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What is a foreclosure?
A foreclosure is when a secured creditor attempts to recover money owed to them based on a promissory note by selling the collateral. In more simple terms, letís say, you have borrowed money from a mortgage lender in order to buy or refinance a home. In exchange for lending you the money, you made a promise that if you could not pay them back they could seize the property. The events associated with these actions can be referred to as the foreclosure process.
Can I stay in my house while it is in foreclosure?
Yes, you can. While the foreclosure lawsuit is pending against you, you can stay in your house. The lender doesnít have the right to go into the house until the case is over. It is upsetting enough to be in foreclosure. But, there is no reason why you should leave the house. Lenders will often threaten to ďput you outĒ, but they need the Courtís permission to take your house. And, you will have plenty of notice before this happens, because the Court will advise you of all upcoming dates in your case.
Can the bank just come and kick me out of my house?
No. Only an order of the court can force you to leave your home. Ultimately you may be evicted but there are procedures within the court system that the mortgage holder must follow first for the foreclosure and then another set for the eviction.
How long does the foreclosure process usually takes?
Anywhere from six month or more is usually the time it takes from the time you miss your first payment to the final foreclosure. In some states this could be more and in others considerably less. Texas residents could find the foreclosure process completed in only around two months. It will also depend a great deal on your mortgage lender and how aggressively they pursue your case.
What if I need time to hire an attorney?
If you feel that you need an attorney to help you in the case, or are just interested in getting more time to file your Answer, you can ask the Court for an extension of time. Typically, the Court will grant an extension of time for 30 or 60 days for a reasonable request. This must be done in writing, filed with the County Clerk on the first floor of the Justice Center downtown, and mailed to the attorney who filed the lawsuit.
What your company can do for me?
If after your free consultation we determine that we can help you, there are several options to get you out of foreclosure and protect your credit history. Forbearance Agreement, Loan Modification, Deed in Lieu and a short sale are some of the techniques we use to save your home. Contact us so we can explain each of these to you and determine which apply to your personal situation.
What is a repayment plan?
A repayment plan will allow you to become current and catch up on missed payments that are appropriate to your circumstances.
How will you stop foreclosure?
Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lender's loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, we can tailor a resolution to meet your specific criteria and financial circumstance.
I donít have perfect credit, am I just wasting my time?
No. We help homeowners no matter what condition your credit is in.
What are my chances of actually saving my home?
Our 90% success rate should tell you that your chances are pretty good. You are our client and we do not stand for failure. We will do everything in our power to prevent the foreclosure.
What would be the consequences if I end up in foreclosure?
There are many consequences if you end up in foreclosure; first you would end up losing your home. Second, your credit rating would be severely affected. Foreclosures can stay on your record for up to 10 years; it makes it almost impossible to buy another home.
What if Iím already deep into the foreclosure process, can you still help me?
Yes, we can help you up to the day before the auction occurs. We have had cases like that in the past and we do not recommend you waiting until the bitter end to consult with us. The sooner you contact us, the faster you can receive your free consultation and the quicker you can get back on track.