Homeowner Help
Helping Homeowners in Foreclosure Since 1995!
Are you experiencing financial problems due to hardships beyond your control? Are you fallen behind on your mortgage payments?
At SFforeclosure.com we understand how financial problems can be paralyzing, but not taking action could result in foreclosure! DO NOT LET THIS HAPPEN TO YOU!
Remember you are not in Foreclosure your property is. If you are a homeowner and need our immediate assistance, click the Help button for a quick response.
At SFforeclosure.com we are advocates of educating homeowners on their options to prevent foreclosure. We can provide help right here, right now, and it will NOT cost you anything. Yes, our services are FREE to homeowners in need… but YOU have to reach out and make the call!
Many homeowners facing foreclosure do not know how many options they really have. We can help you find a solution that fits your needs and circumstances, while meeting the government’s requirements to qualify for their programs. At SFforeclosure.com, we believe that by helping homeowners stabilize their finances, we will also be helping to stabilize the economy and create a Win-Win Solution for everyone.
Your options are:
1. Loan Modification - Work with the existing mortgage company to refinance debt with a lower fixed interest rate or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level if they qualify and stabilize their financial situation. More Info...
2. Short Sale - If you owe more money on your property than what the property is valued at, you can try to sell your home in what is called a Short Sale, also known as a Pre-Foreclosure sale. These transactions are negotiated with your lender by a real estate professional. This option works best with specially-qualified agents (Short Sale consultants). More Info...
3. Deed in Lieu of Foreclosure - Simply give the property back to the bank or loan investor instead of the bank foreclosing. Banks generally require the home be well maintained and all mortgage payments and taxes must be current.
4. Forbearance - Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. You must be able to prove you are able to meet the new payment plan requirements.
5. Bankruptcy - This option can liquidate debt and/or allow more time. We can refer you to a qualified bankruptcy attorney.
| Chapter 7 | (Liquidation): To completely settle personal debt. |
| Chapter 13 | (Wage Earner Plan): Payments are made towards a plan to pay off debts in 3 - 5 years. |
| Chapter 11 | (Business Reorganization): A business debt solution. |
6. Reinstatement - Pay the entire default amount plus interest, attorney fees, late fees, taxes and missed payments.
REMEMBER: Not all options will apply to everyone! The available options are changing with new regulations being implemented on a daily basis. Each homeowner has a unique set of circumstances and as experts in this field, SFforeclosure.com will quickly assess your needs and find the perfect solution for YOU.
For individual attention and advice, please contact us or call immediately at (415) 412-8721.
Foreclosure & Bankruptcy Law
Below are links to the US Courts official Web sites. These sites should not substitute for the advice of competent legal counsel or a financial expert. We provide no legal advice, so please consult with a lawyer before making any decisions.
BANKRUPTCY LAW:
FORECLOSURE LAW:
- Federal Trade Commission
- Hud's Approved Housing Counseling Agencies
- Freddie Mac's Guide to Avoiding Foreclosures
Foreclosure Timeline
(click image to enlarge)
Homeowner’s Solutions in Foreclosure
Stage 1: Collection stage
Your options are:
1) Equity in Home
- Refinance – first or second loan
- Borrow money from family or friends
- Borrow money from your 401K and/or Retirement Fund to preserve the equity in your home
- DO NOT borrow from your credit cards!
2) NO Equity in Home
- Loan Modification – if you qualify for it
- Short Sale – if you don’t qualify for Loan Modification
- DO NOT use your credit Card!
- DO NOT borrow from your 401k OR Retirement Fund!
Stage 2 – Pre-Foreclosure Stage Notice of Default (NOD)
NOD period is 90 days
DO NOT move out of your home!
Your options are the same as Stage 1
1) Equity in Home – see Stage 1
2) NO Equity in Home – see Stage 1
Stage 3 – Trustee Sale Posting Period Notice of Trustee Sale (NOTS)
NOTS period is 21 Days – Emergency stage
Your options are the same as Stage 1 and Stage 2- NOD
1) Equity in Home – see Stage 1
2) NO Equity in Home – see Stage 1
3) Bankruptcy – The LAST MINUTE solution
ATTENTION: If you CANNOT qualify for a Loan Modification, having Bay Area Short Sale Services submit a Short Sale package to your lender will give you more time to stay in your home while we help you negotiate with your lender.
If your lender does NOT approve a Short Sale, the ONLY option you have left is bankruptcy. Use it as your last resort, but it will give you more time to stay in your home.
Stage 4 – Auction Trustee Sale (TS)
You can still STOP the auction by filing bankruptcy no later than 8 a.m. on the Trustee Sale date. You Need to be prepared!
Read Bankruptcy Law and Foreclosure Law above and please consult with a lawyer before making any decisions!
CA Foreclosure Search
