MISTAKE #1: Thinking it’s too late. There’s nothing you can do anyway, and you’re “only one or two payments behind” so you may as well wait and see what happens.
It’s easy to sink into depression and come to a grinding halt when you feel like things are closing in on you. But this is the worst possible mistake you could make.
The longer you wait to “see if things will work out”, the greater the chance you will be left with FEW or NO options at all. Don’t wait until the sheriff is literally pounding on your door to throw you and your family on the street. Don’t watch a bad situation turn into a public humiliation you (and your family) will never forget.
IF YOU TAKE ACTION NOW, THERE’S AN EXCELLENT CHANCE OUR MEMBERS CAN HELP YOU.
It’s just that simple. Make one simple decision to take action, and one of our members can find the smartest solution for your particular situation.
MISTAKE #2: Thinking your friends and family know what’s best for your situation, and will give you sound advice.
Maybe you’re already thinking that the smartest thing you could do is sell your home, stop the
Foreclosure once and for all, and make a fresh start. Getting from under your debt and restructuring your payments and living situation.
But your family and friends are urging you to “hang in there”.
- Are they there with the money you need to stop the madness you’re caught in?
- Are they ready to step up to the plate and bail you out, no matter what it takes?
Can they immediately send enough cash to your lender to bring the Foreclosure machine to a grinding halt.
Chances are, the answer to these questions is “No.”
No matter how well their intent may be, they are simply not equipped to give you the kind of urgent assistance you need right now.
Remember, this is all about you, not them. We at Stacel Enterprises urge you to understand your options, and make an educated decision that works best for you and your family.
MISTAKE #3: Hoping the lender will work with you and forgive all of the back payments and interest you owe so you can just start paying regular payments and get you out of this mess. Sometimes the lender offers you what they call a ---“payment plan”…. It’s called forbearance.
This can possibly be a good and reasonable solution if you have the money to make higher monthly payments to start paying the bank back what you owe. But guess what? Most people just don’t have the money it takes to do this, in fact 85 percent of people facing foreclosure are never able to make their first new, higher payment and they end up back in foreclosure. If paying more money is not an option for you , you could become another statistic like this.
The bank has to tack on hundreds or even thousands of dollars MORE to your monthly payment making your payment MUCH HIGHER than it is now so they can get paid back. If you can’t afford your payments now...how will higher payments “help” you solve your problem?
The bank may also tell you that if you sign a document called a DEED IN LIEU, you won’t have a Foreclosure on your record. This is true, instead your credit report will show, “Deed In Lieu”. Another words you gave your deed in lieu of foreclosing. What this really means is sort of related to a VOLUNTARILY foreclosure. This will NOT help your credit report. It is strictly for the lender’s benefit because it effectively eliminates the costs for them to have to take you through the entire foreclosure process, but YOU will still lose your home, PLUS your credit record will be scarred.
If you are considering contacting your lender here are some questions to ask:
1. Can you work out a payment plan (forbearance) with me?
2. Exactly how much will my payments increase?
3. What happens if I’m late on a payment?
4. If I miss a payment, do you start where you left off with the Foreclosure?
5. With the significant increase in monthly payments, what percentage of people end up back in foreclosure because they cannot afford the new monthly payment?
MISTAKE #4: Listing your home with just any Real estate agent in hopes of getting your house sold fast and solve your problem.
Did you know that most Real estate agents do NOT receive any formal training on HOW to market and sell a home quickly? And this is what it really takes to sell a home quickly. There are some real estate agents who are very good at this but you need to make sure that you really know who you are dealing with and ask them questions to make sure they are right for you.
And the sum total of their effort to sell your home won’t just be putting a sign up in your front yard and hoping that it sells. You have to remember that the house is still in foreclosure and the bank is not going to stop their proceedings just because you listed it. Someone actually has to be able to stop the foreclosure auction to allow time for it to sell and close with your new buyer.
And in the meantime, if you come up with someone who would be willing to buy the house from you and stop the Foreclosure, you need to make sure that you’re not obligated to work through your real estate agent, and pay them a hefty commission on a buyer that you found.
That means if you’ve lowered the price to get it sold, you may have to come up with thousands of dollars that you may not have just so you can pay the real estate agent their commission! This could actually prevent you from selling your house and stopping the Foreclosure.
If you are considering using a real estate agent you need to ask him or her the following questions:
1. What is your guarantee that you will sell the house and close the sale before it goes to Foreclosure at the courthouse steps?
2. What if I find someone on my own who wants to buy the house? Do I still have to pay you a commission?
3. If the house is sold at a price that won’t cover all of your commissions, do I still have to come up with the money out of pocket to pay you?
4. Can I cancel the listing whenever I want?
MISTAKE #5: Thinking a Mortgage Broker will refinance your home in time and everything will be fine. Some Mortgage brokers may approach you with enticing offers of a “foreclosure rescue” or a “bailout” loan. They may even say they can get you credit without an income verification or promise they’ll make all your mortgage payments for you. Again, there are good mortgage brokers out there that can do good things but you need to be sure that they are the real deal and will do what they say.
WARNING! These offers are very rarely honored. In fact, you will find that your payment on a refinance that is not based on credit or income will INCREASE.
If you are thinking about contacting a mortgage broker here are some questions to ask:
1. What is my guarantee that you will close my refinance before the house goes to Foreclosure at the court house steps?
2. Will you commit to me in writing?
3. Will my monthly payments be more then they are now and if so how much?
4. Are you going to get me a fixed loan or will my payments increase significantly at any time?
5. What are the closing costs and how do they get paid?
MISTAKE #6: Thinking an investor will buy my house and let me rent it back from them.
The trouble with working with many investors is that there are some unethical investors out there who are willing to take advantage of people in a foreclosure situation just to make a quick buck. And there are also novice investors out there who are not educated and are simply experimenting with your home. Don’t work with someone making huge promises you are not sure they can keep.
Most investors that are willing to buy your house and let you stay in it are just not very savvy because this is a dangerous financial move for you and for them. Beware of this option because it may say a lot of the people who have approached you.
Here is a list of questions to ask an investor you are working with:
1. If I work with you, how soon can I move on and get a fresh start?
2. How soon will I need to move?
3. What is the best case scenario if I work with you?
4. What is the worst case scenario if I work with you?
5. Will you immediately contact the lender and stall my foreclosure?
MISTAKE #7: Thinking your credit is damaged beyond repair, so it doesn’t matter what you do now. In most states, the formal “Foreclosure” takes place at the court hearing where the Judge grants the lender the Foreclosure.
So until the judge grants the lender the Foreclosure, you are considered to be in PRE-FORECLOSURE. This means you are on your way to Foreclosure, BUT YOU PROBABLY DO NOT HAVE IT ON YOUR PERMANENT RECORD YET.
At this point, your credit report will show late payments (which are derogatory) on your mortgage.
It might say something like this…90 Days Past Due – 2 Times60 Days Past Due – 3 Times30 Days Past Due – 4 times This isn’t good. But is it vastly different than seeing….. Foreclosure. With this you can still get credit and work to build your scores back up much more quickly.
And here’s the good news… When you work with an experienced, reputable Foreclosure Prevention Specialist, you can potentially minimize the scar on your credit record.
Here’s how it works… Credit is NEVER damaged “beyond repair”. No matter how bad your credit is, or how low your credit scores are, you can improve your credit and increase your credit scores.
Here’s how you start.
1. First of all, you must order all three of your FICO scores. Order them from www.myfico.com/12. You cannot get your FICO scores for free, so do not get generic credit scores from one of the many websites that offers them for free. You must get FICO (Fair Isaac Corporation) scores. And you must get all three of your FICO credit scores (one from each of the credit reporting agencies).
2. On each one of your credit scores, look for your negative reason codes. Each FICO score will have four negative reason codes listed. These negative reason codes tell you EXACTLY what you need to do to increase your credit scores. They are listed in the order of importance. So, start by fixing the top reason code for each score.
3. Hire a law firm to help you dispute inaccurate, incomplete, misleading or unverifiable items on your credit reports. There’s only so much you can do by yourself. Having a law firm that specializes in dealing with credit can help you in your quest to improve your credit quicker than you would be able to on your own.
We can help you get back on track, quickly, easily, and without any expense to you and even guide you to a reputable law firm.
MISTAKE #8: (The BIGGEST Mistake of all) “Giving up” and letting the house go to FORECLOSURE because you think it is the easiest and best solution because it’s too hard to deal with on your own.
It’s time for you to decide if you truly want to take control of your own destiny...or be at the mercy of somebody else’s decisions for your life.
There simply isn’t any “one size fits all” fix for every Foreclosure. Some solutions will only stall the inevitable Foreclosure while money disappears from your pocket, and you’ll still lose your home. Other solutions may have you staying in the house, but ultimately cost you more money in one month’s payment than you make in three months.
If you are considering bankruptcy you do need to get legal advice and here are some of the questions you would need to ask a bankruptcy attorney:
1. Will filing Bankruptcy “make the Foreclosure go away for good”, or will it only stop the foreclosure temporarily?
2. How much will my new monthly payments be after filing Bankruptcy? Will they increase?
3. How much do you charge to file Bankruptcy?
4. Do I have to take any required classes on Bankruptcy before I file?
5. How long will the Bankruptcy remain on public records?
Then there’s the solution that we can offer you…
We at Stacel Enterprises can help you STOP the Foreclosure, get a fresh start on life in a new home, and possibly even have some extra cash in your pocket. This means you would move out of the house that is in Foreclosure, and move into a better situation. Frankly, this solution isn’t for everyone.
If you are looking to put money into a quick “band-aid” fix to temporarily sidetrack your problems, then working with Stacel Enterprises probably isn’t the best option for you.
But if you desperately want to…
- Avoid Foreclosure and put an end to your financial nightmare permanently.
- Quit throwing good money after bad on payments you cannot afford.
- Avoid the embarrassment of public humiliation.
- Clear the decks and get a fresh start.
- Save yourself and your family any further pain.
Then you should schedule a no-risk FREE Complimentary Foreclosure Analysis™ with one of Stacel Enterprises consultants. We will assess your situation and give you the best possible solution for your particular situation. Go to http://www.stopforeclosureprocessnow.com/ so that we can help you get out of this unpleasant situation you are in.
DO NOT WAIT ANOTHER SECOND. GO TO http://www.stopforeclosureprocessnow.com/
