How Does the Foreclosure Process Impact the Family?

How does the Foreclosure Process Impact the Family? Great question! And there must be only one reason why you are asking. Tell me the truth – you got a hand-delivered letter from the bank, right? You’re in foreclosure. The bank is saying they intend to sell your house. 

What a terrible tragedy! You’re wondering “How in the world can they do that? Can they really sell my house without my permission?” This was Sam’s story.  He lived in a beautiful suburban 3–bedroom house with a 2-car garage and a nice front yard. He and his family had lived there for 15 years. 

But now because of some unforeseen circumstances, they found themselves facing foreclosure. Now that was a dreadful word in his mind.  He wasn’t even sure what foreclosure meant.  He just knew it sounded bad.  He knew he didn’t know much about the foreclosure process and wasn’t sure he wanted to learn.

But there was one thing that concerned him.  It was, “Do I or do not own this house?”  Yeah, I owed money on the house but that is far less than what the house is worth, he thought to himself.  Later that evening he talked it over with his wife.  She didn’t have much more knowledge about the foreclosure process either. 

All she knew was that the house was titled in their name. She was aware that they were behind on their payments but she was thinking the same way Sam was thinking.  Carol thought for sure the foreclosure process was only for those who had no equity at all in their house.  And as far as she could remember, they had at least $200,000 equity on a house that was worth $450,000.

So she was shocked to get this letter too. What both Sam and Carol didn’t realize is that when you have title to a house, that gives you ownership and the right to do what you want on the property but that does not mean that the bank does not have an interest in the house.

All it means is that as long as you continue to make your payments on time, the bank will let you live there. Ownership means you get to direct what happens on the house – paint, renovations, change the colour but you can’t do anything that will in the long term jeopardize the bank’s interest in the property. 

For instance, you can’t pick the house up and move it away.  And then tell the bank I moved the house.  That is not going to go over very well. So Sam and Carol had a rude awakening to the realities of the foreclosure process. They learned that this foreclosure process could be quite impacting on their family.  They decided to get help getting out of foreclosure.

First, by not being aware and not having knowledge how the foreclosure process worked in their state, they felt fear, uncertainty and a sense of helplessness. And then of course, their belief that as long as they owned the house or had title to the property they were safe from the process was false.

As I talked with Sam and Carol, I will never forget the thoughts that crossed my mind. How many other well-meaning families think there is nothing to worry about as long as they have title to the house?

Are there really that many people out there who are thinking the bank is going to leave me alone and I am not going to be affected by the myriads of foreclosures going on because I own my house. I alerted Sam and Carol to the truth. That anybody could fall into the foreclosure process if you fail to satisfy the demands of your mortgage or your loan agreement.

· So the first thing that they needed to know was the foreclosure process in their state. How much time does a bank or lender wait before beginning the foreclosure process and how much time do they have after the foreclosure process begins to save their house?

· The second thing they needed to know was what possible steps could they take to stop the foreclosure process and how do they go about taking those steps. This was really a difficult and challenging conversation for them to have. It forced them start talking about some issues that they had not talked about for the longest while. They had to start talking about money, work, budget, employment, future goals, and savings.

They had to confront certain things about themselves, their family, and their lives. But most of all they realized what they did not want to be involved in the foreclosure process. And they had the power to stop the foreclosure process but they had to start taking action.

In order for foreclosure to stop, they knew what they must do. They had to make changes and now. The alternative to making changes in their lives would be to suffer the indignities of foreclosure. What exactly would that mean? I told them clearly – they needed to

· change their spending,

· plan a budget – a map for their necessities, obligations and wants,

· start saving,

· create a plan to pay off arrears and

· maintain on-time payments on the house loan,

If they didn’t do this the foreclosure process would end up with them suffering the loss of their home. Here’s what that would look like. Most likely, there would be a public notice of foreclosure. The negative impact of shame and embarrassment would be felt.

The neighbours, friends and family would read that the house was being put up for public auction with a sign on the front lawn saying Bank Sale. Their credit would be severely blemished. Their dignity and pride would suffer as they would have to explain to their children that they were moving away from friends and schoolmates.

So the impact of the foreclosure process on the family home is severe and great. When the bank sells your house, most times, they sell it far below market value. In some states, they give you none of your equity which you have worked hard to built up. In other states, you will get just a little piece.

But the saddest story is that many are in the foreclosure process who do not have to be there. There are so many options available and so many solutions possible for so many.

As the Foreclosure Doctor (Online), I am here to tell you that Sam and Carol ended up saving their home. They were willing to change, adapt and take action. They did what was necessary to stop the foreclosure process, to get help getting out of foreclosure, and to avert its impact on their lives and their family.

The same actions they took are available to you today. I am prepared with a wealth of experience, knowledge and understanding to help you as you go through the foreclosure process. I am glad to answer your questions and provide guidance and direction so that you too can avoid the impact of foreclosure on your family home.

Decide today to get help getting out of foreclosure. Don’t think your’s is a lost cause. You do not have to think that there is no hope. For a limited time, you can contact the Foreclosure Doctor (Online) today. I can do the following for you … have a one-on-one interview and consultation to find out where you have been, where you are now, and where you intend to go.

Together we will structure a plan and a strategy for stopping your foreclosure. I will then personally refer your case to the Loan Negotiator Group whom I have partnered with and they will get you a loan modification should that be the pathway and direction we choose. Don’t wait until it is too late and you begin feeling the impact of the foreclosure impact on your family. Contact me today.

The Foreclosure Doctor (Online)

How Can Extreme Action Stop Foreclosure?

Well It has been another exhausting night.  I know you’re wondering what happened?  Well I took one of those extreme trips to sign a deal with a client.  And I got back at three in the morning.  So I was just wondering are you willing to take extreme actions to Stop Foreclosure even if it means getting home late?

I remember a friend of mine named Sam.  We actually went to school together.  But he was a master of extreme action.  One day when he ended up in foreclosure I saw this idea modeled.  He did everything to the extreme.  It was funny.  Well this worked to stop his foreclosure and it can work for you too.

Here is the formula that he used to go to the extremes in life to stop foreclosure and starting to build wealth.  Trust me if you implement this plan exactly as outline your financial state will change,  That is what you want isn’t it?  I suggest you also download my free offer package called Stop Foreclosure and Start Building Wealth.

So the first thing you want to do to take extreme action is to gather all the advice and counsel you can on how to save money, minimize bills and make more money.  This is powerful because as the old adage says “massive action produces massive results.”  Extreme action creates extreme results.  Won’t you agree with me if I say that you need to willing to go to any lengths to stop foreclosure and save your family home?

• Compile a list of all advice on how to stop foreclosure
  • example: Write letters of hardship to lenders
  • example: Call lenders back and answer every call from lawyers and banks
• Compile a list of all advice on how to save money
  • example: Develop a monthly expense budget
  • example: minimize your expenses by cutting back the cable or satellite bill
  • example: Stop spending money on long distance calls
• Compile a list of all advice on how to get a new mortgage
  • example: Call a new lender every day until you find one that will work with you to refinance
  • example: Contact various brokers and get them working for you to get a new mortgage
• Compile a list of all advice on how to build wealth
  • example: Find out what you are passionate about
  • example: Find others who are successfully working in this field and learn what they are doing
  • example: Put a plan together to market some idea or dream or service or product to the masses.

By taking decisive, focused and extreme action towards stopping your foreclosure and building wealth you actually create a brand new possibility for yourself.  That is your real goal isn’t it?  Most who are in foreclosure really want to move beyond foreclosure to building wealth.

Most people who want to accomplish this goal face a number of challenges.  The main challenge is that they are not willing to take quick, focused, aggressive actions towards stopping their goal.  So I encourage you today to be one of the few who is willing to experience a totally different result by taking a different action.

By being willing to make aggressive moves and take quick focused action towards stopping your foreclosure and starting to build wealth you will actually begin to open up brand new pathways to what is possible.  You will be more prone to staying ahead of the banks, lawyers and courts who believe you cannot do this.  You will be rising to a higher occasion.

The Foreclosure Doctor (Online)