Are you afraid you might be at risk of losing your home to a foreclosure? AtFirst Equity Financial, LLC, we recognize the urgency necessary in order to stop a foreclosure. Don’t delay.Time is ticking away.
What should I do if I am unsure about whether I can pay my mortgage?
If you cannot make your payment or you have missed a payment, you should consider getting in touch with your lender in a timely manner. There can be significant consequences for ignoring your mortgage payment.
What options may be available for my situation?
If you are interested in keeping your home and want to work with the lender to do this, potential options can include devising a repayment plan, modifying your loan, loan reinstatement, or deferment.The banks really do not want your home because they are in the business of lending money not real estate.
Should I attend my foreclosure hearing?
The first stage of the foreclosure process is the foreclosure (Trustee) hearing. This is a hearing presided over by the Clerk of the Court. The mortgage lender usually has their attorney the trustee, show up and present legal arguments. It is your responsibility to find out when the hearing date is set and to show up on your defense. It is very important to show up and state why the foreclosure should NOT take place. This is if you are looking to keep your home.Be ready to show how you are going to work out a payment plan.
What Your Should Bring to your Hearing?
At your hearing you want to present a hardship letter. This is a letter letting the courts know what happened that made you fall behind. Loss of job, medical issues, death of family member whatever may have occurred.
Three months of your bank statements should be provided. They will want to see what funds that you have available to assist you in their process whether you are looking for a loan modification, loan forgiveness, or loan repayment plan.
Also bring with you a Statement explaining why you should be able tokeep Your Home. Your lender will want to know the “Why”! Why shouldthey take a chance in assisting you? That is the question they want to know. Are they going to have to foreclosure once again in the future?Explain in your statement that this will not happen again and why. Lenders don’t want a band-aid effect to occur. A lender will work out a payment plan only to have some homeowners fall back in the same situation and start the process over once again. You don’t want that to be you.
Cost of a Lender to Foreclosure
According the Joint Economic Committee of Congress, the average foreclosure costsis $77,935 while preventing a foreclosure runs $3,300. These costs are broken down in several different fees such as attorney fees, late fees, surveys, realtor fees to name a few. The overall cost to your lender is about $50,000. Therefore, it is very import to convince your lender to work out a payment plan that will benefit both parties.
If I can’t keep my home, what are my options?
If you are unable to reach an agreement with your lender about keeping your home, there still may be opportunities to avoid foreclosure such as refinancing or selling your home to avoid foreclosure. A sale of your home will prevent a foreclosure from happening. Losing your hometo foreclosure can be on one’s credit for up to sevento ten years. This will damage your credit and make it harder for you to obtain a new home, car loan or other loans in the future. A sale of a home can be a good thing for some.
Another part to note, if your foreclosed property is sold at an auction, you may still owe deficiencies and other expenses to the lender.
What is the length of time it takes to foreclosure a home?
Depending on the situation, it can take between three and eight months for a foreclosure to be completed. All states are different so please check with your county courthouse.
If you have any additional questions, please call our office today at 866-755-5568 to request your free evaluation to save your home. We will answer any question you may have.
For all clients, we bring the following to the table:
- Availability every day of the week
- 24+ years of experience
- Track record of success
- Personalized detail to assisting you
If you are looking for expert and knowledgeable help to avoid your home foreclosure, contact a foreclosure prevention expert, and find out how to stop foreclosure on your home.
How Can First Equity Financial, LLC Help Stop my Foreclose on My Home?
Fill out our quick questionnaire and we will contact you about how we can assist in helping you stop the Foreclosure Today.
Want to talk to someone now? We have a full-time staff include a Real Estate attorney that is ready to assist you. Best of all, there is no charge for our services.
Call today 866-755-5568 to request your free evaluation to save your home.
First Equity Financial, LLC