We Are The Home Savers

FORECLOSURES AND REAL ESTATE OWNED (REO) PROPERTY

 

 
WE CAN HELP YOU  NAVIGATE THROUGH THE PROCESS!






What Happens After I am 30 days Late?
Although, you are late from the 1st day after the due date, the Collections, sometimes referred to as the Loan Servicing Department, of your mortgage company will start calling you between the 16th and the 30th of the month.

Collections is the loan servicing division of the mortgage company that accepts and applies your payment each month, tracks any late fees, monitors and when included in your monthly will pay taxes and insurance when it is due.  They also contact you anytime payments are missed.  This department is who starts calling you once any payments are missed.

What Happens After I am 60 days Late?
On the 61st day, the Collections department turns your file over to the  Loss Mitigation Department. Also, known as the Home preservation and Workout Department.  They will attempt to work with you to attempt an acceptable plan to get you back on track.  You will now begin to receive letters requesting that you contact them.  This is the period where you have more options avaliable to you.  They will attempt many contacts with you at this point.  If you haven't contacted them at this point,  Contact us and we will help you navigate this process.


What Happens After I am 90 days Late?

On the 91st day(in Az.), a third party Trustee takes over your delinquent account.  The Trustee will send a "Notice of Trustee Sale" staing that the property will be sold 90 days from the date the notice was filed and recorded.  There will be a notice published in the newspaper once a week for four weeks.

The Mortgage company will not send you any more letters.  It is totally up to you to contact them directly as soon as possible.  Unless you act quickly, your house will be sold at the date specified.  Contact us today if you are at this point.  Everyday you wait is one more day that you cannot be helped.

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INFORMATION TO HELP HOMEOWNERS AVOID FORECLOSURE!

IF YOU FIND YOURSELF UNABLE TO MAKE YOUR PAYMENT.      
         
1. Don't ignore the problem.  The further your behind you become, the harder it will be to reinstate your loan and the more likely you are to lose your home.

2. Contact your Lender as soon as you realize that you have a problem.  Lenders do not want your house. There are options to help you through the difficult financial times.

3. Open and respond to your mail from the Lender.  The Letters you receive may contain offers that can help you prevent foreclosure and help you weather financial problems. Letters might contain information about pending legal action. Failure to open the mail will not be an excuse in foreclosure court.

4. Know your rights. Look at your mortgage documents and learn about foreclosure laws and timeframes. 

5. Prioritize your spending. After healthcare, keeping your house should be your 1st priority. Review your finances and see where you can cut back on spending in order to make your payment. Cut optional expenses, i.e. Cable, Memberships, Entertainment. Delay payments on credit cards and other unsecured debt until you have your mortgage paid.

6. Contact someone for help. Housing counselors can help you to understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.  Contact us, we will help you navigate this process.

7. Use your assets.  Do you have a second car, jewelry, a whole life life insurance policy that you can sell for cash to help reinstate your loan? Can anybody in the house get an extra job to bring in addtional income? Even if these efforts don't significantly increase your cash avaliability or income, they demostrate to your Lender that you are willing to make sacrifices to keep your home.

8.  Don't lose your home to recovery scams.  Read everything before you sign it.  There are fradulent companies that will claim to help you but, have you through the process sign over your home, making you a renter in your own home. Never sign a document without the Advice of a Lawyer, a Hud approved counselor or a Licensed Real Estate Professional.  Let us help you to navigate this process!