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What are the fees for foreclosures?

Fees are assessed for every individual case but they can range from $750 and up.
What are the fees for bankruptcy?
Fees are assessed for every individual case but they can range from $1000 and up, the filing fee alone is $299.
What is bank foreclosure and how long does it take? The legal process that banks and mortgage companies use to force the sale of your home to repay a debt; usually the mortgage on your home. Even if one payment is missed the lending institution can sue to take the property back and then sell it to repay the money owed them. A foreclosure complaint is typically filed after three or four payments are missed.
What are my options, how do I exercise them?

You have several options available to you as long as you own your home. Once your house is sold, whether by you or through foreclosure, many of your options disappear.

Knowing what your options are, puts you in a much stronger position to deal effectively with the foreclosure process. Armed with the information to save your home from foreclosure and, in some instances, avoid the foreclosure process altogether.
What about these people claiming they can save my home?

When foreclosure documents are filed they become a matter of public record and many people review these records for various purposes such as compiling lists to sell to bankruptcy attorneys, investors, real estate professionals and other people interested in either purchasing your home or . . . helping you save it. Some of these offers are probably legitimate but, none of them have your best interest at heart. Never forget that these offers come from people who are in the business of making a profit from your foreclosure situation!
What does "Short Payoff" mean?

It's called the Compromise Sale or the "Short Sale" and a foreclosure notice does not prohibit you from selling your home as long as you own it. However, you must act quickly and select the right real estate professional, one well versed in these type of sales.
I don't want to keep the house nor bother with trying to sell it. What would happen if I just walked away?

There is a legal process for walking away from your home or forfeiting your property. You should seek the advice of an attorney well versed in this area because you could face catastrophic consequences if you just walk away.
What happens if they sell my house for less than I owe?

Banks are not in the business of owning or selling homes and they do not like to foreclose on property because it's expensive and they usually lose money. They must prepare the home for sale, hire a real estate agent to sell it, and until it's sold, it remains a non-producing asset on their books. The lending institution would rather take a loss on the home than have it remain on their books as a non-producing asset.
What if they sell my house for more than I owe, do I get any money?

Yes! Any amount over the total debt owed will be paid to you upon the transfer of ownership (closing). However, if they sell it for less, the balance is called a deficiency and your bank can use whatever means they deem necessary to collect the outstanding balance. Most states treat this as an unsecured debt (just like credit card debt) and give the bank (or creditor) the same legal rights to pursue you, usually by suing you in court .
How long does the foreclosure process usually take?

It can take anywhere from 4 to 8 months.
Is it really possible to save my home from foreclosure?

Yes! If your willing to fight for it. Knowing and understanding what options are available to you is the first step. Your success depends on you implementing the proper option in a timely manner. The most popular options are:
Special Forbearance
Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. You may qualify for this if:
- you have recently lost your job or source of income or;
- you had an unexpected increase in living expenses.
You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.
Mortgage Modification
You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay).
Partial Claim
Your lender may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current.

You may qualify if:
- your loan is at least 4 months delinquent but no more than 12 months delinquent;
- your mortgage is not in foreclosure; and
- you are able to begin making full mortgage payments.
When your lender files a Partial claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must execute a promissory note, and a Lien will be placed on your property until the promissory note is paid in full. The promissory note is interest-free and will be due if you sell or leave your property, or when your mortgage matures.
Pre-foreclosure Sale
This will allow you to sell your property and pay off your mortgage loan to avoid foreclosure and damage to your credit rating.

You may qualify if:
- the "as is" appraised value is at least 70% of the amount you owe and the sales price is 95% of the appraised value;
- the loan is at least 2 months delinquent prior to the pre- foreclosure sale closing date; and
- you are able to sell your house within 3 to 5 months (depending on what your lender agrees to).
An additional benefit to this option is the assistance you will receive with the seller-paid closing costs.
Deed-in-lieu of foreclosure.
As a last resort, you may be able to voluntarily "give back" your property to the lender. This won't save your house, but it will help your chances of getting another mortgage loan in the future.

You can qualify if:
- you are in default and don't qualify for any of the other options;
- your attempts at selling the house before foreclosure were unsuccessful; and
- you don't have another FHA mortgage in default.
Bankruptcy
Consider this option carefully. See the Bankruptcy information tab.

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