Preventing a Foreclosure
Unfortunately financial troubles tend to visit nearly everyone at some point - if you're behind on your mortgage, it would be in your best interest to consult with a Loss Mitigation Negotiator or Real Estate Professional who is highly experienced in negotiating with banks and lenders.
Too many people panic when the lender starts talking about foreclosure. Please keep in mind four very important factors if they're threatening to foreclose:
1. The bank does NOT want your property! They want their money!
2. The time to act is now! There are a series of things the bank must do to foreclose, and that takes time. But it doesn't take forever, and they WILL take the home if given no other choice.
3. The people from the bank that you've been talking to are generally collectors. If they seem rude or belligerent, don't assume the bank won't work with you on a short sale or other solution. When we work with your lender, we are talking with a completely different set of folks than you are.
4. Another thing to remember: A short sale may not be the best thing in your particular case. Please contact one of our Loss Mitigation Negotiators who can give you information on all the options available, and who can understand your specific situation.
Our main goal at Short Sale Center is to prevent you from going into foreclosure, or bankruptcy while preserving your credit and your dignity.
Foreclosure is no option it's only a path to disaster, pain, hardship and endless financial trouble: Just look what will happen once you are in arrear with your mortgage payments - - unless you act fast:
(1) Suffer a default: A default is a failure by the borrower (you) to perform a promise contained in the Note or Deed of Trust. (I.e. more than 2/3 months behind on your mortgage payments.)
(2) File a Notice of Delinquency: This is written notice to any holder of junior deed of trust (any deed of trust filed after the first deed of trust) or mortgagor (person who holds a mortgage) who has requested it, and may be given once the loan has been delinquent for four months, unless the lender has already recorded a Notice of Default
(3) Contact a Foreclosure Trustee to conduct a Trustee Sale: This is typically a title, escrow or foreclosure service company that is named in the Deed of Trust to conduct a foreclosure.
(4) File a Notice of Default (NOD): The NOD is what begins the foreclosure process. The NOD must be:
a) Acknowledged (signed by the beneficiary or trustee)
b) Recorded in the county where the property is located
c) Mailed (registered or certified), with copies going to the trustor, successors and beneficiary of junior deed, and
d) Mailed to any persons who requested notice (cosigners, guarantors).
(5) File a Notice of Sale (NOS):This establishes the foreclosure sale date. The foreclosure sale date must be at least 21 days after the date the NOS is recorded. The NOS can only be filed 90 days (three calendar months) after the NOD is recorded.
(6) Send copies of NOS: Copies of NOS must be send to everyone who received a copy of the NOD.
(7) Publish the NOS in a newspaper:The NOS have to be published in a newspaper available to the public, at least three times within 21 days. Typically the foreclosure trustee will handle this unless you are handling the complete process yourself (which is not advised due to the seriousness and complexity of the nature of foreclosure).
(8) Post the NOS at the property: The NOS have to be posted at the property.
(9) Mail the NOS: Apart from posting it at the property, the NOS must also be send via registered or certified mail to the borrowers.
If you want to prevent this from happening to you and ruin your credit for at least a period of ten years - - contact LeonardScott Short Sales now to find out just how we can help you to prevail and keep your dignity.
