HELP OUT OF FORECLOSURE: |
| Don't Take Foreclosure
sitting down. Many people don't know what to do, fail
to take action and eventually lose their home with nothing
in return. |
Marco
Larocca
Foreclosure
Expert |
FREE
30 Minute
Phone Consultation
If you need advice, ASK AN EXPERT!
You may have specific questions that need
to be answered. We have special services to help many cases
of foreclosure.
Of course, everyone has different reasons why they're facing
foreclosure. Let us know YOUR specific situation so we can
help you in the best way possible.
I
have a lot of Equity, can't I
Just Refinance using my equity? |
Of
Course You Can! It's called
a Foreclosure Bailout Loan, and
though not many lenders offer it,
we do offer that option to you as
part of our many services. Read
about Foreclosure Bailout
Loans |
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How To Avoid
Foreclosure
Frequently Asked Questions
Q: What Happens When I Miss My Mortgage Payments?
A: Foreclosure
may occur. This is the legal means that your lender can use
to repossess (take over) your home. When this happens, you
must move out of your house. If your property is worth less
than the total amount you owe on your mortgage loan, a deficiency
judgment could be pursued. If that happens, you not only lose
your home, you also would owe HUD an additional amount. Both
foreclosures and deficiency judgments could seriously affect
your ability to qualify for credit in the future. So you should
avoid foreclosure if possible.
Q: What Are My Alternatives?
A: See
your Foreclosure Options
Q: What Should I Do?
A: DO NOT
IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems
making your payments, call or write to your lender's Loss
Mitigation Department without delay. Explain your situation.
Be prepared to provide them with financial information, such
as your monthly income and expenses. Without this information,
they may not be able to help.
Stay in your home for now. You may not qualify for assistance
if you abandon your property.
IF YOU HAVE AN FHA or a VA LOAN: Contact a HUD-approved housing
counseling agency. Call (800) 569-4287 or TDD (800) 877-8339
for the housing counseling agency nearest you. These agencies
are valuable resources. They frequently have information on
services and programs offered by Government agencies as well
as private and community organizations that could help you.
The housing counseling agency may also offer credit counseling.
These services are usually free of charge.
What Are the Main Points I
Should Remember?
- Don't lose your home and damage your credit history.
- Call or write your mortgage lender immediately and be
honest about your financial situation.
- Stay in your home to make sure you qualify for assistance.
- Cooperate with the counselor or lender trying to help
you.
- Explore every alternative to keep 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 your good credit rating.
Information provided by hud.gov |
