Understanding Foreclosure
Knowledge is power. Understanding the foreclosure process can help you make informed decisions about your situation.
Pre-Foreclosure
This is the period after you've missed payments but before formal foreclosure proceedings begin. You typically have 3-6 months of missed payments before the lender files a Notice of Default.
What you can do:
- • Contact your lender to discuss options
- • Consider loan modification or forbearance
- • Explore selling your home before foreclosure
Formal Foreclosure
This begins when the lender files a Notice of Default. The timeline varies by state, but you typically have 30-120 days before the property goes to auction.
What you can do:
- • Reinstate the loan by paying the past due amount
- • Negotiate a short sale with your lender
- • Consider a deed in lieu of foreclosure
- • Explore our subject-to purchase options
Post-Foreclosure
After foreclosure, you'll need to vacate the property. The foreclosure will remain on your credit report for 7 years, but you can begin rebuilding immediately.
What you can do:
- • Create a plan to rebuild your credit
- • Explore future housing options
- • Consider bankruptcy if you have other significant debts
- • Learn from the experience for future financial decisions
Your Foreclosure Solutions
We offer several options to help you avoid foreclosure and move forward with your life.
Subject-To Purchase
If you have little or no equity, a subject-to purchase might be your best option. We take over your property "subject to" the existing mortgage, meaning:
- We make the mortgage payments going forward
- You avoid foreclosure and the credit damage it causes
- You can move on without the burden of the property
Frequently Asked Questions
Get answers to common questions about foreclosure and your options.
How long do I have before my home is foreclosed?
The timeline varies by state and lender, but typically you'll have 3-6 months of missed payments before formal foreclosure proceedings begin. After that, you may have another 1-4 months before the property goes to auction. Contact us immediately to discuss your specific timeline and options.
Will selling my home stop the foreclosure?
Yes, if you sell your home and pay off the mortgage before the foreclosure auction, the foreclosure process will stop. We can often close quickly to help you beat the foreclosure timeline.
What if I owe more than my home is worth?
If you're underwater on your mortgage, you have several options: 1) Negotiate a short sale with your lender, 2) Consider a deed in lieu of foreclosure, or 3) Explore our subject-to purchase options where we take over the payments on your existing mortgage.
How does a subject-to deal work?
In a subject-to transaction, we purchase your home but leave the existing mortgage in place. You transfer the deed to us, and we take responsibility for making the mortgage payments. This allows you to move on without going through foreclosure, even if you have little or no equity in the property.
Let's See If We Can Solve This Together
Fill out the form to tell us about your situation. We'll get back to you within 24 hours with potential solutions tailored to your needs.
Our Promise To You
- We listen, we don't judge. Everyone deserves compassion and respect.
- We keep your information confidential. Your privacy matters to us.
- We present all your options, even if they don't involve working with us.
- No pressure, no obligations. The choice is always yours.