Foreclosure? - Save-It-Yourself

Are you at risk of foreclosure?

Have you missed a payment on your house note?
Haven't missed a house payment yet, but afraid you might?
Few choose to go into foreclosure voluntarily. Typically, here's how it happens:
Note: Timeline varies by state. `

• Oh no, you’ve missed one payment – Expect to receive a letter or a phone call from you lender extending a courtesy reminder that you payment has not been received.
• Uh-oh, you’ve missed a second payment – Expect for your lender to begin calling you to discuss why you have not made your payments. During this period, you may be able to make one payment to prevent yourself from falling three months behind.
• OMG!, you’ve missed three monthly payments – You can expect to receive a "Demand Letter" or "Notice to Accelerate" from you lender stating the total amount that you are delinquent, and that you have 30 days to bring your mortgage current. If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings.
• Wow!, you’ve missed four monthly payments.**Danger Zone** – Expect that if within 30 days you have not paid the amount due in full or made arrangements with your lender at this point, you will be referred to the lender’s attorneys and the attorney fees will be charged to you.
• Sheriff's or Public Trustee's Sale – Expect that the attorney will schedule a Sale of your property. This is the actual day of foreclosure. Three things may/will happen: 1) You may be notified of the sale date by mail, 2) a notice is taped to your door, and 3) the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. It can be as quick as 2-3 months. At this point, you have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees.
• Redemption Period – After the sale date, you may enter a redemption period. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale.

Does your situation fit within this timeline? Don’t give up. Click here for hope…

If your lender is calling you, don’t avoid these calls! Talk to your lender and explain your situation. You may be able to create a solution that will benefit you and your lender. You never know, if you don’t ask.

Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?

         Have a sigh of relief. Please give us a call @ 602-652-2575 to schedule a consultation!