Q. I’ve received a foreclosure notice. Just what is foreclosure?
A. Foreclosures usually occur because the person who took out the home loan can’t keep up with the monthly payments, and the owner of that loan – the lender – retakes title to the property. Mortgage holders find they can’t keep up with payments for several reasons. Typical scenarios include: an adjustable rate mortgage (ARM) adjusts the monthly payment up to an amount the loan holder can’t afford; job loss; divorce; illness.

When a home is foreclosed, the homeowner must move out of the house, losing all title and rights to the property, as well as any equity he or she may have gained while owning the property.

The foreclosure process can take from one to several months, depending on the state in which the property is located.

Q. My local sheriff knocked on my door and handed me a “notice of default.” What’s that?
A. It means your lender has contacted an attorney. The process to foreclose on your home has begun.

Q. What can you do to help me stop foreclosure?
A. We can help you in several ways. We’ll work with you to find the best plan of attack so that you may stop foreclosure and keep your home. We’ll review what your lender calls “loss mitigation” policies (see below) as well as the foreclosure laws in your state. We’ll work with you as well as your lender to craft a plan that will meet your specific needs. We’ve been doing this for xx years and we’re experts in the ins and outs of a process that we know can feel overwhelming and hopeless to you. We consider it our mission to keep you in your home.

Q. What is this thing called “loss mitigation?”
A. Basically, it’s the process of stopping a foreclosure before you’re forced out of your home. We’ll work with you and your lender to work out an agreement that serves the best of both of your interests. We’ll forge a loan modification plan or even a repayment plan with your lender that is affordable for you, given whatever your financial circumstances may be.

Q. Should I have called you yesterday?
A. We’ll be blunt here – yes! The closer you are to being locked out of your home, the harder it is to work with your lender. The longer you’ve been behind in your mortgage payments, the more difficult it will be to come to an agreement that will serve both you and your lender. In some states, the foreclosure takes just a few weeks. Call us now!!!

Q: I’ve already been contacted by other companies that say they can help me. Why are you different?
A. We advise you to do your research on anyone who contacts you claiming they can help you refinance your loan, modify your loan, and help you stop foreclosure. And that includes us. You should vet everyone. Some companies are just interested in doing the easiest thing to help you, which may or may not be the best thing for you, and taking their fee. Check a company through your state’s attorney general’s office and/or the better business bureau. Ask lots of questions. If a company hems and haws on answering them, run away. Fast.

Q. Will it take you a long time to stop my foreclosure once we start working together?
A. Our help can take from just a couple of days to a few months and depends on where you are in the foreclosure process when you contact us. The stop foreclosure process usually takes several weeks.

Q. I was in denial for a long time before calling you. Maybe too long. Is it too late for me?
A. No. Foreclosure is not complete until the foreclosure sale on your home. If a sale date already has been set you need to act very quickly, but all is not lost. We can stop a foreclosure sale set for the next day, but don’t count on it. Call us as soon as you know things are looking bad for you. There is no shame in this – you’d probably be surprised how many of your “well-to-do” neighbors are going through the same thing as you. We’re here for you. Call us.

Q. I have no money. I couldn’t afford any payments you could work out. I’m doomed!
A. No, you’re not. We might be able to work out something with your lender where your bank will accept the amount you receive in a “short sale” of the property, even if the amount you receive for the house is less than your mortgage.

Q. Why would my bank accept less than the amount of my loan?
A. The “short” answer: money. It costs your lender money to foreclose on your house and then sell it. Bankers like making loans, they don’t like selling houses. The quicker they can get at least something out the deal, even if it’s not for the total amount of amount owed, the happier they are.

Q. A friend of mine filed bankruptcy and was able to stay in his house. Is that an option for me?
A. Please consult with a good bankruptcy attorney.

Q. Too late. I’m already in bankruptcy. I’m doomed!
A. Please consult with a good bankruptcy attorney.

Q. My lender send me notice of the “acceleration clause.” What is that?
A. Your lender is demanding payment of the entire balance of your mortgage. Now. All of it. Your lender sent you this because you are in default and

Q. I received a “notice of default.” What’s going to happen now?
A. If you receive an N.O.D. (notice of default), that means the foreclosure process has started. Your lender has contacted an attorney and they have set the date for your home’s sale to the highest bidder at a public auction.

Q. My bank is saying they have a Non-Judicial Foreclosure and they don’t have to go to court. How can that be?
A. Your loan instrument you signed when you purchased a home had a "power of sale" clause. Or your loan instrument is a "deed of trust." This power of sale clause means you authorized your lender to sell your home in order to pay your loan in case you default. Had you not had these, you would not have a non-judicial foreclosure. You would have a judicial foreclosure, and your lender would have to go to court to foreclose on your property.

Q. I’ve received a notice called "Lis Pendens." What is that?
A. Lis Pendens is Latin for “suit pending.” It’s the first step your banker takes to foreclose on your home.

Q. How do you get paid for helping me?
A. As we help you stop foreclosure, we charge you fees that depend on how much work it takes to help you keep your home. So that’s all the more reason for you to call us as soon as you can. The sooner you call us, the simpler it will be to stop foreclosure and the less our fee will be.