Foreclosure

If your home is in foreclosure or about to be, Real Life has the experience to save it from the auction block and save your credit from a devastating hit that will last for years. Real Life’s experienced staff are experts in short sales negotiation. Short sales is a procedure where Real Life can negotiate with your lender to free you from foreclosure and credit annihilation.

The Foreclosure Process

When you signed the mortgage papers to buy your home, you gave your lender the right to protect their investment. If you do not make your mortgage payments for a period of time, the loan is considered to be in “default” and the lender reserves the right to initiate foreclosure proceedings on your home.

The lender then contacts a local law firm to handle the proceedings. That law firm is called the “trustee”. The trustee files legal documents in the county courthouse that tells the courts that your loan is in default and they have been assigned as the trustee.

This leads to an auction date for the sale of your home. During this time, you will be notified that you are in default and the foreclosure proceedings have begun.  The trustee must publish the foreclosure information at the courthouse, on the Internet and in a local newspaper for at least 4 consecutive weeks before the auction date.

During those 4 weeks, you have the opportunity to pay the lender what is owed on your mortgage. You also have the opportunity to sell your home to pay off your loan. If you can’t do one of those things in time, your home will be auctioned off on the courthouse steps to the highest bidder and you will be evicted. If the highest bid does not make up for what you owe your lender, your lender has the right to sue you for the difference. Plus, your credit rating will suffer a tremendous hit, keeping you from buying another home for years to come – not to mention possibly negatively influencing future employment opportunities.

If you are in foreclosure, the sooner you give us a call the more options we have to keep your home out of foreclosure and save your credit.