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Welcome For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events, such as unemployment, income reduction, poor financial management, can be financially and personally devastating. Everyone, except God makes mistakes. Only three words of advice, “Don’t give up”. Many things in life could have been achieved, if we had just not given up. Don’t ever forget these words, use them in your everyday life. The list of information below will help you sleep tonight. We tried to cover most of your questions. Click on the items that apply to you, or ones that may interest you. I think you may be surprised as to some of the information provided. Information that some institutions don’t want you to know. In each answer, there is a dial for relief items that you may click on. This will take you to an information page, so you may give us more information that we may further assist you in solving your mortgage problem. We can communicate by Email, or your can call us, if you would like we can call you. No one will call unless you specifically say so. Take this opportunity to sleep tonight and stop worrying. I know it’s easy for me to say, but, no one will answer your call or your email, unless he is a manager with extensive mortgage background experience, or, one who has in-depth foreclosure experience. So when we say, “we know how you feel”, “and can feel your pain”, we know those sleepless nights, when there is nowhere else to turn. We don’t pressure you, haggle you, call you, or harass you. We just give you advice and help when you want it. So let’s get started.
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Dial For Relief When you borrow money to buy a home, you sign an I.O.U. (also called a "promissory note") and you agree to repay the loan in steady, monthly installment payments. To protect the lender (the bank), you are required to "give the bank a mortgage" on the property. The mortgage connects the promissory note to your home and says to the bank "If I don't pay you back on time you can have my home auctioned off to repay the loan." A loan backed up by a mortgage is called a mortgage loan. Sometimes it is called a "home equity loan." First
mortgage & second mortgages.
What is the difference between a first mortgage and a second mortgage? It's like
an ice cream parlor. On a busy day, you go in and take a number. If you are
first, your number says #1. A line forms behind you as others pull numbers 2, 3
and 4. When the lady behind the counter is ready, she calls "Now serving number
one" and you step forward. You have certain rights at that point. You are
entitled to the first pick of everything. If you have enough money, you could
presumably buy all the ice cream in the store. So, you have the right to be
completely satisfied before anyone behind you gets anything. OK, let's say you
buy some ice cream and leave. Now the customer holding #2 steps up (he is now
#1, in a sense) and he has the same kinds of rights you had. Mortgages are like
that. The first mortgage has a right to auction off your home if you don't pay
and will receive all the money necessary to pay back his loan before the second
mortgage gets any money at all. If the second mortgage forecloses, he must pay
the first mortgage and get what is left up to the amount he is owed and any
expenses incurred during the process. . It was not easy to get into foreclosure, but it was not hard either. I mean if you become one month behind in your mortgage for what ever the reason, it’s sometimes hard to catch up. If you don’t pay your mortgage, say this month and attempt to only pay this months mortgage next month, after the first of next month, the bank may not accept it. At this point two payments become due, because the mortgage is due on the first of the month. Yes you get a grace period of usually 15 days, but the mortgage is due on the first and is late after the first, so the grace period does not apply in this case. So now the second month is also due, or pass due after the first. At this point the bank does not have to accept only one month payment. Let’s say that you miss the second month, because of lack of money, and on the third month your try to pay two months, the bank will not accept the payment, because three months are due after the first of the month. If they accept two month, when three are due, there will be legal problems when they try to foreclosure. Yes this is crazy, but it’s the law and they won’t violate the law. One more thing. After a short period, your mortgage payments are added to your mortgage amount. Three months behind at $500. a month with a 100,000 mortgage, the mortgage balance is now $101,500 dollars that is due. If 6 months then $3,000 added, 12 months $6,000, and so on. This does not include legal fees and late charges. Let us recommend the best way to correct your mortgage problem click on dial for relief. Facing Money Problems? Financial problems are most often associated with the following life changes:
If your family is facing changes and cannot pay your bills, now is the time to look closely at what you owe and what you earn, eliminating unnecessary spending and reaching out for help if you still can't meet your financial obligations. Taking action now can help you protect your family from the loss of your home. Dial for relief for professional advice
A
term used to describe the process used to enforce a payment or obligation on
real property when a deed of trust is in default. It is the legal process that a
bank or mortgage company uses to force the sale of your home to repay a debt;
usually the mortgage on your home. Even if one payment is missed the lending
institution can take the property back and then sell it to repay the money owed
them. Typically, a foreclosure notice is filed after three or four payments are
missed.
The lis pendence is a notice that a lawsuit is pending, the outcome of which affects title. A lis pendence is usually filed by the lender to start the foreclosure process under judicial foreclosure (just as a notice of default begins the foreclosure process under non-judicial foreclosure) Click on State laws, to obtain the laws of your state. Go to dial for relief to obtain professional advice. What can I do about my foreclosure? First,
you must decide what you won’t to do. Do you want to keep your home, or sell it?
Do you know whether or not you want to save your home yourself, or hire an
attorney or other service to help you? It's a good idea to know your options
before proceeding. Knowing and
understanding what options are available to you is the second step. The most
utilized options are reinstatement, refinance, and bankruptcy. Your success will
depend on implementing the proper action in a timely manner. Don't lose
your home and damage your credit history if you can help it. Call or write your
mortgage lender immediately (keep a copy of this letter, and do not give any
figures, or explanations at this time. Stay in your home to make sure you
qualify for assistance and don’t incur more outrageous fees. Arrange an
appointment with a HUD-approved housing counselor to explore your options, or
Go to dial for relief to obtain professional advice. Cooperate with the
counselor or lender trying to help you. Explore every alternative to losing your
home. Beware of scams. Do not sign anything you don't understand. And remember that signing over the deed to someone else does not necessarily relieve you of your loan obligation. Act now. Delaying can't help. If you do nothing, you will lose your home and be put out in the street, not to mention your good credit rating. Once the foreclosure process has begun, if you're armed with the right information, you may be able to save your home, and in some instances, avoid the foreclosure process altogether. Go to dial for relief to obtain professional advice.
Do not ignore the letters! Do not move out of your home! If you do, it may be considered abandon and cause you to not qualify for assistance. It’s your home until the sheriff gavel falls. Cooperate with the counselor or lender that is trying to help you. Go to dial for relief to obtain professional advice. If you won’t to keep your home, you can. As long as it’s not too late. Even after it’s sold at the sheriff sale in some states (see State laws) you have the right to regain said property. Keeping your property is just what it says. Keeping your property before it’s sold at sheriff sale. In some states, after the sheriff sale, you no longer have any rights, and in other you do. Do not move out of your home! Once you move there will be other charges, boarding up fees, winterizing, more attorney fees, realtor fees, the cleaning of the property, etc.. (Dial for relief for professional advice.)
I would like a new mortgage, and cash out A new mortgage is a consideration that should not be over looked. Someone might say, how can you get another mortgage, if you are in foreclosure with the one you have. There are mortgage companies, that will give you a new mortgage for certain equity, in your home. There are private lenders that will give you a new mortgage just because it’s a good investment. There are investors that will purchase your home and lease it back to you with the guaranteed option to you, to buy it back at a later date. This may not be the best bet in all cases, it is an option that will keep you in your home, allowing you to check out other options at a later date. Probably won’t be able to take any cash out in your case, but you can have time to get your finances back on track. Remember your property value is increasing each and every day. Go to dial for relief to get advice on the mortgage you need.
I am only a few payments behind Its time to get started, NOW. The longer you wait the more it will cost you. You might ask yourself how it could cost me anymore. Well it’s simple. The mortgage company charges interest and late fees on the amount past due. For reinstatement; a mortgage that is three months behind, gives you an opportunity, (in most cases) to get reinstated for only one mortgage payment. When it goes into four months, usually its take two payments to get reinstated. The only way to know, and get the lowest reinstatement fee is to have a professional negotiate for you for the best deal. Also the payment amount that you miss is automatically added to your mortgage balance, . You will need a reasonable explanation of what went wrong (What is the reinstatement process). Go to dial for relief to obtain professional advice.
I am more than 6 months behind When you are 6 months behind, it gets a little more complicated. Not that the mortgage can’t be reinstated, with just one mortgage payment (in some cases), it will require a few more months (maybe 2 or 3). This is determined during the negotiation. The importance at this point, is the proper preparation of the budget, which will determine your ability to repay, and how much. This document must be prepared correctly. You will need a letter of explanation that should show a good reason why you got behind, in the first place. The reasons are limited, just losing your job, may not be good enough. There will be additional attorney fees so be prepared to accept some large than usual fees. Go to dial for relief to obtain professional advice.
I am 12 months, or more behind We have reached the ultimate test. A reinstatement is possible, but difficult. Government loan are much easier. If conventional, the budget is the key. It must show that you can afford to get reinstated and stay reinstated. The explanation letter had better be good, why you ended up in this situation. You will have to show where the money is coming from (bank statements). You might consider a lease purchase, until you get back on your feet. All is not lost, we have reinstated many cases that were more than a year past due. The important note in this situation is, your should Never Give Up, Never ever Give Up. Go to dial for relief to obtain professional advice.
This is where we will need all of the information that you originally submitted to the mortgage holder. The most important document is the budget. Evidently (in the bank minds) you could not afford to keep up the payments, in the first place, and that is what got you into this mess in the first place. Now a budget has been submitted, you were reinstated, and are behind again. All is not lost. Things happen, job changed, sickness in family, or some other crises. Maybe the original budget was not correct in the first place, but you have to prove it. I don’t mean word of mouth, or simple excuse. You defiantly need help in this situation. We will assist you explain your situation, and redo your budget. We have successfully completed many second and third reinstatements, but it does take quite a bit more work, so there may be some slight additional fees. But it’s worth it, when you get reinstated. Go to dial for relief to obtain professional advice.
This is simple, yet complicated. You must do this right the first time. Anything else is disastrous. The bank is contacted along with the attorney to request a reinstatement, along with all the forms and a payoff. There are different kinds of reinstatement, so make sure you get the right one. A budget is the most important document that you have to prepare, so get professional help in putting this together, along with the reason your got in this mess in the first place. Don’t just throw something together, because these documents will be the deciding factor (in most cases) whether or not the reinstatement will be approved, and how much you will have to pay, both to get reinstated and how much your monthly payment may increase. Go to dial for relief to obtain professional advice. Don’t lie, on your letter of explanation. The mortgage in many cases will check, and ask for verification. The basic premise of this letter is:
To Whom it May Concern: I am writing this letter to explain my late payments on my mortgage to XYZ mortgage company and to American Impressed in Jan 2000. I am very distressed that this has ever happened to me, but I was <laid off>, <seriously injured>, <going through a death in family> . The circumstances drained my carefully put aside savings and I was forced to miss a payment because of it. My financial advisor told me not to tap into my 401K, and I was able to recover from this crisis and begin making on-time payments. I have always prided myself in paying on time, and I have taken steps to put away more money in my savings account to guard against other unforeseen occurrences like this. Sincerely, your signature
I am getting calls, mail, & people are stopping by When foreclosure documents are filed they become a matter of "public record." Many people review these records for various purposes, such as compiling lists to sell to bankruptcy attorneys, investors, real estate professionals and to other people interested in either purchasing your home or . . . helping you save it. Some are bold enough to come to your home, others send cards, letters, and call on the phone.
How long should I wait, until I get started?; Ultimately, the only thing that will stop foreclosure proceedings is repayment of the debt, everything else is a delay of the proceedings, or as some in the business might say, just extending the runway, but the aircraft won’t take off any way. Go to dial for relief to obtain professional advice.. This is a bad word to a real home owner, but, it is not the end of the world. This maybe a good thing, because it will give you time to regroup and get you life and finances back in order. Remember retreat today and live to fight another day. If you are thinking about doing this, don’t wait too long. Your equity is being eaten up on a daily bases. Usually from 20 to 100 dollars per day, of just penalties, not including interest and fees. You may have other alternatives Go to dial for relief to obtain professional advice. I have a conventional mortgage If you have a conventional mortgage, it may be a little more difficult in some cases, to get the mortgage company too corporate. The mortgage company has a little more control and can be difficult. However all is not lost. They still have to go through the procedures mandated by your state laws (state laws) so you will have to be knowledgeable or get someone that is. Remember, don’t give up. Go to dial for relief to obtain professional advice. With any government loan the bank is required to cooperative with you, regarding your mortgage. The VA and FHA will personally intervene if the bank is not cooperative. However if you complete a budget, or paper work that is questionable in any way it will be hard to convince the mortgage company to change it. They keep it on file and refer to it, when and if you send another. It is a good idea to get professional help when completing government mortgage information, because you may be digging a hole that you can’t get out of, or change. You must know where to go if you think you are not getting a fair shake. Click on dial for relief for help. Contact a HUD-approved housing counseling agency. They have information on services and programs that could help you including credit counseling - - usually free! If you bought your home with a Veterans Administration (VA) guaranteed loan, check for more information, or call the VA office nearest you.
My home has been advertised in the news paper The bank is required to advertise in the local news paper before they can have a sheriff sale. Do not despair, even though people are riding by your home and knocking on your door. You have not lost your home yet. As a matter of fact you have some time left, but not much, so you need to do something now, to save your home. At this point you need to Go to dial for relief to obtain professional advice.. Someone that can take over and save your home.
I have been served by the sheriff The sheriff, coming to your door, is like losing a close relative. It’s terrible. You don’t know what to do, especially if you have never had problems with the law. This person comes to your home, sometimes in uniform, and gives you a paper telling you that your home will be sold at auction if you don’t pay. By the way I can’t count how many sheriff deputy’s have lost there homes because they didn’t get help. Of course there are many that we have helped to save there homes also. Now this is not so bad if you think about it. The last service is the worst. It is usually posted or nailed to you front door. The neighbors just happen to be walking there dog or cutting there grass. This is terrible. You don’t won’t this embarrassment, so do something. You need someone that can help your save your home. Go to dial for relief to obtain professional advice.. This is where the rubber meets the highway. Now is the time to turn in your, get out of jail card if you have one. You may have the option to post pone the sale depending on state laws. If you have an adjournment, we don’t recommend you use this adjournment unless you have no other choice. I always say save this adjournment as an ace in the hole for later. Things happen, that have no control, and you really need it in the future. If you use your adjournment there are no more. You really need professional help now. Contact an attorney, or Go to dial for relief to obtain professional advice. How much time before the sheriff puts me out?
After the
Foreclosure sale, this is the legal means that your lender can use to repossess
(take over) your home. If you have been laid off or are facing unemployment, you can keep your home - - if you know the right steps to take. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to produce important basic information, that is available to you,. to help you get through difficult times without losing your home. Go to dial for relief to obtain professional advice.
Tired of all of this stress, sleepless nights. Tired of the worry and the not knowing when and what will happen. Don’t know where to turn. How did I get into this situation in the first place. It really is not funny. I know what you are thinking and you are right. Now is the time to keep your head and think. Remember those famous words “’Don’t give up, Don’t ever give up”. You can get through this. Just hold on the Gods hand and he will see you through. It’s not the end of the world, even though you might think it is. Maybe its time to seek some professional help. Go to dial for relief to obtain professional advice.
This is a major step that will have lasting impact on your credit reports. Seek appropriate legal advice. If the Notice of Default has just been filed on your home, you have sufficient time to explore the options for reinstatement, new loans or selling the property. If the foreclosure sale is going to be held very shortly, bankruptcy is a very common way to delay the sale. In a lot of cases you can still get reinstated. When you file bankruptcy, your financial matters fall under the jurisdiction of the courts which will limit your options. At that point no one can speak with you regarding your finances unless they have permission from the court. SEEK LEGAL ADVICE. Go to dial for relief to obtain professional advice. OF course anytime you adventure, you should always ask the cost. Our cost is dependant on your particular need. If you need a mortgage then we have no direct cost to you. If you need help in getting reinstated, then there is a nominal fee, depending on the work involved. We set you up on a payment plan so that it will work within your budget. The most important thing, is that you get out of your situation. I always say, if you had a brain tumor you sure wouldn’t go to a foot doctor. If its just advice you need, then, dial for relief it’s FREE. Whatever you do, take your time, and make a wise decision. Our professionals, will give you a choice, and not pressure you in any way. Its your choice.
A lawyer is very important. He knows the law. We are not lawyers, and don’t profess to be. We can recommend lawyers, and are advised from time to time from lawyers, but none are directly on our staff. We do have paralegal on our staff, and they have experience in foreclosure process. This is a questions, that we always answer, if you think you may need a lawyer, then get one. Don’t hesitate, get one. This way you can be sure that you are getting the best legal advice. We can recommend a lawyer, or where to find one in your area, who specialize in foreclosure . Dial for relief for professional direction.
As a last resort, the owner in default may be able to voluntarily "give back" the property to the lender. This is called a "Deed-in-Lieu of Foreclosure". This won't save your house, but it will help the owner's chances of getting another mortgage loan in the future, and stop the harassments. The owners may qualify if they meet the following requirements, the owner is in default and don't qualify for any of the other options, the owner's attempts at selling the house before foreclosure and were unsuccessful and the owner doesn't have another FHA mortgage in default. But before you do this, Go to dial for relief to obtain professional advice.
Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.
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