If your property goes into default with your lender and they start a Foreclosure its critical that you understand your timeline and what it will take to bring your loan current.

Foreclosure is a legal proceeding and the requires that your TOTAL amount of payments that are behind including their Attorneys fees be paid in full or they can sell your home. Typically Lenders will not accept anything less then the total amount so it’s important you know exactly how much that is and how much time you have to pay it.

Your should immediately be in contact with your Lender to find this information out and see what options, if any, that they have to assist you.  Because this is not an absolute that they will assist you, it’s critical that you find out any other option that you have to resolve it yourself.

The best thing you can do in this situation is PREPARE FOR WORST CASE SCENARIOS. It doesn’t mean that it’s going to happen but knowing from this perspective allows you to cover all your bases including worst case scenarios.  The biggest mistake I see in these situations is that homeowners assume the bank will take care of them and it’s absolute that they will get help. They lose a lot of time and when the bank denies them they are stuck and left with little time and or resources to save their home.

PCC Real Estate Solutions will provide a FREE evaluation of your situation with no obligation to establish what are all your options to deal with your problem.  If you your interested or know anyone who could benefit from this please contact us immediately! 800-645-4158

I met an owner this week and she explained to me that she went through the Loan Modification process and got approved for a Loan Modification but her payment was only reduced $100. She had been laid off and had very limited funds so that kind of reduction wouldn’t do much for her. So she told the bank to foreclose and keep the house and packed up and left the home fairly quickly after that.

BofA waited almost a year before they placed the property in default and initiated a foreclosure process. I came into contact with her and quickly realized that although she was done with it all that she didn’t know how the bank would formally foreclose. She also didn’t have good resources of information before making a decision to walk away from the property. I explained to her that I got in contact with her because her property was finally in foreclosure and she was a few weeks away from the scheduled auction date. I could likely get her some money in exchange for the property before the sale if my estimation on the property were correct. She thought it was to good to be true. It wasn’t and she’s very excited about the deal we entered into.

It’s becoming a lot more common then you think for people to consider walking away from their home even with equity in their property.