Home Owners Foreclosure Information

• Options to Foreclosure
  Your available options depend on the type of mortgage or mortgages you currently have, the State you live in, and the number of months you are behind on your payments. There is no one-size-fits-all solution. Foreclosure procedures for your State are summarized on our map. To obtain a complete free copy of the foreclosure laws in your State, gain access to our confidential Q & A forum, and contact one of our licensed Loss Mitigation Consultants, please sign in and open a case here.
  
  Warning: When researching, you will encounter numerous websites all claiming to help. Please never give out information about yourself or your loan unless you know the specific person you are sending it to. Make sure they are licensed and regulated in the State you live in. You should never pay anything to anyone for their services. Companies claim they can stop the foreclosure but only your lender can do that.

• Owner Occupied
  What to do if you currently live in the home:
  
  If you are currently occupying the home, you should remain in the home until after the foreclosure and wait for a Realtor representing the bank to contact you.
  
  Many people think after a foreclosure the sheriff will come immediately remove your possessions. This is FALSE. The foreclosure process merely changes the legal ownership of the property from the borrower to the bank.
  
  After the bank becomes the legal owner, the bank has two options:
  1. The bank will contact you through one of their REO brokers (Real Estate Owned). The Realtor representing the bank will arrange for a move out date and will usually offer you “Cash for Keys”. That means they will pay to help you move out. That’s right, you will probably receive $1,000.00 or more for cooperating with the bank in moving out , removing all your possessions, and cleaning the home.
  
  2. The bank can begin a formal eviction process. This procedure varies from State to State and even within cities and counties so make sure you sign in and open a case here to talk to one of our Loss Mitigation Experts

• Investor Owned
  What to do if your property is an investment and tenant occupied:
  
  If the property is currently rented, you need to understand the owner/tenant laws within the state your rental property is located. The last thing you need is a law suit brought against you by your tenant. Please open a case here to talk to one of our local Loss Mitigation Consultants about you and your tenant’s rights.
  
  If you currently have a lease extending beyond the foreclosure date, make sure you do not cash the rental check if the rent is paid in advance. For example if the foreclosure date is scheduled for the 5th of the month and the rents are due on the 1st of the month only the prorated first five days belongs to you. If the tenant has put up any security deposit, those dollars belong to the tenant.
  
  If the tenant is currently on a month to month lease, you should notify the tenant they will need to move.
  
  If the property is vacant, you should open a case here and let one of our Loss Mitigation Consultants negotiate with the bank for a satisfactory resolution to avoid the foreclosure on your credit.