Mortgage Foreclosure

What You Need to Know- When you know you are heading down this path and cannot make the mortgage payment and are behind one month already and you know that you will not make this months mortgage payment, its time to act, It's time to do a refinance and get cash out to catch up. The problem with this is that most people wait to long to act, then its too late.

Your first course of action is to notify your lender and let them know that you are having trouble and ask them in advance if do they will do a "Forbearance Plan". A Forbearance plan is a repayment plan designed by your lender to get caught back up should you get behind in your mortgage payments. If your lender doesn't do these type of plans (some do, some don't) then you need to go to our 'Find Me A Loan" service. we'll try to find you a lender that will help you. Most foreclosure bail out programs are capped at 65%LTV and & 70%LTV, meaning if your home is worth $100,000.00 they will only lend you $65,000.00 to $70,000.00 dollars.

When You Get Behind- when this happens, most lenders will not accept a partial payment and they will send your check back to you. You will have to pay them the entire amount that your behind, it seems ridiculous, but that's the way it is if they are not willing to do a forbearance plan.

Once you get more than two months behind, every bank and credit union is out of the picture for help, they will not do this type of loan, you will need to go through the sub prime side and we can help you. Every payment you get behind, the lender subtracts money off the total amount your allowed to borrow. Remember this and act before you get too far behind.

Lis Pendens- If you are in Lis Pendens then the foreclosure process has started and the plaintiff has filed a law suit against you to take the property back - We have a few solutions that can help you. If you end up losing your home, the best way to get into another home is through a lease with an option to purchase, find a home that you like, give the owner a 3 year lease, with the option to purchase it at the end of the lease. This purchase transaction can be handled as a refinance without you bringing any money to the table. Your credit will be much better and your foreclosure will be 3 years old.

Looking to Refinance out of a Foreclosure?

Yes, You can refinance out of foreclosure, usually you have to have at least 35 to 40% of equity in the home, you can refinance and pay the lender off. Ex: you house is worth 200,000.00 your mortgage balance cant exceed 65% of the value (200,000.00 x .65)=130,000.00 for you to do a loan, some lenders may go to 70% Loan to Value. Go to our Mortgage Quote

A 125% Loan before Foreclosure

This is another option, when those ARM's Adjust and The Value of your home goes down. But you need to do it ASAP!

You can refinance your Adjustable Rate Mortgages, even if you do not have equity in your home due to decreasing values. Most 125 percent lenders will require that they do 2 new mortgages, depending on the rate and terms. This is a good choice to save your home but you need to do it right away before you miss any payments and your credit scores go down. The credit score requirement on these type of loans start at about 640 and goes through 700, and they are for perfect credit borrowers with full verification of income. You absolutely cannot have any late mortgage payments over 30 days. To help you find a 125 lender and help you understand how they work, fill out the form below and submit it

Getting a Loan after Foreclosure- yes you can!

You can get a loan after foreclosure, usually after 2 years from the final foreclosure date. You have to have 12 consecutive payments of rent and you have to have cancelled checks or bank statements if the bank doesn't send your checks back to you. if your Married, make sure the 'personal check' going to the landlord is in both your names if you both are going to be on the loan. No-Money orders!, No Cash with receipts!- these are no longer acceptable. Current Financing is 90% of the purchase price allowing the other 10% to come from a family member, the seller is not allowed to take back financing. These guidelines may change over time.