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Homeowner Rights when Facing Foreclosure
- You have the “Right to Speak” directly with your lender (lien holders), free of charge. You do not need to pay a company to do a loan modification. Each lender has a system in place for homeowners to facilitate their own loan modifications, for free.
- You have the “Right to Live” in your house while it is in the foreclosure process. Once the foreclosure is filed with the Public Trustee in the county where the house is located, you have 110-125 days (approximately four months) to occupy the home before anyone can ask you to vacate the premises.
- You have the “Right to Sell” your home even after the foreclosure process has started. If the home has equity you can sell it as a conventional sale. If the value has dropped and you owe more on it than its current market value, you may qualify to sell it as a Short Sale.
- You have the “Right to Consult” with a Foreclosure Counselor free of charge. There are non-profit organizations that will consult with you to help weigh your options when faced with a foreclosure, such as a HUD approved Foreclosure Counselor. Call the HOPE hotline at 1-888-995-HOPE (4673) ™ or www.hopenow.com. They can help you analyze your current financial situation and begin to explore your options for saving your home.
- You have the “Right to Cure” the defaulted loan and stop the foreclosure 100%. During the foreclosure process you have roughly four months to pay all of the past due amount plus fees and save your house by curing the loan. You must file the Intent to Cure with the Public Trustee at least 15 days before the scheduled public auction sale date.
- You have the “Right to Be Protected” against scam artists. The Foreclosure Protection Act was created in 2006 to protect distressed homeowners from Equity Purchasers that were taking advantage of people in difficult situations. The punishments for violation of the Foreclosure Protection Act are fines up to $25,000 and one year in prison.
- You have the “Right to Be Informed” about all of the options for saving your home. There may be more opportunities for you to avoid foreclosure than you realize. We will meet with you for a FREE, no obligation, private consultation to explain your options for saving your home.
We will provide you with additional information about foreclosures, loan modifications, short sales and more to help equip you with specific knowledge so that you can make informed decisions regarding your home, your rights, and the future for your family.
All consultations are held in the strictest of confidence. Your information will never be shared.
The Federal Trade Commission issued the Mortgage Assistance Relief Services Rule 16 CFR 322 (MARS). MARS defines “mortgage assistance relief service” to include: “negotiating, obtaining or arranging a short sale of a dwelling.” You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or services). If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us the amount agreed in our listing agreement for our services. Your Castle Real Estate and Monica Perez are not associated with the government and our service is not approved by the government or your mortgage lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.