Please keep in mind that no matter what you may read, any conversation heard or what anyone may say; a foreclosure action CANNOT be stopped. The best that anyone can do is to slow it down, but that takes some skill. A bankruptcy is the only way to stop it, but only temporarily, but in most cases, usually 9 of 10 cases either do not qualify and or are usually dismissed for failure to pay as agreed to.
In Chapter 13 bankruptcies, the combined payments will generally be higher than are being paid currently. Chapter 7 bankruptcies are a total liquidation of all assets and giving up more than the just the subject property. The lender(s) at this stage are angry and are anxious to get paid and or the property returned.
There are three main departments within the lender(s) organization. The Workout Department, the department where the borrower(s) can speak with to determine if anything can be worked out as far as getting caught up and working out a plan (see options below)?
It then proceeds to the Foreclosure Department that is assisted by the lender(s) attorney’s to take legal initiative by filing a foreclosure action lawsuit to legally and expeditiously resolve.
The third is the Loss Mitigation Department, as the name implies, tries to mitigate the losses for the lender(s). This is the department that negotiates the short sales and has the final say. Keep in mind that if a short sale is being negotiated, the foreclosure department and attorneys does NOT stop its efforts, and moves ahead assuming that if the short sale negotiation falls through and doesn’t sell, the lender(s) does not loose any additional time.
If there is a bona fide Agreement of Sale and Purchase on the table pending a short sale approval, in most all cases, the lender(s) will postpone any scheduled sale dates as needed.
When a foreclosure action is filed it now become public record, and the whole world knows (even when the borrower(s) are 30- 60-90 days late). Now…all the concerned and interested parties come out to pester the borrower(s). Attorney’s, Loss Prevention Mitigation, “We Buy Homes” and “We Can Help You” types and Many Others are out to let you know of their interest.
A few can actually help the borrower(s), but the high majority really just wants to steal your home. With all the phone calls and letters up till now, most borrower(s) have had it and basically cut all ties and go underground thinking that it will all get better and go away.
Or many borrower(s) think and believe that nothing can be done to actually help them. The voicemail and the mailbox are now filled and flooded. You are afraid to talk to anyone because you are not sure what to ask, or maybe you do and really don’t want to know the truth? Just ask if you want to know! So many borrower(s) discover after it’s too late that help was there for the asking.
Disclosure. So the reader is not in anyway mislead, the information that is presented herein is designed to be more of an informational guide as to how many of these certain situations generally work. The writer is not an attorney, real estate agent, banker, accountant, foreclosure or credit counselor or any other type of licensed individual representing the areas as described herein.
This information works in most all areas but has not been researched to determine which areas or situations that it may not work in or may have to be altered. The reader should in all cases seek applicable legal advise and research their own situation before engaging any of the information printed here within. Reader hereby agrees to hold the writer of this information harmless for any and all usage of the here within which may cause an adverse effect on any current and or future situation the reader may try to resolve or become involved in.
To learn more about the foreclosure revelations, please visit our website or contact us for more in depth information.
Clint Cohen is a renowned national expert and guru mastering in investing and creative real estate solutions. Clint is also a national award winning builder, remodeler and developer with over forty years of success.
Clint has authored several books and has created exclusive paperwork for all his business. www.truthofrealestate.com
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