Thursday, September 25, 2014

Foreclosure FAQs Part 2

In continuation of the Foreclosures FAQ Part 1, here is another round of questions about foreclosures:

How do I know who my lender is?
In order to know who your lender is, check out the billing statement you receive each month. It also contains contact details you may try to reach for inquiries and re-negotiation.
Where do I acquire my mortgage loan information?
This is written on the original mortgage document, should you misplace it, call your lender for a copy. It is best to know the interest rates you have signed up for.

If I get laid-off from my job, what options do I have?
Should you be laid off from work and undergo financial burden, you may want to review your options. If you do not have any other means to pay off the mortgage, contact your lenders to talk about the situation and consider your options. 

What information should I inform my lender?
Basic information you can offer your lender are your monthly expense, your income statement and your current situation. After that, you may ask if you are eligible to be provided assistance.

Do I need to be staying in the property to be provided assistance?
As a basic rule, yes, you need to be residing in the property so that you may know your options or to be eligible for possible temporary relocation assistance.

Will there be fees I have to pay during foreclosure?
The property owner is expected to pay legal fees and other necessary expenses for loan modification, should this become the agreed upon option. Hence, best to contact the lender as soon as you realize your financial trouble to negotiate.
Can I lease my property instead to avoid foreclosure?
Leasing a property in foreclosure will be dependent on the lender.

What is pre-foreclosure sale?
This refers to your right and decision to sell the property to pay off the mortgage loan and to avoid damaging your credit history. You may either get an ‘as is’ or lower market price.

What is deed-in-lieu of foreclosure?
This refers to you voluntarily giving back the property to the lender. This would allow you a possibility to get another mortgage loan.

Are there any precautions I need to take?
Be sure that you coordinate with a lawyer when it comes to discussing deals about your property so that you and the other party can be legally protected.

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