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IS
YOUR HOME CURRENTLY IN FORECLOSURE?
a. Are you two or more months behind on
your mortgage payments and unable to catch up?
b. Have you received notice from your mortgage
lender that your home is scheduled to be sold at auction
within days?
c. Do you want to protect your credit and
your home’s equity?
IF
FORECLOSURE IS UNAVOIDABLE, GET AN OFFER ON YOUR HOME TODAY
We're
Changing the
Real Estate Industry
Introducing
NextDayHomeSales'  foreclosure
relocation allowance program*
 Dealing
with foreclosure and the stress that goes along with it
is hard enough, but with NextDayHomeSales’
foreclosure relocation allowance program, selling and moving
fast has never been easier. When forced to sell due to foreclosure,
we know the last thing on your mind is thinking about how
you’re going to move all your personal belongings
which took you a lifetime to accumulate. Our foreclosure
relocation allowance program provides every homeowner in
foreclosure sale with a free moving allowance. Sell to us
and move with confidence knowing you have one less thing
to worry about. The way home selling should beTM.
* Foreclosure relocation allowance program applies to foreclosure
sales only. Some restrictions may apply. Call for more details.
Foreclosure
Defined
In a majority of states, when you buy a home there are actually
two parties on the buying side: you (the borrower/mortgagor)
and the lender (the mortgagee). You technically “own”
your home, but the mortgagee holds a lien on your property
for as long as you have an outstanding mortgage balance. The
mortgage is actually a security instrument creating the lien
on your home which secures the promissory note (your promise
to pay) and gives your lender the right to assume ownership
of the property should you fall behind and/or default on your
mortgage payments. That process by which the lender assumes
ownership of your home due to a default is called foreclosure.
All other states use a deed
of trust, which serves the same purpose as a mortgage but
involves three parties: you (the borrower or “trustor”),
the lender (the beneficiary), and a third party (the trustee,
usually an attorney or law firm hired by the foreclosing lender)
who holds the legal title on the home “in trust”
until the full balance is paid by the homeowner. Once the
mortgage balance is satisfied, your lender records a release
of mortgage and your interest in your property converts from
an equitable to a legal one, your mortgage is extinguished
and you then own your home free and clear provided there are
no other outstanding liens on your property which may create
a “cloud on your title.” In these states, including
Maryland the foreclosure process normally is expedited by
an assent to a decree or power of sale clause that is typically
found in your mortgage documents legally empowering the trustee
to sell your home when you become sufficiently delinquent
on your mortgage payments or default on your loan (which usually
occurs when you’re 90 days past due).
A key difference between mortgages
and deeds of trust as it relates to foreclosure is a matter
of procedure. With a two-party mortgage, generally the lender
must go through the court system to foreclose on your home
which is known as a judicial foreclosure. Not so with a deed
of trust. With the deed of trust method of foreclosure, which
is more common in Maryland, the trustee’s job is made
much easier; the trustee is free to sell your home at auction
without tedious court filings and hearings which is known
as a non judicial foreclosure, leading to a much faster foreclosure
and loss of your home.
Foreclosure
Avoidance
Stay in Touch with Your Lender
Certainly the first step to helping avoid foreclosure is to
communicate with your lender and let them know your financial
situation as soon as possible. In many cases, they can work
with you to temporarily modify the terms of your loan payment
until your situation is resolved or your financial situation
improves.
NEVER, ignore late notices, mail or telephone calls from your
mortgage lender. Lenders prefer to work together with you
to resolve the situation before foreclosure is necessary,
but will not hesitate to begin foreclosure proceedings if
it appears that you are unwilling to work with them to avoid
a costly foreclosure procedure.
Refinance
If you're still current on your mortgage payments, or not
too far behind or in default, refinancing may be a smart choice.
Refinancing will pay off your current mortgage and in many
cases lower your monthly payments simultaneously. It may increase
the length of your loan term, but it may be a smart way to
stay in your home and avoid foreclosure.
Sell Your House
This may be the most difficult decision you and/or your family
make to avoid foreclosure, especially since you have worked
hard to buy and improve your home. As Maryland’s largest
home selling solutions company and as a leading provider of
relocation services to homeowners in foreclosure, NDHS is
dedicated to making this difficult decision easier for you
by offering a competitive purchase price and making the selling
process quick & hassle free.
Selling before auction also helps preserve your equity and
your good credit from being negatively affected for years.
Lenders also prefer and will work with you if you choose to
sell your home when facing foreclosure. Our staff of real
estate professionals is here to assist you 24/7.
Protecting Your Credit
By selling your home before auction, you protect your credit
as well as your future ability to purchase a house. A foreclosure
and/or bankruptcy will remain on your credit report for 7-10
years – increasing the costs to you to borrow money
at reasonable rates. Take steps now to keep that from happening.
Call
now or submit the online form on this page to find out how
much we can offer to buy your house before auction. There
is no obligation. We just need a little information to prepare
a firm purchase price.
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