Home Saver's Blog


Modify My Mortgage


Modify My Mortgage

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. What can loss mitigation do for you?

A. The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

Q. How do we stop foreclosure?

A. Our Attorneys specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. Our Attorneys 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. We do all of this quickly and effectively because we have been doing this for some time and have thousands of satisfied customers. 

Q. What is Loan Modification?

A. A procedure where your loan(s) payment plan is altered due to the hardship of the borrower. This include the new lowered rate, 30-40 fixed term, past due payments put on the end of the loan, 2nd or 3rd mortgages reduced or eliminated, principle reduction, and sometimes freeze your payments. This a negotiation process between the lender and attorney.

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. 

Q. What hardships qualify for this type of help?

A. Whether it was the loss of a job, a divorce, an illness, or rising interest rates, in most cases, there is a legitimate reason for a homeowner falling behind on their mortgage payments. There are numerous reasons, and it's extremely hard to get back on track when you're on a tight budget.

Q. How far behind on my payments do I have to be, before I can qualify for a Loan Modification?

A. If you know that you are unable to make the next payment, contact us after the due date so that we can assist you immediately which usually gives us quick results and much more leeway. If you are more than a month behind or even in the foreclosure stages, we can help you. It just may take a little longer to get your lender to agree on our terms.

Q. Do I have to have good credit?

A. No. Credit is not a determining factor.  

Q: Several companies have  contacted me recently offering to help. What's different about you?

A. There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. You can check us out through your state attorney general or the better business bureau. We are very proud of our track record of success and thousands of satisfied customers. They are strong evidence that we deliver on our promises.

Q. Should I negotiate with the lender myself?

A. Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate or work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don't waste a lot of time on this. Time is not on your side right now. If you don't have something worked out within 1-2 weeks, then it's obvious that your lender is not serious about working things out with you directly. When you get to that point you will be better served by professional representation that can use the formal business and legal protocols to your advantage. We deliver the critical information and professional representation that you need to get the best possible work out agreement with your lender.

Q. Can you help me improve my credit rating?

A. We do not do credit repair services but we do strongly recommend the nation's leader in credit repair, Lexington Law Firm. Right now, of course, the best thing you can do to help your credit is to prevent foreclosure. 

Q. How long does it take for you to complete the case once we fill out all of the paperwork?

A. Anywhere from 2 weeks 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.Is this kind of like a refinance?

A. No. This is not a refinance, and there are no closing costs. We negotiate with your lender to reduce your rate, and place you on a fixed term.

QWhat states can you assist?

A. All 50 states of the USA

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. Our fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives. We offer a money back guarantee if we cannot get you a work out agreement with your lender(s) as long as no sale date has been set.

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 some time. We have mitigated thousands 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. Will this have an adverse effect on my credit?

A. Yes. Whenever you find yourself past due on your mortgage, your credit score will drop. But, once you are back on track it will take you only a couple of years of consistent payments to bring your credit score back to normal. There are also credit repair companies who can assist you in helping remove your past due payments from your credit. A foreclosure would remain on your credit for 7 years which in turn would have a longer more negative effect. So, this alternative actually would work best for you.

Q. Do I need to have a special type of mortgage loan for you 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. 

QCan you help investors who have multiple properties in foreclosure?

A. Yes, please see my blog made specifically for investors.http://activerain.com/blogsview/638216/How-to-Prevent-Foreclosure

Q. What if I find myself back in this predicament after my new loan modification takes effect?

A. In most cases, you will have a hard time working with your lender once they have agreed to modify your mortgage. This is why it's important to have experts working on your behalf so that you end up with the best, most affordable terms.

Q. What if I can no longer afford my home? Can you still help me?

A. Yes. If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.

Q. What is a Short Sale?

A. The sale of property prior to foreclosure at a reduced amount. Your lender determines the outcome of your proposal. We are very successful with this procedure if your choose to go this route.  

Q. How can I be a part of the foreclosure solution?

A. It's simple. Spread the word. Talk to your family and friends. Let them know there is legit help for them. Sometimes it's hard for people in these predicaments to come forth and ask for help. We even have a referral program that gives you a little incentive to put forth the effort to lend a helping hand.


Modify My Mortgage

•Types of Foreclosure: Judicial Foreclosure

•Types of Foreclosure: Non-Judicial Foreclosure

•Right of Redemption in the Case of Foreclosure

•Deficiency Judgments in Foreclosure Cases


The Foreclosure Process: Understanding Foreclosures


• Note: The following is a generalized breakdown of the foreclosure process. If you're interested in finding out about foreclosure laws in your state.

Check Foreclosure Procedure For Your State

Alabama (AL), Alaska (AK)Arizona (AZ)Arkansas (AR)California (CA)Colorado (CO)Connecticut (CT)Delaware (DE)Florida (FL),Georgia (GA)Hawaii (HI)Idaho (ID)Illinois (IL)Indiana (IN)Iowa (IA)Kansas (KS)Kentucky (KY)Louisiana (LA)Maine (ME),Maryland (MD)Massachusetts (MA)Michigan(MI)Minnesota (MN),Mississippi (MS)Missouri (MO)Montana (MT)Nebraska (NE)Nevada (NV)New Hampshire (NH)New Jersey (NJ)New Mexico (NM), New York (NY)North Carolina (NC), North Dakota (ND), Ohio (OH)Oklahoma (OK)Oregon (OR)Pennsylvania (PA)Rhode Island (RI)South Carolina (SC)South Dakota (SD),Tennessee (TN)Texas (TX)Utah (UT)Vermont (VT), Virginia (VA) , Washington (WA),West Virginia (WV)Wisconsin (WI)Wyoming (WY)


Foreclosure Defined


• A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.


Loss Mitigation


• Loss mitigation is a set of programs set up by the government and lenders to assist homeowners threatened by foreclosure


Stages of Foreclosure


• The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder's Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale , and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder's Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period. The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee's deed to the property.

Foreclosure Auction


• At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.

If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned . This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.


Note: Please leave a comment if you found this helpful.

More helpful Blogs:

How to Avoid Loan Modification / Loss Mitigation Scams

Loan Modification Scams Update

Loss Mitigation Services FAQ's

Investors Facing Foreclosure

Why won't my lender won't work with me?

How to Prevent Foreclosure on Your Investment Property




Are you facing foreclosure, or heading in that direction due to an unexpected hardship? Give me a call and you can expect to get good honest information, advice or assistance. Or just fill out my pre-approval form and I will contact you regarding your options. Don't give up! You worked hard to own your home, now it's time to fight for it!









C Thompson

Account Manager

Call me: 

Fax: 206-203-1890

Email me: keepyourproperty911@gmail.com


Comment balloon 3 commentsCallie Thompson • September 24 2010 11:38AM
Modify My Mortgage
Modify My Mortgage 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… more