Foreclosure is usually the result of a significant life event such as divorce, job loss, business failure, illness, relocation, predatory lending, addiction or even death.
Quite often people are so embarrassed they cannot approach family or friends for help; yet, help is exactly what they need to get them through this difficult period in their life.
I believe "bad things happen to good people." I can help. If you have missed a few loan payments and the bank has started foreclosure process, don?t panic. Understand that the bank DOES NOT want your house.
Remember,
lenders are in the
business of loaning, not owning.
What Is Foreclosure?
Did you know that the bank does not own your home even though you have a mortgage against it? You were given the title when you bought the property. This is why banks must file a lawsuit against you to take your home as compensation if you stop making your loan payments. This legal action is called foreclosure.
Foreclosure terminology:
Pre-foreclosure: the period beginning with the initial default up to when the distressed property is sold. The length time that is considered pre-foreclosure varies, depending on state laws.
NOD: Notice of Default (NOD) or Notice of Intent (NOI) is an official notice from the lender stating the borrower has defaulted on the mortgage. The notice of default formally begins the foreclosure process.
Reinstatement period: the time stipulated in the Notice of Default (NOD) in which the borrower may reinstate the loan - making required payments and bringing the account into good standing.
Short Sale: a situation in which the seller owes more money on the loan than the market value of the property and the seller cannot pay the difference at closingNotice of Sale: if, after receiving the notice of default (NOD), the borrower does not or is unable to reinstate the loan, a notice of sale is recorded. The notice of sale explains when and where the foreclosure sale will be held.
Foreclosure Sale: Also known as the Sheriff's Auction, Sheriff's Sale or Trustee's Sale, the property is auctioned for sale to the highest bidder.
Redemption Period: the time that gives the distressed owner the right to redeem real estate after the foreclosure sale.
REO: acronym for Real Estate Owned, REO is the status of the property when the foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.
Let me help you and your family feel at home again.
What Are Your Options? There are several options available to homeowners that are behind in their mortgage payments: 1. Refinance 2. Repayment plan 3. Forbearance plan 4. Loan modification 5. FHA refinance 6. Bankruptcy 7. Short Sale 8. Deed-in-lieu of Foreclosure 9. Do nothing and walk away
To find out more about your options, please contact me at 727-743-4083 or email me at deb.jackson@verizon.net. I can bring you peace of mind by answering your questions, giving you options and showing you ways to save your credit.
