ForeclosureStop.com.au

Foreclosure is the legal means that enables your lender (who holds your mortgage) to repossess or take back your house in order to get their mortgage money back and settle any outstanding fees for doing so.

If or when you stop making your mortgage payments, you’ll begin receiving letters from you lender or lenders lawyers stating that you have missed one or more payments. There will sometimes be an opportunity for you remedy the shortfall, if you fail to do so, you will eventually be foreclosed on.

I have been served a Notice of Default, what does this mean?

A Notice of Default (N.O.D.) means that the bank has contacted a Lawyer and the foreclosure process has begun. They have set a date at which your home will be auctioned off to the highest bidder. If you have been served a N.O.D., it's imperative that you act quickly and call us today!

If you're behind on payments, you can certain that the bank will contact their attorney to start the foreclosure process soon. The advantage you have in this situation is that you have the most options available to you. The quicker you contact us, the easier it will be for us to assist you in stopping the foreclosure.  

Depending on how your Province deals with Foreclosure sales. If you've ever been to, or heard of a foreclosure auction, you know that people go every day just to find a deal on a house. They usually get properties at below market value, meaning that any equity that has been built up in a property will be completely wiped out. I know it may sound alarming but, it happens all of the time. The best thing to do is to contact us as soon as possible, especially if you want to salvage some of the equity that may remain in your home today.

Why did my mortgage company send my payment back?

Once you miss just one payment many lenders will refuse to accept any payment unless it includes the entire amount (current payment along with what you are behind). Even if you send a payment, your lender will likely send it back to you causing you to get further and further behind. It is a classic catch 22 situation, and once foreclosure has started your lender will not accept any payment less than the full amount that is behind. This includes any initial penalty interest charges, foreclosure costs and legal fees.

We can help all sorts of people in all sorts of situations, however every situation is unique and different, which is why it's imperative that you know about all of your options and which ones will and won't work for your individual scenario.  Time is really of the essence and while we do our best to help when timeframes allow it.

Our initial consultation is free, and you're under no obligation. If you decide that you would like our assistance after that initial consultation, we can provide our services, in most cases, at no out of pocket expense to you.

Yes, there definitely are. 

• Respond to your lender’s letters immediately by calling or writing to the lender’s Collection Mitigation Department. Explain your situation. Be prepared to provide financial information, such as your monthly income and expenses. Without this information, they may not be able to help.

• Stay in your home for now. You may not qualify for assistance if you abandon your property.

What else can I do NOW, to help me avoid foreclosure?

Depending on the kind of mortgage you have, and your situation, you may be eligible to:

• Re-Finance your property. This is usually the best option for people facing foreclosure. Of course it depends on your circumstances and how much equity you have in your house, but it is often the simplest solution to the problem.

• Get a Second Mortgage. This is the second best option for 90% of the foreclosures.  Yes, we know a great team of lenders who can help, click here to find them.

• Pre-foreclosure sale. You could avoid foreclosure by selling your property for an amount more than the amount necessary to pay off your mortgage loan.

• Pre-foreclosure SHORT sale. You could avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan. This sounds unbelievable but it is possible to negotiate with your lender to accept an amount less than that which is owed. The lender will sometimes completely waive the SHORTFALL. We can help you if this is the best scenario for you.

• Deed-in-lieu of foreclosure. This enables you to voluntarily "give back" your property to the lender. This won't save your house, but it is not as damaging to your credit rating as a foreclosure.

• Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments.

• Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan.