Weaver Property Services
614.477.0986
Serving the Central Ohio Region
Avoid Foreclosure
The American Dream - Home Ownership
What happens when the American dream turns into a nightmare? If you are reading this, there is a good chance this is what has happened to you or someone you know. Life doesn't always work out the way we hope. There are many reasons people find themselves in a foreclosure situation: loss of job, health problems, accidents, divorce, etc. While we can't fix these issues, we can help you save your credit. Depending on your individual situation, sometimes we can even save your house.
Frequently Asked Questions
- What is foreclosure?
- How does the foreclosure process work?
- Steps in the foreclosure process.
- What are your fees?
- Solutions to bankruptcy.
- Is bankruptcy a way out?
- Personal service guarantee.
What is foreclosure?
Foreclosure is the legal process by which banks and lenders take possession of a house or property in order to recover the money that they have loaned
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How does the foreclosure process work?
Whenever a homeowner falls behind in their payments, the lender begins the foreclosure process to gain control of the house in order to recover the money they have loaned. This is the way they protect their investments. Banks make their profit by loaning money, not owning houses. Their goal is to recover their losses as completely and quickly as possible. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if possible.
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Steps in the foreclosure process.
1. After a homeowner has missed several mortgage payments, a notice of default is filed with the county recorder's office. A copy of the notice is mailed to the homeowner.
2. Once the notice of default has been recorded the homeowner generally has up to five business days prior to the date set for the sale to cure the default by making up the payments.
3. If the default is cured, the deed of trust or mortgage will be reinstated and regular monthly payments will continue as before.
4. If the default is due to a balloon payment not being made when due, the lender will most likely require full payment on the entire outstanding loan as the only way to cure the default.
5. If the default is not cured, the lender then directs that the property be sold at a public sale, commonly known as a sheriff's sale. For these public sales, a notice of sale must be published in a local newspaper and posted in a public place for three consecutive weeks. During this time, it may still be possible to work out a postponement of the sale with the lender.
6. If no postponement is reached, the property goes "on the block" and the property is sold to the highest bidder.
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What are your fees?
We charge NO FEES for our services. In most foreclosure situations, the lender is willing to negotiate a reduction in the amount owed in order to remove a "bad debt" off of their records quickly. This allows the lender to free up money to make other loans, and at the same time allows us to make our profit from the discount. Remember, the lending institutions do not want to own property.
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Solutions to bankrupcty.
Our networking system generally allows us to provide many options, giving you the freedom to choose the best option for you. We offer a wide variety of solutions, depending upon your individual situation. We may be able to negotiate a reduction in the loan amount allowing us to pay off the loan while still making a profit. We may be able to reinstate the loan, bringing it current, paying back payments, fees, and taxes. In some cases, you may be able to keep your property. Other times, we may make payments on your loan until the property is sold, allowing you the freedom to move on with your life and start fresh while saving your credit from bankruptcy. If you have equity in your property, we will pay you for that as well. Because each situation is different, a free consultation is offered as a service to you
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Is bankruptcy a way out?
Unfortunately, no. Bankruptcy never really benefits those who file. Many people think of bankruptcy as an easy way out of financial problems. Too many are finding out the hard way that there is nothing easy about bankruptcy. With bankruptcy, you still have to pay your legal expenses, which could amount to thousands of dollars. Bankruptcy can keep you from obtaining credit for as much as 10 years afterwards. If someone does extend you credit later, it will most likely cost you more than the current rates. Bankruptcy can also make it difficult to find employment, buy a car, buy or even rent a home. Bankruptcy can haunt you the rest of your life.
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Personal service guarantee.
You are more than a number to us. To most lending institutions, you are one of many, with whom they have business dealings with. The fact that you may have experienced unforeseen and unavoidable life issues means little to them and literally has no affect on their decision. Their bottom line is to view every situation as a business decision. At Weaver Property Services, we specialize in being personal. After evaluating your situation, we will work with your mortgage company, along with other investors, and whomever is necessary, to find a resolution to your particular situation. You make the final decision as to what would work best for you. We will treat you with respect.
Disclaimer: Information provided in this web page was obtained from sources deemed reliable, however, Weaver Property Services does not make any guarantees, warranties or representations as to the completeness & accuracy thereof.We are not tax advisors, accountants, or lawyers, and do not intend to provide tax, financial, or legal advice, so please consult appropriate professional advisor as needed.
Payment amounts shown are for example purposes only. Rates, points, and programs can not be guaranteed. This is not an advertisement for credit.
Property lists and pricing are subject to change or withdrawal without notice.Copyright © 2004-2008 Weaver Property Services. All rights reserved. Revised: 08/06/08