What is a Foreclosure? A Foreclosure is defined as ... The equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".  In layman's terms, when a homeowner fails to make the agreed upon payment, the lender can move to legally take possession of the property. When you signed all those stacks of documents for a loan on your house, you were promising to make monthly payments to pay back the bank.  The lender provides the money necessary to purchase a piece of real property (real estate), in turn you provide the lender with a pledge (mortgage) secured by said real property.  Any lender can take action in order to protect their investment even if it means paying off other lenders or other liens, such as taxes.  Foreclosure is another such means whereby the lender takes possession of your home, sells it and uses the proceeds to pay off your debt.  It may not be obvious but the bank doesn't really want to do this.  They would much rather have their money.  They are not in business to take peoples' homes but, rather, they are in the business of lending money.  The reason that they can give you such a good loan is that they have the right to take the house if you don't pay. Many things can happen that would lead to the failure of making the home mortgage payment as well as other payments.  But there is definitely a difference between not paying your mortgage and not paying other debt.  One main difference is that if we neglect paying our credit cards, it hurts our credit rating.  But fail to pay on our home loan and the situation is even worse.  Not only would it ruin your credit but you would lose your home as well. This is where we can play an important role by providing you with advice and an understanding of what is available to you.  While in this state of affairs, time is your enemy.  We understand the weight you are under and will diligently work towards resolving your problem.

How to Avoid Foreclosure -Contact your lender as soon as you know your payments will be late. -Do not ignore the lender's letters or phone calls. -Never assume your situation is hopeless. -Take action Lenders do not want to foreclose, if it can be avoided, and will usually work with you to get you back on track.  But, although lenders do not want to foreclose, they do want to make sure you can follow-through on any promises you make to bring your account current.  If you are having problems making your payment, contact your lender right away.  Explain your situation and be prepared to provide them with your financial information.  Your lender won't automatically put you into a program to bring your loan up-to-date.  You must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation.

How to Stop a Foreclosure -Refinance -Recast your mortgage -Reinstatement -Forbearance -Repayment Plan -Mortgage Modification -Sell Your Home -Short Sale -Deed in Lieu of Foreclosure Lenders are willing to work with homeowners if it eliminates the possibility of a foreclosure.  They will consider your present and future circumstances when deciding on the appropriate course of action.  Based on your specific circumstances, one or more of the above listed items may be a feasible remedy for you.  The last three items on this list lead to the surrendering of your home.  If you are unable to successfully implement any of the previous listed items, then you will have to face the fact that you will, most likely, not be able to stay in your home.  You may need to examine your finances and consider possibly buying a home that you can better afford.  Maybe renting for a while would make more sense at this time.  If you act responsible in foreclosure now, you will be setting yourself up for home ownership in the future. Knowing the timelines and understanding the process is vital to stopping your foreclosure.  If you are in danger of losing your home to foreclosure, complete our Confidential Form now so that we may begin the process necessary to save your home, save your credit or both! For assistance please fill our Confidential form or Call 609-567-2678 You Have Options - You Don't Have to Face Foreclosure Alone - Let us Help-U-Out!