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Foreclosure: Looking out for…

12 0 18 Jul 2020

Alright so let's say your home has entered the foreclosure process (If you're not sure what this is no worries, we've got you covered in a previous post). Of course you want to stop the foreclosure dead in its tracks. There are lots of resources available to help you do so but there are also plenty of scammers out there. So today we're here to teach you the 5 common claims made by foreclosure scammers and why you should care. (more…)

Foreclosure: Understanding the Basics

31 0 01 Jul 2020

In a previous post we outlined the affects of foreclosure. That post was written under the assumption that you understand what a foreclosure is. Today we're going to tell you 5 things you need to know about the foreclosure process and why you should care. (more…)

“Skipping” Mortgage Payments, Forbearances…

46 0 16 Jun 2020

COVID-19 has adjusted the financial situation of households across the world. If you've been keeping up with federal legislation being passed in response to COVID-19 you’ve probably heard phrases like CARES Act or Mortgage Forbearance being thrown around. So, we're here to tell you 5 things about forbearances and why you should care. (more…)

Frequently Asked Questions

57 0 02 Jun 2020

I’ve missed a few mortgage payments, what will happen? Your home may undergo the foreclosure process, but there are ways for you to prevent this from happening. What should I do once I’m behind on my mortgage payments? Don’t wait, get help early! By actively working to resolve the issue as soon as possible, you greatly increase your chances of avoiding the loss of your home through foreclosure. If you even see the possibility of missing a payment, contact your lender and explain your financial situation. This act of initial contact, before letters of delinquency arrive, will help your lender understand that you are facing issues that impede your payments, providing your lender an incentive to find a proper “work- out” resolution, or to begin modifications to your loan. What is a “work-out” resolution? Commonly, the term “work-out” resolution is an agreement where you continue making payments on your past
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The Effects Of A…

56 0 30 May 2020

These days more homeowners are facing a tough decision about whether a foreclosure is the only option they have left. Deciding to foreclose on your home will have implications on your family and your credit for the rest of your life. When a homeowner can no longer make payments to a lender for a home, the lender may repossess a home in the process of foreclosure, usually with the purpose of reselling it, to recover the amount owed on the defaulted home. Homeowners facing foreclosure proceedings will face lasting implications. A few of the effects of foreclosure are: Your credit scores will be significantly lowered, sometimes by more than 300 points. This is the single most devastating mark on your credit report and will affect all of your future credit possibilities. A foreclosure listed on a credit report is nearly impossible to have repaired and will most likely remain a
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What’s The Difference Between…

68 0 25 May 2020

Below are a few comparisons between short sales and foreclosures for a better understanding of why short sales are a better option for most homeowners. While a short sale is a complicated process, the outcome is worth it in the end! What are the implications to my credit score? Following a successful short sale, your mortgage will be reported on your credit score as either paid or negotiated, lowering your score as little as 50 points and affecting you for only 12 to 18 months. After a foreclosure, however, your credit score can lower as much as 300 points and usually at a minimum of 250 points and affects your score for over three years. What are the implications to my credit history? A short sale is usually reported as paid in full and is not reported on your credit history. A foreclosure will remain on your credit history for
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