DON’T LOSE YOUR EQUITY OR CREDIT REPUTATION!
Facing Foreclosure?
Are you finding it difficult to afford your new ARM rate? Are you in financial distress? Are you facing any form of foreclosure? Are you a professional, facing foreclosure in Seattle, WA or surrounding areas? You don’t need to ruin your credit and lose your equity over foreclosure. All you need is to learn how to stop foreclosure.
Luckily for you, this article offers a quick fix to your problem. We will walk you through how you can successfully stop the foreclosure process.
In the meantime, download our free e-book that gives you the step-by-step process that can help you escape the foreclosure process here:
What is foreclosure?
Foreclosure is an auction that occurs when a homeowner fails to pay their mortgage. A foreclosed home becomes a part of the lending institution if it can’t be sold at an auction.
Types of Foreclosure
There are 2 types of foreclosure known as judicial and non-judicial foreclosure:
Judicial Foreclosure:
- A civil lawsuit is formed against the borrower.
- Everything is handled by the legal court system.
- A notice of pendency is performed.
- The court agrees or disagrees on the lender’s decision of foreclosure.
- The notice of sale is published.
- The court publishes the notice of sale.
This process takes place within 4 to 8 months.
Non-Judicial Foreclosure:
- A deed of trust conveys an interest in real property to a third party to hold as security for repayment of a debt.
- The trustee is able to begin foreclosure.
- Notice of Default is recorded and the borrower is given a deadline to repay what they owe.
- A Notice of Trusteee’s Sale is recorded and the auction is decided on.
This process can take up to 12 months..
What to do to avoid foreclosure
The moment you observe that it is becoming difficult for you to pay your mortgage, the next thing to do is contact your loan servicer immediately. Based on the laws of the Federal Deposit Insurance Corporation, you have to work directly with your servicer or counseling agency. You should be aware and stay away from offers that look too good to be true. Most of these offers are scams. Trust and deal only with certified and reputable services.
Take full charge of your budget and be careful with your expenses.
How to get government intervention
Several programs implemented during the Obama Administration by the United States Department of Housing and Urban Development were created to help homeowners avoid foreclosure, one of which is the Making Home Affordable (MHA) Program. It is strategically aimed at stabilizing the country’s housing market by helping homeowners avoid foreclosure and is aimed at improving the nation’s economy. The Federal Deposit Insurance Corporation is also available for homeowners to ensure smooth and affordable repayments of their home.
Do you wish to stop foreclosure?
A Resource Guide created by the Urban Affairs Coalition (UAC) provides an adequate up-to-date guide on how homeowners can effectively stop foreclosure.
Here are some ways homeowners can stop foreclosure:
- Contact the lender as soon as possible.
- Consider loan modification, a repayment plan, a reinstatement, forbearance and any other options available to you.
- Refinance your loan.
- Sell your home.
Whatever option that works best for you, be assured that 24hr Homebuyers! You can have an all-cash offer in your hand within 24 hours from the time of filling out our form or calling us at 888-914-7325. We can not only pay cash for homes in as-is condition, but we can relieve you of your problem-property in just a matter of days!