Results for "Foreclosure"
Understanding Foreclosure
<p>Amelia Robinette: I am Amelia Robinette. I am a Mortgage Planner in the Washington, DC area. A Mortgage Planner is someone who takes into consideration a borrower's entire financial plan before making a mortgage loan
What is foreclosure?
<p>Host:What is foreclosure?</p><p>Amelia Robinette: A foreclosure occurs when a home owner defaults on their payments to the lender that holds a lien on a property. The process of foreclosure will transfer ownership from
Can I refinance to avoid foreclosure?
<p>Host: Can I refinance to avoid foreclosure?</p><p>Amelia Robinette: Possibly. There are several factors that go into your ability to refinance or not. You need to contact a trusted mortgage professional to assess your
What can I do to avoid late payments?
<p>Host: What can I do to avoid late payments?</p><p>Amelia Robinette: Most families have a few hundred, if not several hundred dollars room in their budgets. The first thing you need to do is gather three months of bank
How does a bank make the decision to foreclose?
<p>Host: How does a bank make the decision to foreclose?</p><p>Amelia Robinette: If you are not making your payments, the bank will foreclose on you per the contract that you signed at your settlement for your purchase or
What should I do if I get a notice of foreclosure from my ...
<p>Host: What should I do if I get a notice of foreclosure from my lender?</p><p>Amelia Robinette: The first thing you should do is contact your lender, contact them as soon as possible. You actually should have been in
How do I know when the bank will foreclose?
<p>Host: How do I know when the bank will foreclose?</p><p>Amelia Robinette: The terms of foreclosure are spelled out in your loan documents. Find your loan documents from your purchase or settlement and look for the note or
What if I've tried to reduce expenses & still can't make ...
<p>Amelia Robinette: I am Amelia Robinette, a mortgage planner with United Mortgage Corporation. Now we are going to talk about how to work with your lender to avoid foreclosure. Host: What if I have done everything to
What is loss mitigation?
<p>Host: What is loss mitigation?</p><p>Amelia Robinette: Loss mitigation is a phrase used by lenders to describe their departments that are in place to mitigate or minimize their losses. They have these separate departments
What are my loss mitigation options?
<p>Host:What are my loss mitigation options?</p><p>Amelia Robinette: Each lender has their own loss mitigation programs. The most common are short sale, short payoff, forbearance, note modification or a rate freeze.</p>.
What is a short sale?
<p>Host: What is a short sale?</p><p>Amelia Robinette: A short sale is when you sell your property for less than you owe on your mortgage. You need to have the property listed with a licensed realtor and when you receive an
What is a short pay, or short pay-off?
<p>Host: What is a short pay or a short payoff?</p><p>Amelia Robinette: A short payoff is when you pay the balance of your mortgage less than what you owe. For example, you have $100,000 mortgage, the lender is willing to
