Frequently Asked Questions
Q. What is foreclosure?
A.Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.
Q. How do we stop foreclosure?
A.Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lenders loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender we can tailor a resolution to meet your specific criteria and financial circumstance.
Q. How long do I have to act?
A.Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use. We have encountered many homeowners who did not even know that they had already lost their house!
Q. How long does it take for you to complete the case once we fill out all of the paperwork?
A.Anywhere from 2 days to several months. This depends on the stage of foreclosure you are in and your financial position. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings.
Q. Do I have enough time to stop my foreclosure?
A.Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.
Q. How much do you charge to stop home foreclosure?
A. We charge you no fees.
Q. I'm currently in bankruptcy. Can you still help?
A.Yes. But we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy we can proceed with the home foreclosure help. Sometimes after bankruptcy it is easier to make a mortgage payment because other debts have been discharged.
Q. I've already talked with my lender and they just want all their money. Can you still help me?
A.Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have been doing this for years. We have mitigated hundreds of home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.
Q. Should I file for bankruptcy to save my house?
A.Maybe. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up loosing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report. That being said, there certainly are times when bankruptcy is appropriate and we recommend you consult a reputable attorney should you think you need it.
Q. Do I need to have a special type of mortgage loan for Promised Land Properties to help me?
A.No. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent.
Q. What if I can no longer afford my home? Can Promised Land Properties still help me?
A.Yes. If you are certain that you cannot afford your home any longer and wish to sell, Promised Land Properties can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender.