We hope this article will be informative. After reading, if you are in need of any assistance, please call us at 888-610-2725 and we will reach out to help.
Don’t Let Big Banks Win
Most homeowners facing foreclosure want to modify their mortgage or create a plan to remain in their homes. We are NOT in the business to TAKE homes from people, but our business is purchasing homes from people who have exhausting all other options, and want to avoid Foreclosure. We don’t want anyone to lose their home, but if it's happening, we do not want the Big Banks to take it from you.
Here are important basic steps you can take to prepare for the foreclosure process:
Open all mail immediately and keep track of deadlines
Every piece of mail you receive from your mortgage lender throughout the foreclosure process is important, and many of them require action from you with limited deadlines. It is critical to open your mail right away and discuss the appropriate action with your attorney, as falling behind and missing deadlines will only make foreclosure defense more difficult for you.
Gather mortgage docs and take stock of your finances
Keep copies of all documents you signed at your closing readily available, as they clearly state the terms of your mortgage and how much money you owe. If you can’t find these documents, you can receive a copy of these by sending a "Request for Information." Also, make sure to assess your finances and determine how much money you can afford to spend on housing moving forward.
Be wary of foreclosure scams
Unfortunately, some companies will attempt to take advantage of homeowners in a difficult situation, brought about by foreclosure, by attempting to scam money out of them with “special offers.” Make sure to speak with your servicer and ask about "offers."
Getting a Notice of Intent to Foreclose is not the end.
You have rights as a homeowner, and there are several options like:
Sell to The Cash Buyers Group
All Cash Buyers are not the same, but we all offer some of the same things-obvious Cash Offer, No Closing, Fast Close, and No Repairs needed!! However, the difference is in the details and the quality of service you receive. We are serious buyers who care about the customer and value the relationship. These are some things we do, that others can't say or won't do.
- 85% the time we make an offer on the first call, foreclosures are time sensitive and we are aware you do not have time to waste. We Guarantee an offer by the 2nd conversation.
- Guaranteed to be able to close on any price we offer, and we provide proof of funds if offer is accepted. Foreclosures are serious and stressful, and should be handled carefully but expeditiously.
- Can assist in finding a rental for the next move
- Can show you tactics to rehabilitate your FICO score if it has been hurt in this process, so you can take another bit of the American Dream sooner.
Loan Modification
A loan modification, also called a mortgage modification, helps homeowners avoid foreclosure by altering the terms of their mortgage, thereby allowing them to get back on track with more manageable payments. For example, an eligible homeowner can get a loan modification that reduces the principal of the loan, reduces the interest rate, or extends the life of your loan.
Filing a Contesting Answer to the Foreclosure Complaint
If you file a Contesting Answer, you are disputing your lender’s’ right to foreclose on legal grounds. For example, you can dispute the claims in the foreclosure complaint or identify any violations your lender has committed. A licensed New Jersey Foreclosure Defense Attorney can review your case and identify any legal defenses to the foreclosure.
Declaring Bankruptcy
Federal law provides you the right to declare bankruptcy. Filing a bankruptcy petition will usually grant you an Automatic Stay, which temporarily halts all foreclosure proceedings. Declaring bankruptcy is not the best solution for every situation, and should be discussed with an attorney who can help you determine whether it is an option for you.
Reinstatement
Stopping foreclosure by paying all arrears and late fees is called reinstatement. You are legally entitled to reinstate until Final Judgment is granted to your lender.
Short Sale
If you decide to leave your home, your lender may agree to a short sale. This agreement allows you to sell your home for less than the total amount due. This allows homeowners to get a fresh financial start and avoid crippling debt.
