Welcome

If you’ve fallen behind on your mortgage payments, the threat of foreclosure can become overwhelming.
Struggling homeowners might feel inclined to simply accept their fate—there’s no getting out of foreclosure, right?
But when it comes to mortgage foreclosure, remember that you have options.

Your time is running out!

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Meet Your Agent

Tina is a seasoned professional in the real estate world, with certifications as a Foreclosure Specialist and a real estate agent. With over ten years of experience, Tina dedicated to providing expert guidance to homeowners facing foreclosure.

My Commitment

✔ THE TRUTH. I promise to tell you the truth about your property.

✔ RESPECT. I promise to respect your confidence.

✔ ADVICE. I promise to give you good advice.

✔ TRANSPARENCY. I promise that you will understand what you’re signing.

✔ FOLLOW UP. I promise to follow through and follow up.

What is FORECLOSURE?

When you purchased your home and took out a mortgage, you agreed to a deal with your bank or lender. If you start falling behind on your payments or stop making your mortgage payments completely, the bank or lender can foreclose on the property and sell it as a way to make back the funds that were lost. To understand foreclosure, it helps to keep in mind that the word “homeowner” in this case is a little misleading. “Borrower” is a more apt term.

Types of Foreclosure

Steps to a Foreclosure

MISSED MORTGAGE PAYMENTS

It all starts when the homeowner — the borrower — fails to make timely mortgage payments. Usually, it’s because they can’t, due to hardships such as unemployment, divorce, death or medical challenges.

NOTICE OF DEFAULT

After three to six months of missed mortgage payments, your lender will file a Notice of Default with the local recorder’s office. Your lender will also send one to you via certified mail, and depending on your state, might post the notice on your front door. This notice specifies how much you owe in order to bring your mortgage back into good standing.

PRE-FORECLOSURE

Preforeclosure is the time period between the Notice of Default and the auction or sale of your home. During this time, if you can get your hands on the amount specified in the Notice of Default, you’ll be able to stop the foreclosure process from going any further. The exact amount of time you have depends on your state. During preforeclosure, you might also have the option to sell your home and pay back the money owed, in what is called a short sale.

NOTICE OF SALE

If you don’t have the money to bring your mortgage into good standing within the allotted time frame, your lender will file a Notice of Sale, and your home will be placed up for auction at a specified time and location.

EVICTION

Following the auction and sale of your home, you’ll generally have a few days to gather your belongings and move to a new residence. If you do not voluntarily move out, law enforcement personnel are legally allowed to remove you and your belongings from the premises.

How to Avoid a Foreclosure

If you’ve received a notice of default, don’t panic – as we mentioned before, you still have a
few options to avoid foreclosure.

Forbearance allows borrowers to pause mortgage payments for a limited time while they rebuild savings, increase income or decrease debt after experiencing financial difficulties. The payments aren’t erased, but there are plenty of options to resolve the delinquency: repayment plans, loan modification, deferral, partial claims, etc.

While this won’t be an option if you’ve already begun the foreclosure process, refinancing can also be a solution. If you fear you’re headed toward foreclosure, refinancing into a more affordable payment can help you avoid defaulting on the loan. This can only really be done if you’ve yet to miss a payment, so unfortunately this option isn’t feasible for everyone.

Unexpected life circumstances happen to everyone, but lenders and servicers are aware of this and will work with you to find a solution before your home has to be foreclosed upon. If you faced financial difficulties for a time that have since resolved themselves, contact your servicer about what options you may have.

Similar to the repayment plan above, if your financial hardship has passed and you have the means to repay your mortgage normally going forward, you can also ask for mortgage reinstatement. Under mortgage reinstatement, you make a lump-sum payment for all of the payments you missed, and your mortgage will once again be current.

If you can’t catch up on mortgage payments or don’t qualify for any retention loss mitigation option and know you won’t be able to go forward, you can still sign a deed in lieu of foreclosure and avoid the repercussions of the typical foreclosure process. When you sign a deed in lieu, you voluntarily give your lender the deed to your home.

Your time is running out!

Confused By The Foreclosure Process?

This process is hard and can be frustrating. Tina is here to help you through the process. Just reach out and set up a one-on-one meeting.

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