Common Questions
Q. What Happens When I Miss My Mortgage Payments?
Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. 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 HUD an additional amount. ER Solution - We can stop the foreclosure and in most cases, put money in your pocket and relieve you of future deficiency judgements.
Q. Are there any precautions that should help you avoid being "taken" by a scam artist?
- Don't sign any papers you don't fully understand. ER - We explain in detail all aspects of the transaction.
- Make sure you get all "promises" in writing. ER - You are given a copy of all agreements.
- Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt. ER - There are no deceiving elements of any ER transaction. If in the right circumstance, a 'Subject To' sale can be done properly and can help rebuild your credit.
- Check with a lawyer or your mortgage company before entering into any deal involving your home. ER will pay $300 toward your consultation with your attorney to review documents.
- If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information. ER - If you work with us, you will be selling your house to ER or an investor.
Q. Are You Real Estate Agents?
WE are NOT real estate agents. Real estate agents sell your property retail and charge a commission. It is unknown how much your property would sell for or if or when it would sell. To get the average market value from your home, it needs to be in good condition and very clean. Many home owners do not have the excess funds to afford the necessary fix ups needed to get the market value for their home.
Estate Rescue is prepared to purchase your property immediately. We would not charge any up front fees and can process the transaction within days. This transction is hassle-free for the homeowner.
Q. How Can I get the Equity Out of My Home?
There is a big difference between the value of your property and how much you can actually put in your pocket if and when the property sells. Many people think that if they owe say, $200,000 and the market comparables justify a $300,000 value, that there is $100,000 in equity. This is not the case. There are many variables and costs that substantially effect how much you can put in your pocket, regardless of how you sell your property, such as:
- Fix up costs
- Closing costs
- Liens or judgements on title
- Foreclosure fees (if applicable)
- Holding costs
- Commissions
- And especially, actual value of your property
REMEMBER:
You may be able to put more money in your pocket with a quick sell, than you would if you went through a real estate agent and listed your property after fixing it up. Most importantly, TIME is the key factor. Don't delay in acting.
Q. How Much Will You Pay Me for My House?
We have the flexibility to offer you a number of personalized purchasing programs. Once we evaluate your particular situation, we can determine how much money you can put in your pocket. This amount will be based on many factors including the debt against your property, amount of repairs needed, and the time factor.
In most cases, we can achieve a creative solution that resolves the foreclosure and provides you with the most possible money from the transaction.
Q. Is There Any Charge?
There is no up front fee. If we are able to do a foreclosure bail out for you, we will collect a fee from the investor. If we are able to assist with a workout program with your lender, there may be a nominal fee at that time.
Q. How Long Does This Take?
Depending on the debt against your property and your particular situation, it could take as little as five days to close. If the debt is too high and it requires a short sale, it may take the bank months to process the transaction and give approval.
Q. What is a Short Sale?
If your mortgage(s) is too high to proceed with the transaction, we will work with the bank to take a discount. This process is called a short sale. The bank usually requires several documents, some of which you would provide. They usually take weeks to months to approve the sale so it requires a lot of patience on your part.
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