FAQ
Struggling with Mortgage Payments?
We understand that financial hardships can happen to anyone. If you're facing foreclosure, it’s crucial to explore your options before it's too late. Every month, we help homeowners like you find personalized solutions to protect their financial future.
Some of the ways we can help include:
Catching up on your missed payments
Assuming your mortgage loan
Providing a fast cash offer for your home
Assisting with a short sale in collaboration with your lender
What is foreclosure?
A foreclosure is a legal process that allows a lender to take possession of a property and sell it to recover the balance of a loan when a borrower stops making payments..
Types of Foreclosure:
Judicial Foreclosure:
* A civil lawsuit is filed against the borrower.
* The case proceeds through the legal court system.
* A notice of pendency is issued, alerting the public of the pending legal action.
* The court either approves or denies the lender's request for foreclosure.
* If approved, a notice of sale is published, scheduling the property for auction.
* The entire process typically takes 4 to 8 months to complete.
Non-Judicial Foreclosure:
* A deed of trust transfers an interest in real property to a third-party trustee as security for a loan.
* If the borrower defaults on the loan, the trustee has the authority to initiate foreclosure proceedings.
* A Notice of Default is recorded, and the borrower is notified, with a set deadline to either repay the outstanding debt or raise an objection.
How to Get Government Assistance to Avoid Foreclosure
The U.S. Department of Housing and Urban Development (HUD) offers several programs, many initiated during the Obama Administration, designed to help homeowners avoid foreclosure. One of these is the Making Home Affordable (MHA) Program, which aims to:
* Help homeowners prevent foreclosure
* Stabilize the housing market
* Strengthen the U.S. economy
In addition, agencies like the Federal Deposit Insurance Corporation (FDIC) are working to provide options for easier and more affordable home loan repayment plans.
How to Stop Foreclosure
The Urban Affairs Coalition (UAC) has developed a Resource Guide designed to help homeowners stop foreclosure. This guide provides the latest information and practical steps to help you avoid losing your home, with clear strategies to prevent foreclosure and protect your property.
Tips on How to Stop Foreclosure
Contact your lender as soon as possible to discuss your situation and explore available options.
Consider solutions such as:
* Loan modification
* Adjust the terms of your loan for more manageable payments. Repayment plan
* Set up a plan to pay back missed payments over time. Reinstatement
* Pay off the overdue amount to bring your loan current. Forbearance
* Temporarily reduce or pause your mortgage payments.
Refinance your loan to lower your interest rate or extend the loan term.
Sell your home to avoid foreclosure and protect your credit.
If selling your home is the best solution for your situation, we’re here to help. We specialize in buying houses quickly and offer cash. Within 24 hours of completing our form, you can receive a cash offer.
We don’t just buy homes for cash – we buy them AS IS, and we handle all the paperwork to ensure a stress-free experience for you.
FAQ
Struggling with Mortgage Payments?
We understand that financial hardships can happen to anyone. If you're facing foreclosure, it’s crucial to explore your options before it's too late. Every month, we help homeowners like you find personalized solutions to protect their financial future.
Some of the ways we can help include:
Catching up on your missed payments
Assuming your mortgage loan
Providing a fast cash offer for your home
Assisting with a short sale in collaboration with your lender
What is foreclosure?
A foreclosure is a legal process that allows a lender to take possession of a property and sell it to recover the balance of a loan when a borrower stops making payments..
Types of Foreclosure:
Judicial Foreclosure:
* A civil lawsuit is filed against the borrower.
* The case proceeds through the legal court system.
* A notice of pendency is issued, alerting the public of the pending legal action.
* The court either approves or denies the lender's request for foreclosure.
* If approved, a notice of sale is published, scheduling the property for auction.
* The entire process typically takes 4 to 8 months to complete.
Non-Judicial Foreclosure:
* A deed of trust transfers an interest in real property to a third-party trustee as security for a loan.
* If the borrower defaults on the loan, the trustee has the authority to initiate foreclosure proceedings.
* A Notice of Default is recorded, and the borrower is notified, with a set deadline to either repay the outstanding debt or raise an objection.
How to Get Government Assistance to Avoid Foreclosure
The U.S. Department of Housing and Urban Development (HUD) offers several programs, many initiated during the Obama Administration, designed to help homeowners avoid foreclosure. One of these is the Making Home Affordable (MHA) Program, which aims to:
* Help homeowners prevent foreclosure
* Stabilize the housing market
* Strengthen the U.S. economy
In addition, agencies like the Federal Deposit Insurance Corporation (FDIC) are working to provide options for easier and more affordable home loan repayment plans.
How to Stop Foreclosure
The Urban Affairs Coalition (UAC) has developed a Resource Guide designed to help homeowners stop foreclosure. This guide provides the latest information and practical steps to help you avoid losing your home, with clear strategies to prevent foreclosure and protect your property.
Tips on How to Stop Foreclosure
Contact your lender as soon as possible to discuss your situation and explore available options.
Consider solutions such as:
* Loan modification
* Adjust the terms of your loan for more manageable payments. Repayment plan
* Set up a plan to pay back missed payments over time. Reinstatement
* Pay off the overdue amount to bring your loan current. Forbearance
* Temporarily reduce or pause your mortgage payments.
Refinance your loan to lower your interest rate or extend the loan term.
Sell your home to avoid foreclosure and protect your credit.
If selling your home is the best solution for your situation, we’re here to help. We specialize in buying houses quickly and offer cash. Within 24 hours of completing our form, you can receive a cash offer.
We don’t just buy homes for cash – we buy them AS IS, and we handle all the paperwork to ensure a stress-free experience for you.
