Facing Foreclosure?
We Can Help
You got a notice, now what?
Without a doubt, the past few years have been hard on us all. You may have found yourself making tough decisions and have fallen behind on your mortgage. For a while, there were programs to help where you didn't have to pay your mortgage payments to help you during the tough time. Those programs are gone now and your mortgage payments are due. Banks are no longer lenient. Your lender wants to be paid. Roughly 3 months after your first missed payment your lender will begin the foreclosure process, which includes filing a Notice of Election and Demand with the county and serving you with a foreclosure notice. You've received a foreclosure notice and the lender has filed a Notice of Election and Demand with the country. From the date of filing, you will have about 110-125 days until the trustee sale takes place.
Is it too late?
The trustee sale of your house is scheduled just days away and you fear that you've run out of time. You are correct that in this situation time is not in your favor. If the date of the trustee sale has not arrived yet there may still be help for you if you act immediately and give us a call.
What happens next?
Once you reach the date of the trustee sale your home will be up for bid in the county that the property is in. Once the auction takes place the property deed will be filed in the name of the new owner and you must vacate immediately with all of your belongings. Any possessions left in the property at that time are seized and will be sold. After the sale, the bank will receive the payoff amount and any money paid out for the foreclosure process. If there is a second mortgage or any other liens on the property, those creditors will receive any funds left after the bank is paid. Once the bank and all lienholders have been paid, if there is still an excess of funds from the sale, you may get the remaining amount. The goal of the trustee sale is to recover the amount of money to cover the bank, followed by any other secondary liens, not to have your interest in mind or put money in your pocket. There is no guarantee that the sale will result in excess funds that will ever make it to your pocket. At this point you are not in control of any part of the process.
How can we help?
We'll want to know how much is owed to the bank and to any other persons of interest in the property, or anyone who may have a lien on the property. We'll assess the value of your property as it is and make you a cash offer. Due to time not being in your favor the sale of your home in this situation will not follow traditional means such as listing your home, appraisals, and inspections. We'll need to act quickly and pay your lender in order to stop the foreclosure and the trustee sale process. You'll be asked to sign the property deed over to us for us to pay off your loan and any other lienholders. Depending on the amount you owe and the current value of your property, you will receive the excess amount from our cash offer, putting cash in your pocket to begin picking up the pieces. In some cases we may be able to offer you a short post sale occupancy for you to gather your thoughts and your possessions and make a plan. Not only could you come out with cash in your pocket, you'll save yourself from having a foreclosure on your record preventing you from getting a mortgage in the future.
Why isn't the cash offer as high as I would expect from a regular sale?
If you were in good standing on your loan you would be afforded the time to hire a Realtor to go over the sale process with you, list your home, and accept the offer that makes the most sense for you. Traditional offers and sales typically involve having the time for inspections and appraisals which result in higher offers due to the certainty of some key things. In the foreclosure process with only hours to spare, we have to make our best judgement and take into consideration what high dollar items may need repair that we didn't anticipate. We will do our very best to determine the value of the property and offer you a fair cash price. We always stand behind our word and we'll do our best to educate you on the process.
Contact me
A call is always the quickest response but an email will work as well