Frequently Asked Questions
Q: What is Foreclosure?
A: Home foreclosure is a process by which a lender regains a property which it has 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 are my options?
A: Once the mortgage lender sends letters informing you of the Foreclosure, it is important that you keep your head up - find a way to fix things. Immediately start considering your options of another loan, refinancing, etc. On the other hand, if you know you are in over your head then selling is always an option. To keep from falling deep into the foreclosure process, it is really important to weigh out your options, looking at your finances and what you can afford in the future.
Q: Does the lender have the right to repossess my house, even though I have been paying for it all this time?
A: Unfortunately, yes. Even though you only missed those few payments and had paid so many others, the mortgage documents that you signed give the lender the right to foreclose and repossess the property after you have defaulted on payments for a certain length of time.
Q: Do I have enough time to stop foreclosure?
A: Up until the foreclosure sale occurs there is still hope. Your best option is to take action immediately to stop foreclosure before it goes too far.
Q: What if I can no longer afford my home? Can The Advantage Group help me?
A: Yes. If you are certain that you cannot afford your house any longer and wish to sell, we can help you to secure a short sale payoff and begin marketing your house to sell.
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 workout 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: If I lose my house in foreclosure, are my chances of buying again lessened?
A: If you apply for a loan on another house, your past foreclosure will show in your credit history this making it harder to qualify for a loan. This does not mean you will not qualify for a loan; however, you are less likely to receive a low downpayment loan. It is very important to stay informed and knowledgeable in how to stop the foreclosure. The Advantage Group is wlling to take the time and provide you with your options.
Q: Several companies contacted me recently offering to help. What makes The Advantage Group different?
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 a big discount or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We are Real Estate Professionals who specialize in helping homeowners avoid foreclosure. Give us a call and speak with one of our professionals and judge for yourself. The consultation is FREE.
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The Advantage Group
