Frequently Asked Questions
How do you help homeowners?
We design a payment plan and terms based on the situation. The key is to keep their best interest at heart. We have found that many times there are short term circumstances that prevent them from making full payments on their mortgage. We are able to create a "win-win" scenario until they get back on their feet. Strategies are payment plan reinstatement, refinancing, deed-in-lieu of foreclosure, etc.
Can the financial institution who has a second mortgage on a house initiate a foreclosure?
Yes. The second mortgage lender can foreclose on the property even if the first mortgage is in good standing. A second mortgage is a secured loan backed by the value of the home, just like the first mortgage. The difference is that the first mortgage lender is paid ahead of the second mortgage lender in the event of a foreclosure. If the second has threatened or initiated foreclosure proceedings, they are well within their legal rights to do so.
Do you foreclose against the homeowner? Unfortunately there are circumstances where we do foreclose on houses. However, we make every attempt to help the homeowner keep their home. Foreclosure is generally the result of the homeowner altogether avoiding discussions with us.
The law firm says the foreclosure will continue unless the legal fees are paid. Can they do that?
Yes. Even if you have paid your mortgage and all arrears except legal fees they can still continue the foreclosure process. Arrearages include all the past due payments as well as court costs, late fees, penalties, interest AND attorney's fees.
May a lender perform an interior inspection of the property? Yes, the lender may conduct a review as necessary to verify that the property has no physical conditions which adversely impact the borrower's ability to support the mortgage payment.
We design a payment plan and terms based on the situation. The key is to keep their best interest at heart. We have found that many times there are short term circumstances that prevent them from making full payments on their mortgage. We are able to create a "win-win" scenario until they get back on their feet. Strategies are payment plan reinstatement, refinancing, deed-in-lieu of foreclosure, etc.
Can the financial institution who has a second mortgage on a house initiate a foreclosure?
Yes. The second mortgage lender can foreclose on the property even if the first mortgage is in good standing. A second mortgage is a secured loan backed by the value of the home, just like the first mortgage. The difference is that the first mortgage lender is paid ahead of the second mortgage lender in the event of a foreclosure. If the second has threatened or initiated foreclosure proceedings, they are well within their legal rights to do so.
Do you foreclose against the homeowner? Unfortunately there are circumstances where we do foreclose on houses. However, we make every attempt to help the homeowner keep their home. Foreclosure is generally the result of the homeowner altogether avoiding discussions with us.
The law firm says the foreclosure will continue unless the legal fees are paid. Can they do that?
Yes. Even if you have paid your mortgage and all arrears except legal fees they can still continue the foreclosure process. Arrearages include all the past due payments as well as court costs, late fees, penalties, interest AND attorney's fees.
May a lender perform an interior inspection of the property? Yes, the lender may conduct a review as necessary to verify that the property has no physical conditions which adversely impact the borrower's ability to support the mortgage payment.
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