Stop Home Foreclosures
The Stop Home Foreclosures website has more than 15 years experience in all aspects of the foreclosure industry.
- If your mortgage payment is 30 days late, the Bank or Mortgage Company will charge you late fees.
- After 60 days, the Bank or Mortgage Company will not accept a partial payment (1 month), the Bank or Mortgage Company wants the past 2 months of mortgage payments plus late fees.
- If you send a partial payment (1 month), the Bank or Mortgage Company will only return your partial payment.
- One way around having your partial mortgage payment returned is to Western Union your payment to the Bank or Mortgage Company, without a return address (Save the Receipt).
- If you have not paid your mortgage for 90 days, the Bank or Mortgage Company will start foreclosing on your property by filing Foreclosure paperwork at the county court house where the property is located in, and/or by filing a "Lis Pendence" (a/k/a 'Lis Pendens' / Latin: pending lawsuit) on the pending foreclosure property.
- Once the foreclosure proceedings begin, your credit report will show: "Foreclosure Proceedings Initiated".
- When "Foreclosure Proceedings Initiated" or "Foreclosure Proceedings Started" is on your credit report, your credit scores will continue to plummet.
- Once your credit scores (FICO scores) drop below 500, no banks or mortgage companies will give you a mortgage or refinance your existing mortgage.
- With "Foreclosure Proceedings Initiated" on your credit report, banks and mortgage companies will not refinance your existing mortgage.
- Only "Foreclosure Bailout" companies will refinance your existing mortgage when "Foreclosure Proceedings Initiated" or "Foreclosure Proceedings Started" is on your credit report.
If your house or property is in foreclosure, you have only a few options:
- DO NOT try to refinance online. Online refinance "web sites" distribute your credit information to multiple "lenders", who all run your credit, causing your credit / FICO scores to possibly plummet. Credit agencies state that running your credit for a mortgage, does not affect your credit / FICO scores.
- If your house or property is in foreclosure and scheduled for "Sheriff's Sale", call the county courthouse to request a Sheriff Sale: "Adjournment" on the foreclosure property.
- Speak with your mortgage company about taking your home out of foreclosure or by asking for a forbearance agreement.
- File for bankruptcy; Chapter7, Chapter 13, etc.
- Sell your house, so you do not have to lose the equity you have invested in your property.
- Have a friend or family member purchase your house or property for you.
- Refinance through a "Foreclosure Bailout" company and pay a much higher interest rate (usually around 13% or higher). Do not pay any up front fees (except for the appraisal).
- Save your home by using a lease / buy back option where an investor buys your property, up to 85% of the properties value, and then leases the property back to you until you can afford to buy your house back.
"Private Investors" will only look at the amount of money owed on the property, liens and personal debts.
Private Investors will fund up to 85% of the houses or properties value.
Most "Foreclosure Bailout" companies will only fund up to 65% of the houses value.
Some "Foreclosure Bailout" companies will fund up to 70%-75% of the houses value.
Private Investors will look beyond the mortgage debts, liens and any other debts.
The Private Investors are not interested in credit reports, only in the value of your house or property.
Private Investors will purchase your "Foreclosure Bailout" on an "Owner Occupied" property, "2nd Home" or an "Investment Property", and then lease the property back to you until you can afford to buy your house back
(usually 1 year).
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