The Foreclosure Process - You Can Avoid This

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The Foreclosure Processs; How It Usually Happens-Step by Step.

Step 1. You fall behind on your house payments - 2 or 3 months, maybe more
Step 2. You get a letter in the mail from your lender saying that they are going to "accelerate the loan" in 30 days if you do not bring the balance current.
Step 3. After the 30 days they send you a "Notice of Default" (NOD) which they also record in the county that your home is situated.
Step 4. After 90 days go by from the filing of the Notice of Default they schedule a Trustee's Sale for no sooner than 20 days after that time.
Step 5. The Trustee's Sale occurs and you no longer own your home.

Steps You Can Take to Avoid Foreclosure:

1. The obvious, catch up on your late payments
2. Do a loan modification which will probaby buy you time as well as result in lowered and more affordable loan payments
3. Do a short sale. You will wind up selling the home but you will have caused less damage to your credit by avoiding the foreclosure.
4. Declare Bankruptcy. This will stall the foreclosure proceedings and if it is a Chapter 13 then you may wind up eliminating your 2nd mortgage if you have one.

Step 1 is to contact us. We can help.

Step 2 is to attend one of our USA Home Rescue Seminars where we talk about how to avoid foreclosure.

Methods of Avoiding Foreclosure:

1) Loan Modification: Lowers Your Monthly Payments
2) Bankruptcy: An Option for Some
3) Sale of Your Home: Probably a "Short Sale"
4) Deed In Lieu of Foreclosure: Less Impact on Your Credit Than a Foreclosure

We Offer Assistance With Each Option