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| Foreclosure: Get the Facts! |
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Facts and Frequently Asked Questions
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- What is the basic foreclosure process?
1. Default The homeowners must miss a payment or default on payment for the property to enter the foreclosure process. 2. Legal Notice The lender of the foreclosing property must notify the homeowners that they are entering into the foreclosure process.
3. Bank Sale or Auction Date The homeowners are informed that they ahve a bank sale or auction date, at which point the foreclosing mortgage company will gain control of the property.
4. Redemption Period The period of time in which the homeowners may present payment to the bank and regain possession of the property (note: not all states have a redemption period).
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- How long will the process take?
Help for Homeowner's goal is for a quick resolution. We want to take the burden off of you. We know how to navigate the paperwork and the process to help you move on with your life.
We can help you avoid foreclosure in Massachusetts or Rhode Island. If you owe too much on your home, are losing your house, or need mortgage help, you need to get more information about Help for Homeowners.
We have all the forms, skills necessary to get this resolved for you quickly, effectively and confidentially at no cost to you the homeowner. All consultations are free of charge and confidential. There is absolutely NO COST to you.
Honestly, banks do not want to foreclose on homes. They are willing to present solutions as well as absorb the cost and fees before foreclosing on your home. Our promise is a confidential and comfortable experience where we exercise every option and avenue available to help you alleviate the burden of potential foreclosure at no cost to you.
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- What states does Help for Homeowners serve?
Help for Homeowners can assist your realtor with a short sale no matter what part of the country you live in. However, we are licensed Realtors in Massachusetts and Rhode Island.
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- Does a record of foreclosure appear on my credit report even after the lender has taken the property back?
Yes, a foreclosure will stay on your credit report for 7 years. After that timeframe you will most likely need to submit a written request to the major credit reporting agencies requesting that it be removed.
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- Should I get a foreclosure loan?
Beware of lenders who contact you offering a foreclosure loan, especially if they require you to deed the property to them. Once the lender has the deed, they now own your property, and you have no more control over the matter. You are now only a tenant and lose your rights as an owner.
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- When your home is foreclosed upon do you still have to pay off the loan?
Foreclosing (or forcing the sale) is a time consuming, costly process. If the lender does not recuperate enough revenue to repay all the legal costs, interest, fees, etc. they may try to seize some of your other personal assets.
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- Will I be notified that my home is in foreclosure?
Yes, your lender will notify you that foreclosure proceedings have been filed. Each state has very strict and specific laws on how notice of foreclosure is given.
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Avoid Foreclosure
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"I owe too much on my home"
"I am losing my home"
"I need help paying my mortgage"
Help for Homeowners can help you avoid and stop foreclosure.
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All Consultations are Free and Confidential.
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