Foreclosure Questions And Answers

The most frequently asked foreclosure questions are:

Q- What is foreclosure?
A- Foreclosure is the legal process of taking the home
away from a homeowner to sell it and satisfy an unpaid
mortgage debt.

Q- When does the foreclosure process start?
A- This depends on what type of loan you have and on
what state you live in. It typically starts after you are
served with a NOD.

Q- What is an NOD?
A- An NOD or a Notice Of Default is legal notice
recorded at the court and sent to a homeowner
who is behind on mortgage payments. It indicates
the beginning of the foreclosure process.

Q- Who can start the foreclosure process?
A- Your lender that holds your mortgage can start
the process, also the state you live in can foreclose
for unpaid taxes.

Q- How long does the foreclosure process last?
A- The process can last from a few months to a
year or more depending on market conditions, the
state you live in and your personal situation.

Q- Can I stop the foreclosure process?
A- Yes foreclosure can be stopped. The earlier
you get informed of your options the better.

Q- Can my lender answer my foreclosure questions?
A- Your lender can answer your foreclosure questions,
the problem is they are receiving thousands of calls
a day, it is close to impossible to speak with someone
who can help.

Q- Do I need a lawyer to stop foreclosure?
A- You can negotiate on your own with your lender,
however you will not get the best possible terms
because your lender will have their best interest in mind.

Q- What will happen to me if I get foreclosed on?
A-You will lose your home and your credit will be ruined.
Your lender can also file a Deficiency Judgment against you
if they sell your home for less than you owe on it.

Q- How long does a foreclosure stay on my credit and how does it
affect my credit score?
A- Foreclosure can stay on your credit for up to seven years. As far as
your credit score is concerned this is one of the worst marks you can have.

Q- What do I do when I fall behind on my mortgage?
A- Stay in your home. Do not vacate your home, seek guidance
about what option will work best in your case. You may be
eligible for different programs depending on your situation:

• Forbearance to bring you current.
• Loan modification to lower your monthly payments.
• Short sale if you can't sell your home for the amount of
  your mortgage.
• Bankruptcy. This may be an option for you to stop foreclosure
  and lower your mortgage payments,however it should be your
  last resort.
• Deed in lieu if none of the above options don't work.

If you have some specific foreclosure questions call me, I can help you.

So you see foreclosure is a serious matter. It has a big financial
and emotional impact on your life.

Avoid foreclosure at all costs. You have many options to choose from.
Especially in today's market there are many programs you may qualify
for that will save your home and your peace of mind.

I am an experienced foreclosure specialist. I learned from having to deal
with my lender myself. I know how you feel and I will explain to you
what options will work best for you.

Call me, after our conversation you will regain your peace of mind knowing what to do next.

Return from foreclosure questions to home