Q: From start to finish, how long does the process of foreclosure usually take?
A: This can certainly vary from lender to lender. However, from the date of your first missed payment to the date of the foreclosure auction, it is possible that as much as four months could elapse. It depends on many variables but the two biggest factors are your local enforcement and your mortgage holder's desire for moving quickly.
Q: Is it possible that I can be evicted from my home during this process?
A: It would be a most unusual circumstance that would cause this to be possible. Sometimes people are encouraged to "drop off the keys in the mailbox or at an office somewhere." That should probably be the last thing you would ever do. Only when a foreclosure sale has happened and there is a new owner do you normally no longer have the right to occupy the house.
Q: Why is my lender being so uncooperative and not trying to work with me?
A: If you have fallen into foreclosure, your lender is generally not highly motivated to be flexible in working with you. The larger lenders have millions of loans on the books. Most people find that trying to work out arrangements with lenders themselves often only results in frustration. Endless attempts to contact their lender by phone and endless paperwork only seem to get them nowhere.
Sire Properties is experienced in dealing with the lenders and loss mitigation firms that serve your market. By working with Sire Properties, you have the experience of a professional who successfully deals with foreclosure situations all the time - working on your side.
Q: When should I be really concerned that I might lose my home?
A: Well, it's likely that you are here because you're already concerned. Since you are visiting this website, you probably have a reason to be worried.
Sometimes people don't take this process seriously until they actually receive a notice of Lis Pendens. At this point you should be extremely concerned and would be well-advised to already have Sire Properties helping you deal with your problems.
Q: If the foreclosure process has begun, can it be stopped?
A: Absolutely. If you start exploring your options when you are only late with your first payment, there are quite a few different options. However, as the time between your initial late payment and the time you get started addressing your problems drags on; your options begin to get more and more limited. The time to act is now - not later.
Q: At what point in the foreclosure process will I have absolutely no options left?
A: Actually, you always have some options. Realistically, even after a foreclosure and eviction, you could still buy your house back. Realistically, if you haven't been able to make a deal to save your house before eviction, the chances are very good that you will be unlikely to structure a deal to buy the house back. This is largely based on the assumption that you hired a capable attorney and had the ability to strike a deal. If so, you would have done so long before a sheriff removed you from the house.
Q: What steps are taken during the foreclosure process?
A: The foreclosure process is as follows:
Be aware that these steps can sometimes happen fast and this process can be a very short one. Don't hesitate - now is the time to get in front of the process by working with Sire Properties before you run completely out of options.
Q: I have received letters, flyers and other solicitations from people I don't know who claim that they can help me deal with my financial problems. How did they find out that I was having problems and get my address?
A: Foreclosure is a legal matter and your name and address is part of the public record. Information regarding foreclosures is collected and sold by companies who do nothing but this and have clients that are seeking to work with you to resolve your situation.
Q: Can any of these people who are contacting me actually help?
A: Certainly there are legitimate people out there who could help you. However, there are many kinds of companies that send these letters such as:
Sire Properties: Simply put, we are the "Good Guys". We are specialists in really helping you consider your alternatives. We know the languages that mortgage companies speak and can help you make the best decision possible.... and yes, if selling your house is the best option, we can certainly help you do that as well.
Q: What is really my best available option?
A: There is no one answer to that question. It depends on many different variables and all of them must be carefully considered when formulating a plan of action.
A careful review of all your assets, liabilities, income and expenses is a basic requirement as is a thorough understanding of exactly why you are facing foreclosure and how far along in the foreclosure process timeline your situation has advanced. All of these factors play a significant role in determining your best option or options - indeed there can be more than one best option. Sire Properties is experienced in dealing with these situations and can help you make the right decision. The time to start working on this problem is NOW, not later when your options are severely limited.
Q: What is the difference between a foreclosure sale and a sheriff’s sale?
A: A foreclosure sale is held by a mortgage holder. A sheriff’s sale is held by a lien holder or other attached creditor.
Q: If I cannot stop the foreclosure sale process and my house does go to a foreclosure sale, what will happen at that sale?
A: The auction sale usually includes these events:
Q: How are the proceeds from a foreclosure sale distributed?
A: Funds are usually distributed in this order:
Q: What happens if there's not enough of a bid to pay off the mortgage?
A: If there's not enough proceeds from the sale to cover the debts owed on the property (mortgage(s), liens and others), the remaining debt is considered to be an unsecured debt. Therefore, you are still responsible for the debt.
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