WE HELP YOU STOP FORECLOSURE FAST - AVOID FORECLOSURE Are you facing foreclosure or know someone who is? Life is not always easy and there are many reasons which result in not being able to make mortgage payments.
We are a real estate investment company that specializes in helping you stop foreclosure. Whether your house is going to be auctioned off in a few days or you have received your first notice from your lender, you should consider all of your rights and options.Unfortunately many of your options will have long term consequences affecting your credit that you need to be aware of. We work with many home owners each month who are in similar situations. Some of our solutions include;
Loss of Your Job
Rising Mortgage Payments
If you are falling behind on your mortgage payments or know of someone who is, please complete our short seller form. We would be happy to let you know your options at no cost to you. For your convenience we have included a summary of a few options below.
- Making up your back payments
- Taking over your loan
- Purchasing your home fast
- Working with the bank to complete a short sale
Reinstatement Plan for your Existing Mortgage: Reinstatement of your existing loan is simply paying all of your back payments which may include monthly principal and interest payments, late fees, and attorney fees. If you can prove to your lender that you are able to make up your back payments in one lump sum of money then your lender will consider reinstatement of your loan. Some possible sources of reinstatement money are from close family members, retirement accounts, income tax returns, and in some circumstances credit cards. Repayment Plan with Your Existing Lender: If you encountered a short term hardship or financial difficulty and with time can repay your back mortgage payments then your lender may consider you for a repayment plan. A repayment plan is nothing more than making your existing mortgage payment plus some portion of your back payment every month. For this option you will need to be able to pay 25-50% of your total back payments up front. Then over the next 12-24 months you will need to pay your regular monthly mortgage plus the remainder of your back payments. Consider this option if you can afford to pay more than your monthly mortgage payment, can pay 25-50% of your back payments now, and your financial hardship was short term. Loan Modification: Some lenders will allow you to restructure your loan to stop the foreclosure process. If you can afford your monthly mortgage payment but can not afford to pay your back payments then restructuring your loan might be an option. A typical loan modification will add your back payments to the end of your existing loan principal. Loan modifications can change your current interest rate and extent your existing loan term. Your monthly loan payment will change so you will need to make sure you can afford the new monthly mortgage payment. Refinance Your Home: Depending on how long ago you purchased your home and your local real estate market, you could possibly have enough equity in your home to refinance. When refinancing your home consider it a long term solution to stopping the foreclosure process. Get a loan broker or loan officer recommendation from a friend or relative. Typical refinance costs are between 2-4% of the loan amount. Loan fees pay for items like the appraisal, lender commissions, recording paperwork, and pulling your credit report. Stay away from loans with pre-payment penalties and adjustable rate mortgages. PreForeclosure Sale: A pre-foreclosure sale is simply selling your home before your lender takes your home and sells it at public auction. Each state has its own foreclosure law's and therefore each state has a different foreclosure time line. In Idaho, once you are 90-days delinquent on your monthly mortgage payment your lender makes it public knowledge. Most foreclosure notices are posted in your local business newspaper. In Idaho the lender typically takes your home 4-6-months after the foreclosure notice. If you can sell your home fast before the lender takes your property then do it. In order to sell your home fast, consider getting a free confidential no-obligation offer for your home from your local real estate investor. Short Sale: If you do not have enough equity in your home to sell it, pay off your mortgages and cover the cost of selling, then a short sale might be your solution. A short sale can be very time consuming and complicated but should be considered a viable solution to foreclosure. Simply put, a short sale is negotiating with your lenders to accept less than what is owed on your mortgage. If you have a 1st and 2nd loan on your home, you have a much better chance of doing a short sale with the 2nd lien holder. This is because if the property does get taken back by the lender, the 1st lender gets the property. They then sell it at auction and after their loan and other costs they incur are paid off, the remaining funds go to the 2nd lien holder. I would not suggest trying to complete a short sale on your own. Having a professional who is experienced in short sales on your side can make or break the deal. There are many details and paperwork involved in short sales. Having someone who knows the short sale process and paperwork is definitely required for success. One of the largest factors in starting the short sale process is having an offer for your home. Lenders will not start processing your paperwork until you have a signed purchase and sales agreement for your home. For this reason I would suggest contacting your local home buyer. Very few realtors know the process of a short sale or even what it is. Listing your property and waiting for an offer takes away valuable time needed to complete the short sale process. Real estate investors charge you nothing to purchase your home and the bank does not have to go through the entire foreclosure. Everyone win's in a successful short sale.
Deed-In-Lieu of Foreclosure: This is your last option before foreclosure. To be considered for a deed-in-lieu of foreclosure you can only have one mortgage on your property. Your lender typically requires you to have tried to sell your home recently and it needs to be in good condition. Lenders will not always accept a property back and release you from your debt. For a Free Stop Foreclosure, Confidential Consultation, please complete our seller form or start at the left of this page.