Foreclosure Help

Currently millions of people are starting the foreclosure process yearly, millions more are behind on their payments. Even though it may seem like the end of the world it isn't. You do have options and we are here to tell you what those options are and help you through them.

Every state has different foreclosure laws but what you can do to stop the foreclosure is the same.

Your options if you are behind or starting the foreclosure process.

1. Deed in lieu: You can always give your home back to the lender for what you owe on the home. This will only work if you have one lender or you can make the second lender go away. To make the second go away you will have to do a deficiency. This is where you sign a note to pay back a portion of the loan.
2. Forbearance: You can talk the lender into putting what you are behind on in payments at the rear of you loan and start making payments again. Your payments will increase because you will be paying of what you owe in back payments, penalties, and interest. Lenders will do this because a foreclosure cost them money and time.
3. Bankruptcy: This will stop a foreclosure but you will need to talk with and pay a lawyer to do this for you.
4. Sell your home: The last option is to sell your home and start again. You can do this even if you owe more on the home than it is worth. You need to find an agent that has and can negotiate a short sale. If the foreclosure process has already started then time becomes a factor. How much of a factor depends on your state laws. If you are behind and the foreclosure has not started yet sometimes you can call the lender or have your agent do so and forestall the lender from starting the foreclosure procedures.
5. Loan Modification: We can negotiate with your lender to modify the terms of your loan and come to terms you can handle.

We can help with all these steps except for bankruptcy because that takes a lawyer. Email us and ask about what we offer.

SCAMS:

Being in foreclosure means that you are getting a lot of mail and people visiting your home. You need to be careful about people trying to scam you. If it looks to good to be true then it probably is. If you want more information email us. We can email you back or call you whatever you prefer.

Deficiencies and 1099

Depending on what state you live in the lender after the foreclosure or short sale can still take you to court to pay the remainder of what you owe. In some states the lender can foreclose, kick you out of your home, sell it, and not get what they thought they should get after interest and penalties and selling cost and still take you back to court for the rest. The second loan can almost always take you to court for a deficiency. You can find yourself without a home and still owing tens of thousands to over a hundred thousand dollars. They can garnish wages and make you pay that money. If you are proactive you can negotiate these down substantially. We can help you do this just email us.

1099

What you are forgiven on is sent in a form of a 1099 to the IRS. You are then suppose to report this as income. This may be going away soon since it has already been passed through the House Ways and Means committee to stop this practice. However currently this is still the law.