What is the Mortgage Foreclosure Process?

A foreclosures is a legal proceeding that occurs when a homeowner (mortgagor) fails to make the agreed upon mortgage payments and the holder of said mortgage (mortgagee), typically a bank, evicts the homeowner, seizes that property and sells it to another individual.

In the event a homeowner fails to pay on their mortgage, a foreclosure is the primary remedy utilized by most mortgage lenders, in most states, to collect on the debt owed to them. The house is the main collateral or asset the bank has when they issue a mortgage to an individual.

The foreclosure process starts when a homeowner falls behind 90 days on their mortgage payments (this is most typical). At that point a lender may file what is know as a Notice of Default and an Election to Sell (again, most typical).

At this point, the lender typically waits about 90 more days where it appears nothing more happens from the lender other than possibly receiving phone calls requesting that the homeowners gets caught up on their mortgage. Behind the scenes, the lender is preparing their team to initiate the actual reclaiming of the asset.

After what is a total of about 180 days of being late on the mortgage payment, the lender has the right to publish what is know as a Notice of Sale. Most states require the lender publish the tentative sale for abouts 3 weeks. When the lender publishes that Notice of Sale, it is typically in a newspaper and they have to declare when the property will goto sale on the courthouse steps or some other predetermined location.

A homeowner does carry the ability to cure the mortgage loan and keep their house, this is called the Right of Reinstatement (most state laws offer this). This means that if the homeowner can pay back all delinquent mortgage payments plus additional fees and penalties up until a predetermined time, usually 7 days before the Notice of Trustee Sale, the lender will allow them to keep their home.

The homeowner does not have to pay back the whole loan, they do not have to refinance, they simply have to pay the mortgage payments that were missed, fees and penalties.

If the homeowner is unable to execute their Right of Reinstatement or if the lender does not postpone the sale, the property will goto the Trustee Sale.

Once the Trustee Sale occurs, the property is lost.

You can retain the services of a trusted professional, who understand your rights and entitlements by clicking here.

Managing the stress associated with foreclosures.

Recently APA did a study where found 40% to 60% of homeowners tie their self esteem directly with the mortgage and foreclosure problems they face.

It is important to remember that a mortgage is REALLY a business transaction.

If you are emotionally bleeding, if you are financially bleeding, let it go. It is OK if you have to sell your home, move and start over. Stress is bad and can hurt your health more.

Don’t wait till your back is up against the wall. If you sell your home, you don’t have to sell your self esteem, It’s OK. Alot of people are going through this.

Face your foreclosure because your foreclosure can have an impact on entire family.

Seek advice from professionals. If you chip your tooth, you goto a dentist. Right? If so, then why face your largest investment alone? Hire a loss mitigation professional today.

CNN.com recently stated, even with all the foreclosure prevention programs developed by the government, only about 30% of the homeowners can be helped. The reason is obvious. Why does any, for profit banking institution, want to take on the problems of another bank?

New number show home foreclosures up 35% from last year, with more than 6.35% of all home loans in the United States falling delinquent. This number does not include homes currently in foreclosure.

Manassas Northern Virginia hit hard where 1 in 20 homes are in foreclosure.

14.5% of all homes for sale across the US in April 2008 were the result of a foreclosure.

"We often discover a bank's ‘policies’ to
stop foreclosure differ from the law"

Homeowners run into sad realities once they discover their home is in pre foreclosure or foreclosure. Amazingly, Loss Mitigation can help stop foreclosure, perhaps up to 100% of a homes value.

Foreclosure begins when something really bad happens - loss of employment, the passing of a family member, illness, catastrophe, divorce, drug problem, separation, family crisis, gambling, etc. The results are heartbreaking and often add up to the loss of a home. A family is on the street and family members start to blame each other.

Meanwhile, lenders place borrowers in the hands of their collection departments and they are relentless, calling at all hours, both at home and at work. Some subprime lenders even call neighbors. A few "A" lenders strive to be helpful and offer to review your file to see if a program can help.

Unfortunately, for the most part, homeowners are unaware of the guidelines for these unfamiliar programs and tell lenders what they think they want to hear.

"Typically, we discover that the bank's ‘policies’ that stop foreclosure differ from what the law allows for. Since most people are new to the foreclosure process they can’t make their best case. It appears that banks take advantage of the fact that most homeowners are unaware of the process."

Since foreclosures are legal issues printed in local newspapers, homeowners will typically find some interesting folks drawn to their ‘foreclosure opportunity’.

Fifty or more attorneys write to say bankruptcy is the only way to save their home. Forget that bankruptcies commonly fail, as homeowners are required to pay all creditors, all those old IRS taxes, medical bills and credit cards long-forgotten.

Homeowners need to understand that their credit will be damaged for the next 7 to 10 years since both a foreclosure and a bankruptcy will appear on them.

Home owners need trustworthy professionals. Most homeowners are able to solve their financial troubles in a short time. They frequently can handle their bills but are $10,000 to $30,000 behind on their home loan and their lender won’t take partial payments. Often times, they have saved some money from the nonpayment but still are losing their home.

So how can you stop foreclosure for the 1,000,000+ families going into foreclosures this year? One at a time…

The answer for the majority of home owners is simple. "When people injure their foot they go to a foot specialist, when they are faced with legal matters they retain an attorney and they see a dentist for teeth care. The clear choice when confronted with a home foreclosure is to leverage the years of experience that a professional Loss Mitigation Specialist has". Not to mention the fact that this is the least stressful and most cost effective option. In fact, a good specialist will not charge for the first consultation, this will allow a homeowner the opportunity to see if they are candidates for the program.

There are several options for a homeowner in foreclosure and a stop foreclosure Specialist will uncover their best choice. Their vast understanding and skill set typically help home owners out of foreclosure 98% off the time. Perhaps some homeowners have enough equity to do a "foreclosure bail out" loan. Others may need the services of a real estate company that can work to sell a home in a timely manner to avoid foreclosure.

Lenders may offer a solution directly to a home owner but it is designed with the bank's best interest in mind and frequently requires borrowers to meet impossible underwriting guidelines. Typically they approve plans that are outside a home owner’s budget. "The trick is to force the lender to approve a plan that is in the best interest of the home owner and their ability to pay their mortgage".

The goal is to come out of the foreclosure as fast as possible and within a short time refinance with a "B/C" loan and this will improve your credit. Lenders can lend from 80 to 90 percent of a homes value once the foreclosure has been resolved. Within a year, home owners often discover they are qualified for an "A" loan once their credit has improved.

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosure.

Loss Mitigation helps foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure.

Our extensive experience and solid working relationships with mortgage lenders allows us help homeowners avoid the common pitfalls that many encounter while trying to work things out directly with their lender.

After performing a thorough assessment of homeowners personal finances and analyzing lender’s loss mitigation policies our professional loss mitigators will negotiate with lender to get homeowner the best possible solution to home foreclosure problem.

We help homeowners save their home and credit history through a variety of loss mitigation options stop your foreclosure now.

Stop Foreclosure <=click here

The Foreclosure Prevention Industry NEEDS your help! The foreclosure problem is spiraling out of control across America due to interest rate increases that are causing Adjustable Rate Mortgage (ARM) payments to rise by 30%, 40% and as high as 50%. The other major causes are Predatory Lending and American jobs are still continuously being outsourced to other countries. National mortgage defaults and Foreclosures statistics are at 30-year highs and rising rapidly.

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As a Real Estate Consultant, you have the opportunity to help home owners prevent their foreclosure. Our primary focus is preventing their foreclosure by using advanced loss mitigation techniques that help the mortgage lenders reach resolutions, while keeping the best interest of the home owners in mind. How would you feel if you helped save someone's home from foreclosure?

This is not a franchise. Your territory is not limited a the entire nation is your office. You can work from home if you choose, helping to prevent foreclosures nationwide. Loss Mitigation will give you tremendous satisfaction and a vehicle to earn a very lucrative income.

Whether you are a Real Estate Investor, Real Estate Agent or Mortgage Broker you will learn how to tap into 7 Powerful Income Streams, while enhancing your primary business and defeating the competition in your local market.

GUARANTEE: The program generally has 12 plans but 2 of them are the most dominant. The LM1 plan calls for $25,000 per year and the LM2 plan calls for $250,000 per year. Under the business plan CSG guarantees that all LM2 Consultants at least earn $45,000 within the first 6 months or they get 100% upgrade fees returned. Since LM1 Consultants do not invest any upgrade fees they do not share with such guarantees.

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