COMMON APPROACHES TO END A FORECLOSURE
One option often considered is bankruptcy. According to a article published in the Commercial Appeal, Memphis, TN a recent study of 7,000+ bankruptcy cases conducted by a large consulting firm indicated that bankruptcy should only be used as the very last option. (See article in news) In addition a bankruptcy stays on your credit for at least seven (7) years. Besides your direct costs, the mortgage company hires an professional to defend them in the bankruptcy. This means that in order to save your home you will have to pay the mortgage company's attorney's fees too. This does not mean bankruptcy is not an option. We have successfully worked with homeowners and their attorney's when they were considering a bankruptcy.
Another option is attempting a refinance of the home. Refinancing a home in foreclosure can have a very high failure rate (we estimate 85%+ failure rate). Refinancing, if successful could result in increased interest costs (a 2% increase in interest rate on 100,000 costs you an additional $2,000 a year until the loan pays off) or paying heavy up-front costs which could result in signing away your equity. When refinancing is unsuccessful it uses up valuable time which could of otherwise be used to allow your mortgage company to evaluate your circumstances. Sometimes during an attempted refinance, the homeowner is told to stop making house payments by the company trying to refinance them. We do not recommend this course of action--ever. Ultimately when the new prospective mortgage company finds that your home is in foreclosure, the turn down rate increases substantially.
SO WHAT ARE MY REAL OPTIONS
One option is to approach your current mortgage company to ask them to stop the foreclosure. In approaching your mortgage company, we believe that a formal application is desirable. Why? A well prepared application with all the necessary elements, schedules, signatures and due diligence material will generally go to the top of the stack of those applications being processed that day. The people at the mortgage company that generally work on applications of this type have about 350-450 files to process each month. This means they only have on an average about 20 minutes real time to spend on yours! If your application is incomplete, does not contain all the necessary information and/or disclosures it may be put at the bottom of the pile. Worse yet, your application may not adequately explain your circumstances or situation.
If you honestly are committed to retaining your home, want your application to go to the top of the stack, put your very best foot forward and do not want fill out all the forms required (our applications average 30+ pages) and need assistance in the assessment of your unique situation and is considered on a timely basis, have someone follow your applications progress as it is considered, then we have a very inexpensive and affordable solution for you! Call 866-645-8551 for your Free Consultation or send an e-mail (click-here)
Why wait another minute to find solutions and answers?
Before the time clock runs, get your FREE consultation and/or find local assistance in your area NOW! Call 866-645-8551
We are not attorneys and cannot give legal advice.
