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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.

Foreclosing on your home may no longer ruin your credit rating because of ‘Unusual Circumstances’.

Foreclosing on your home may no longer ruin your credit rating because of ‘Unusual Circumstances’. With tens or even hundreds of thousands of homeowners loosing their house banks have to figure out how to handle this new dilemma.

You have to remember that lender have to lend and Americans are opting to walk away from homes in financial crunch. With millions of people all entering into the same exact financial and Credit situation it may not be good for the banks to wipe all these people from their potential client list.

Walking away from your home may no longer kill your credit. Obviously, this does not justify for anyone to walk away, however, the question remains.

How will the credit agencies and the banking institutions handle this new area of credit problems?

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.

Sign Up Today For The #1
Foreclosure Business Opportunity Today!

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.

GET STARTED TODAY: The foreclosure industry is waiting for you to get started. Start your Foreclosure Business Opportunity now.

Get Started and start earning money in foreclosures.

Sign Up Today For The #1
Foreclosure Business Opportunity Today!

We would like to introduce our $45,000 GUARANTEE to all our free and premium consultants. This GUARANTEE was designed a few months ago when we launched our new 2008 Business Plan. Our new business plan was developed for premium Consultants who wanted to earn anywhere from $150,000 to $250,000 per year.

Sign Up Today For The #1
Foreclosure Business Opportunity Today!

DETAILS ABOUT THE GUARANTEE:

The GUARANTEE is actually provided by your assigned National Accounts Manager. Your Accounts Manager ("NAM") is assigned to your account randomly and is responsible in helping both free and premium members get established in their businesses.

GUARANTEE:

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

THE BUSINESS PLAN:

As an premium consultant you have different segments to your revenue streams. A portion of the plan is dedicated to NOW MONEY as referred to as Upgrade Bonuses. Simple Classifieds online and offline can bring you hundreds of people in to your organization who will earn you $497 bonuses. Simple ads can generate you up to $10,000 per week while you are building your business.

The next segment is GROUND MONEY also referred to as Personal Sales. As an premium consultant you get 100+ free foreclosure leads sent to you daily by email. You will need to call 20 of those leads daily as called for under the business plan. 20 calls per day should equal at least 3 sales per month and by average that should be around $4,000 per week.

The next segment is FSBO MONEY which is the referral of homeowners selling homes on their own. All you need to do here is make 4-5 people post their properties for free on our network. This will equate in to $2,000 to $3,000 extra revenue per month.

The $250,000 plan does not include downline commissions nor secondary product commissions. Those are extra and on top of the $45,000 guarantee.

If you have questions about our BUSINESS PLANS, please contact ScottPasinski@ConsumerMortgageReports.com or call 716-650-4841.

Sign Up Today For The #1
Foreclosure Business Opportunity Today!

COMMON REASONS: If a family loses their home in Foreclosure, it is easy to critically speculate and assume that they must have been irresponsible with the loan payments or they bought a home way out of their league. Despite the fact that those are possible reasons for foreclosure, truth be told that there are many other reasons people foreclose on a home and many times it is out of their control. For any reason that a person or family forecloses on a home, there is always hope and someone to help. This is why it is necessary for knowledgeable and equipped investors to be on their toes, ready to help those in pre-foreclosure or those who already are in foreclosure. Those who have defaulted on a loan could have suffered from any of many life changing events, such as the following:

Divorce | Divorce is a life changing issue and a split in a household can cause people to lose their home in foreclosure. A frequently used statistic today is that one in about every two marriages end in a divorce, and sadly its true. Divorce is undeniably a reality of our society today. Depending on who keeps the house is the determining factor of who will take over the monthly dues of the house. Unless arrangements are made in a prenuptial agreement, it is not a given who becomes the home proprietor and the legal process of a divorce takes time. The cost of a divorce itself can be the main cause of losing a home in foreclosure. Poor communication in a divorce is a factor which leads to unintended negligence and defaulted payments as well. Naturally, there are many different divorce scenarios that lead to home foreclosure.

Medical Reasons | Unexpected illnesses lead to a surplus of uninvited bills and many people can’t afford these expenses or do not have the insurance coverage to save them. Nobody plans to foreclose on their home, just like they do not expect to pay thousands of dollars in hospital bills. Ideally saving money out of each paycheck to cover potential medical expenses would be great, but that is not always an option. Many Americans live paycheck to paycheck, barely making the home loan payment. When a medical emergency happens within a family, the monthly mortgage payment is put on the back burner. Reason being that an illness can cause emotional stress, or disable someone from working (which leads to the next topic)

Job Loss | Job loss is a frequent cause of home foreclosure. The economy strengthens and weakens, and in conjunction with that the workforce moves up and down in numbers. As the unemployment rate goes up in a city it is safe to assume that foreclosure numbers will raise as well. Again, ideally one might hope to have saved enough money over the years to cover the home loan, credit card bills, electricity, etc in the case of job loss. However, this is not a social reality. The many Americans who have suffered job loss cannot pay monthly dues and they result with a default home loan, fall in to debt, and in many cases are foreclosed on by their mortgage lender.

Death | Death is single handedly the most detrimental happening for a person or family. Death can, in many ways, cause a family to lose everything; including their home to foreclosure. Take for instance, if the sole provider of the mortgage payments has died, then it is very likely that the rest of that family will lose their home in foreclosure. Unfortunately, the other spouse may be disabled or unable to work and sadly that person is in a seemingly out of control situation. This is where a qualified investor specializing in foreclosure will step in and help him/her get control again.

Conclusion | The reason a person or family goes into foreclosure is important for all to understand. As a homeowner one can be prepared for such a situation as the aforementioned, and as an investor, one can be informed as to what causes foreclosure and how to be of service. Death, job loss, medical expenses, and divorce are a few of the most common reasons people foreclose on a home. These factors are real and an everyday part of society.