you are making by doing nothing is the decision to turn a blind eye to reality which will most likely lead to losing your home.
All our meetings are respectful, confidential and without judgement.
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