Frequently Asked Questions

What is foreclosure?
In most states, when you by a home there are actually two parties on the buying side: you (the mortgagor) and the lender (the mortgagee). You own the home, but the mortgagee holds a lien on the property for as long as the mortgage has an outstanding balance. The lien gives the lenders the right to assume ownership of the property should you fall behind on payments. The process by which the lender assumes ownership is called foreclosure. All other states use a deed of trust, which serves the same purpose as a mortgage but actually involves three parties (Virginia is this way): you (the trustor), the lender (the beneficiary), and the third party (the trustee) who holds the temporary title on the home until the full balance is paid. In these states, the foreclosure process involves the trustee selling your home when you become delinquent.

When in the foreclosure process do I have to move out of my house?
You don't! The foreclosure process even when followed through to completion only transfers ownership of the house from you to the high bidder. This transfer of ownership becomes complete at a closing following the foreclosure auction. After the auction you automatically become a tenant in the house you formerly owned. At this point the new owner must follow the legal procedures in your state for eviction.

I'm currently in bankruptcy. Can you still help?
Rarely does a bankruptcy prevent foreclosure. More than 80% of the people who file for bankruptcy protection end up being kicked out of the bankruptcy plan and now are in worse position than when they started. Interestingly enough, in industry circles it is thought only to delay the inevitable. With this in mind, many of our clients are actively involved in bankruptcy at the time they solicit our service. Realistically, bankruptcy can buy you time. Ultimately, an agreement with your lender may still be needed in order to avoid foreclosure.

How is the service you provide better than filing for bankruptcy?
The obvious answer would be that our programs work to safeguard your credit history from negative long-term impairment and no matter what an attorney may tell you, BANKRUPTCY DOES NOT STOP FORECLOSURE. It is true that bankruptcy does suspend the foreclosure process, but it does not stop it. Bankruptcy can legally remain on an individual credit report for a period of seven - ten years. That's a decade. A further advantage to choosing our program over bankruptcy is that it allows you to work in concert with our consultants to problem solve rather than pitting you against your lender and possibly assuring an inevitable loss as a result. Working in conjunction with our consultants allows you greater flexibility as you tailor a plan that meets both of your needs and protects both of your interests. Remember BANKRUPTCY DOES NOT STOP FORECLOSURE.

Why did my mortgage company send my payment back?
After your mortgage company accelerates your loan, they no longer accept a payment less than the full amount due. They are likely to send your payment back asking for the whole amount. If the lender accepts less than full payment, they must terminate the foreclosure process and start from square one. (We are not attorneys, even though the information given is believed to be true and correct, it is not to be construed as legal advice).

My credit is bad, am I wasting my time?
No. We help people regardless of your credit. We are more concerned with your current financial capabilities.

How fast can you assist with my foreclosure?
The time frame varies in each situation, we provide you with the fastest resolution. The entire process can take as little as 24 hours or sometimes up to 7 days or more.