From time to time, everyone can stumble on the road to meeting their objectives. Problems can be caused by a change in job status, illness, death, and divorce, other financial setbacks and yes, just bad judgment and decision making. Nobody is perfect and if there's a manual available that tells you how to make every decision, we don't have one either.
Don't walk through the dark valley alone - let us bring you some much needed light -
we can almost ALWAYS find a way to help.
However, we really understand the problems you are facing.
We ONLY work with people that are dealing with foreclosure and so we know, first hand, the horrible problems that financial misfortune can cause in someone's life. When that happens, usually one of the most difficult things to deal with is the monthly payment on your home.
Now it's decision time again.
Obviously, there are multiple options for you to consider. There are certainly avenues available that may allow you to stay in your home and maintain ownership. There are also ways of disposing of the house and avoiding a damaging sheriff's foreclosure sale. Declaring bankruptcy is almost always NOT the best thing to do, nor is it necessary in most cases.
Having someone available who can make you aware of all of your options and advise you in regard to your best course of action is always the best possible way to approach these challenges. Remember, you are never alone with a New Horizon Solutions Partner by your side.
Our main objective is to help you deal with your problems as quickly as possible and help you move forward to get on with your life. No one needs foreclosure hanging over them and each New Horizon Solutions Partner is a trained expert in handling these problems and helping you deal with your lender, attorneys and other people who have only THEIR interests in mind..
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The resources below are designed to provide you information about foreclosure and help you better understand the options available to you:
Here's one VERY important tip, If you have already missed any payments, do not ignore your mortgage company's attempts to contact you. If you are currently having problems making your payments, contact your mortgage company immediately. Discuss your circumstances and explain your situation. If they ask, be prepared to provide them with all your relevant financial information. This could include your monthly income, expenses and prospects for the future. Without all of your information, they will not be able to help you.
It's very important that you stay in your home for now.
If you abandon your property and move, you may not qualify for any assistance from your mortgage company.
Below are topics that are designed to help educate you about your current predicament. Being aware of all these issues can save you many sleepless nights, much heartache, help conserve your money and maybe protect you from losing your home. Please read them ALL very carefully and if you have any questions, let your
New Horizon Solutions Partner help you make sense of it all. Good Luck!
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What Is Foreclosure?
Foreclosure is the legal process by which a mortgage company can obtain legal ownership of a property. It relinquishes a home owner from any and all right to the property and evicts the homeowner from the premises.
To help you better understand how to stop the foreclosure process, you should have some knowledge on how the process works. The following is a quick overview of a typically scenario:
Most lenders will initiate foreclosure after you have missed approximately 3 monthly payments. This is the point your "file" will be turned over to their attorneys for processing. These attorneys handle the legal aspect of the foreclosure, and are usually not much help in stopping a foreclosure in process. Your file may also be turned over to your lender's loss mitigation department. Once a loss mitigation expert is assigned to your case, they may attempt to contact you in an effort to resolve the delinquency through various repayment options.
Many homeowners may discover that while negotiating a repayment option with this loss mitigation expert (who's intensions are to get you paid back to current as soon as possible), the pressure to stop the foreclosure causes them to agree to something they can't really afford and really won't be able to do anyway. This is caused by the homeowner making promises which usually overextend their financial capability - "robbing John to pay Bill".
There may be livable and possible alternative repayment options that you actually can manage. These are determined by the type of loan you have, how long you have had the loan, your lender, your financial position and many other factors. A New Horizon Solutions Partner is trained and experienced in helping people in these difficult situations.
When a home owner is unable to make the monthly mortgage payment on his or her house, resulting in a default against the mortgage, a lender will foreclosure on the home in order to sell it at a public auction to recover the money owed by the loan. If any money remains after the loan is paid off, the remainder is applied towards any junior liens and encumbrances in the order of their priority. Any further excess would be paid to the owner.
In many states, there are at least two types of foreclosure options available to a lender:
- Foreclosure on a Deed of Trust (often referred to as a non-judicial foreclosure)
- Foreclosure on a mortgage (referred to as a judicial foreclosure).
Deeds of Trust (also referred to as a Trust Deeds) are security documents that are used to transfer "bare" or "naked" title (because of its limited rights) from the borrower (known as the trustor) to a third party, known as a trustee. The trustee holds title for the benefit of the lender (known as a beneficiary) until the borrower pays off the note or lien against the property. The deed of trust is recorded with the county and shows that there is a lien against the home. Lenders prefer deeds of trust because foreclosure is swift and easy due to the lack of judicial proceedings that must take place to repossess the home.
Mortgages are security documents that, in a majority of the states, allow the borrower (referred to as the mortgagor) to retain title of the property while using the property as security for a loan by placing a lien on the property by the lender (referred to as the mortgagee). When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that, when recorded, removes the lien. A mortgage deed can only be foreclosed through court action. Since most homes have a deed of trust against the property (versus a mortgage), the non-judicial foreclosure is often the most common foreclosure process.
For help in dealing with any of these issues, just contact your friendly and understanding New Horizon Solutions Partner who will discuss ALL of your options and help you put together a game plan that could STOP the foreclosure and save your home.
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To avoid a forced foreclosure sale, you have multiple options to consider. Some of these can allow you to keep your home and your credit rating intact, while others may involve the sale of your home to preserve your credit. Working together, you and your New Horizon Solutions Partner can work out the best possible plan for your needs.
Here are some of the options you can consider:
Special Forbearance - Your mortgage company may be able to arrange a repayment plan based on your financial situation. Your mortgage company may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently lost your job or your source of income or if you had an unexpected increase in living expenses. You must furnish information to your mortgage company to show that you would be able to meet the requirements of the new payment plan.
Mortgage Modification - You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay).
Partial Claim - Your mortgage company may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.
You may qualify if:
- Your loan is at least 4 months delinquent
but no more than 12 months delinquent
- Your mortgage is not in foreclosure
- You are able to begin making full mortgage payments.
- When your mortgage company files a Partial Claim, HUD will pay your mortgage company the amount necessary,
to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.
Selling Prior To Foreclosure - This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.
You may qualify if:
- The "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value
- The loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date
- You are able to sell your house within 3 to 5 months (depending on what your mortgage company agrees to).
An additional benefit to this option is the assistance you will receive with the Seller-paid closing costs.
Deed-In-Lieu Of Foreclosure - As a last resort, you may
be able to voluntarily "give back" your property to the mortgage company. This won't save your house, but it will help your chances of getting another mortgage loan in the future.
You can qualify if:
- you are in default and don't qualify for any
of the other options;
- your attempts at selling the house before
foreclosure were unsuccessful;
- and you don't have another mortgage in default.