HOW THE FORECLOSURE PROCESS WORKS

August 3rd, 2009 by admin

HOW THE FORECLOSURE PROCESS WORKS

The entire process can take as little as 21 days and as long as a year. This duration will depend on your States Foreclosure laws and we encourage you to take the time and check them out.

Once you are 30 days past due on your payments the mortgage company usually will not accept the past due payment without the one that is currently due. An example is; if your typical payment is $1000/mo. and you are 45 days past due, they will want you to pay the $1000 payment that is past due along with the $1000 payment currently due or $2000. They usually will not accept anything less and will send back partial payments. In other words after you get behind it starts snowballing and it is very hard to get caught up. If you are many months past due you can see how the task of getting caught up can be overwhelming.

Please understand that it is in the best interest of the lender to get you back into the routine of making regular payments because that is how they make their money. They usually will try and work something out and get you making payments again. In most instances the workout they propose is something that you either cant afford or it will put you right back in this same position within a short time.

That is where a Lawyer can help you. We know the system and how the Mortgage companies operate. We will configure an accurate and detailed financial analysis illustrating to them that you can afford the house, want to keep the house and can repay your arrearages in a timely manner. That is all they want to hear. There are many options that are available to you that can help you repay those Payments in Arrears without putting you in a financial Dilemma. We can help you Evaluate which Option best fits your financial position and we will go to them with that plan for approval.

Our foreclosure specialists will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:

  • Reinstatement Plan
  • Repayment Plan
  • Loan Modification / Loan Restructuring
  • Mortgage Forbearance Agreement
  • Deed-in-Lieu of Foreclosure

Even though the Foreclosure rate is on the rise it does not mean that there is nothing that can be done. no matter what stage the Foreclosure is in there is still hope.

Act now and contact us for the mortgage help you need

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