How to Avoid Foreclosure
Foreclosure can happen to anyone. Millions of people are all over the United States are in the same boat you are. It is something that happens to people from all types of financial backgrounds. It's not going to go away so to help position yourself the best you can, you need to take immediate action. Foreclosure can be avoided but you must act quickly. Time isn't on your side.
If a mortgage loan defaults, a foreclosure is the means in which a lender can repossess your house after you go between 30 and 120 days late. Typically, the lender won't start foreclosure proceedings until you're 3-4 months past due. The mortgage company can legally start the foreclosure process if your payment is 1 day late. So, because you can't be certain what your lenders' current policy is, you should take resolution action right away, for your own good. By being proactive, you help shape your housing destiny. They will threaten you with foreclosure hoping that it won't happen. The foreclosure doesn't start until the lender actually hires an attorney and the paperwork is filed at the courthouse. This process usually takes between 3 weeks to 1 year, depending on your states foreclosure laws.
It is always in the best interest of the lender to get you to make regular payments because that is how they stay in business. They are motivated to work something out and get you back on track. This is why, more times than not, a Loan Modification facilitated by our Loss Mitigation department is the best strategy for both you and the lender. The Loan Modification is designed to make the loan terms more conducive to your actual budget. For example, say you did a "stated income" loan when you obtained your current mortgage. Chances are, especially if you had a w-2, salary type position, the income listed on the application was inflated, hence too much loan and payment for you which is why you're now behind. Typically, this process usually comes to fruition when your ARM mortgage starts to "adjust".
This is where the BrokerMortgages.com network of industry professionals can help you. Because we have already experienced thousands of loans, we know the system and how the mortgage companies operate. We will qualify you for the loan that is right for you, a loan that you can actually afford. 1 of the legal firms we work with helped bring down Ameriquest.
We will use 1 or a combo of the below services to help you avoid foreclosure.
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