What we do to help

Contact us today to help recover your home

See all of our listings at realty4corners.com

FAQ - You have questions? We have answers!

FAQ - You have questions? - We have answers!

Question:

What is the foreclosure process?

Answer:

Once the homeowner misses their first payment, a Notice of Default is sent, or a Lis Pendens is recorded with the Courthouse. (generally 30-45 days after the payment was due). At that point, the mortgage company allows 30 days for you to bring the account current. Every state is different (please reference our "Foreclosure Law" page for state specifics), but generally 90-105 days after the first missed payment, the mortgage company refers the loan to their foreclosure department, and the mortgage company retains an attorney to attempt to collect on the past due amounts. At this time, you begin to accrue attorney fees/cost, filing cost, inspection fees, etc. Depending on the state guidelines, the attorney may have to file with the courthouse, run an ad in the paper for a period of time, attend a court date, or a Sheriff may deliver the news of the sale date. In as little as 150 days from the first missed payment, the house can go to foreclosure sale, and a demand to vacate the property can be given in as little as three days.

back to top


Question:

How can you help me stop my foreclosure?

Answer:

We work directly with your lender to negotiate the best possible plan for you. We will only give you a plan that is affordable for you. We create a financial analysis with you, and detailed information you provide to offer you the best options available. We bring your lender to an understanding of your situation, and create common goals between you and your lender giving you the best plan possible. We have individual contacts all over the country with many mortgage companies and we can get the Foreclosure postponed and sometimes stopped in as little as a few days. We can also negotiate to give you a little more time to get back on your feet. In many cases we have even been able to negotiate with the mortgage company to lower your monthly mortgage payment.

back to top


Question:

Can I work with my mortgage company on my own?

Answer:

Yes, we encourage you to keep a good dialogue with your mortgage company if you intend to negotiate on your own. We recommend working with your mortgage company on your own if you are only 1 to 2 months behind with your payment. If you are able to get them to work something out for you, you have saved yourself some money you maybe able to use later. If the mortgage company is not responding to your request, and not offering assistance within 1 to 2 weeks, we recommend seeking professional Foreclosure assistance with a company that has the experience to formally negotiate on your behalf.

back to top


Question:

Is there a point when it is too late to stop my foreclosure?

Answer:

If your home has not sold at Foreclosure Sale, it is not too late. However, many mortgage companies are unwilling to work with you if you have waited till the last minute, or even just a few days before. If you have a sale date, you MUST act now. We can help you, but you must be willing to put forth the effort to help yourself out of this situation as well.

back to top


Question:

I’ve tried to contact my mortgage company and work something out. No one calls me

Answer:

We have experienced and determined mitigation coordinators, which have developed relationships with numerous mortgage companies nationwide. We are in the business of saving homes. We work directly with mortgage companies saving homes on a daily basis. We understand what information needs to be provided to the mortgage company to get you the best possible plan. We know who to talk to and what to say with each company we address. We use our connections to your advantage.

back to top


Question:

Should I just sell my home to get out of this mess?

Answer:

 Our main goal is to keep you in your home. As we have shown, we have several options to make that goal a reality. However, if you would rather just get out of your home to escape the future hardship, we can help with that too. We are not an investor, and we do not purchase homes. Many companies will buy your home taking all of your equity to give you an out, and make them a lot of money. We can assist you in a few options that would result in leaving your home. The first is the most common. It is called a Short Sale. In this option we will negotiate with the lender to accept a payoff for less than the actually amount owed on your loan. We can also negotiate to protect your credit in this option. Pleasecontact us to go over the details. The 2nd option is a Deed in Lieu of Foreclosure. In this option we negotiate with the lender to accept the Deed to your house in exchange for not foreclosing on the property. Neither of these options may sound that exciting, but when faced with the alternative, they are excellent options. Please review the following Q for a full explanation.

back to top


Question:

What does Deficiency Judgment mean?

Answer:

Deficiency Judgment is the worst phrase you will have to hear if you chose to do nothing and allow the foreclosure to complete. Deficiency Judgment is when your house goes to sale at Foreclosure Auction, and it sells for less than the amount you owe on the loan. The mortgage company comes after you for the balance. You can have your wages garnished, a judgment filed against you, assets ceased, all for a house that you no longer own, and can not even live in. Keep in mind, on average a Foreclosure Sale will only collect 75-80% of the current market value, and you will be responsible to pay the rest.

back to top


Question:

How will a Foreclosure affect my credit?

Answer:

A foreclosure is essentially the worst action that can appear on your credit. With a foreclosure, it will be nearly impossible to get any lending for several years. There is help available to prevent this from happening. Don't become a victim of Foreclosure. Contact us for help!

back to top


Question:

What is a short sale

Answer:

A short sale is a situation in which a bank or mortgage lender agrees to accept a lower payoff amount due to an economic hardship on the part of the borrower. The short sale itself is dependant upon a forthcoming sale, and requires lender approval. The proceeds from this sale are then turned over to the lender and represent a full satisfaction of the debt.

back to top


Question:

Why Short Sales

Answer:

The main goal of a short sale transaction is to avoid foreclosure.

A lender will choose to allow a short sale in a situation where they believe it will result in less financial loss than a foreclosure.

A borrower / homeowner will seek out a shortsale for the purpose of avoiding a foreclosure on their credit history. Also, they are typically faster transactions and less expensive than foreclosures. However, even though a short sale represents a full satisfaction of the debt, the lender will usually NOT absolve the borrower of a negative mark on their credit report.

back to top


Question:

What's entailed?

Answer:

The primary objective of the borrower at this time is to convince the lender that they do not have sufficient money / assets to make the payments. After contacting the lender to inform them of their intention to seek a short sale, it is commonplace for the borrower to gather and submit the following documents; letter of authorization, estimated closing statement, hardship letter, proof of income and assets, copies of bank statements, comparative market analysis.

back to top