Foreclosure is a Bad Word

Foreclosure is a Bad Word

HaireLawby Rocky Haire

Well, there’s a period of time in the foreclosure process that can change everything.  When you’re 90 days late or so, the bank often puts you on a list. The list is for people considered delinquent on their mortgage.  At this point, you can ask them to provide you with two numbers: the amount required to reinstate your loan, and the amount required to payoff your loan in full.  If you’re at that point, it’s good to go ahead and ask for those two numbers.  They are happy to give it to you.

Now, you have a thousand buyers out there looking for a home they can’t get approved for by the bank.  It’s not they don’t have the money, it’s they are recently divorced, they haven’t been employed for 2 years at the same place, they are self-employed—there’s a myriad of reasons.

I can legally have the deed for the home transferred into their name, and make arrangements for them to assume your loan, without involving the bank.  The outcome is that you are saved from foreclosure, which is the atomic bomb of credit.  Yes, you are still on the note until the buyer pays it off or gets it refinanced,  but that’s insignificant compared to having a foreclosure on your credit. You avoided disaster, they got the home they wanted. In this scenario, they have to pay to have the loan reinstated, which means the amount you are behind. The sooner we know that amount, the cheaper it is, because the closer you get to the auction date, the more fees, interest and attorney fees get attached.  Everybody wins in a situation that looked so dark.

The other number we can use is the payoff amount.  If the buyer can get credit or has enough cash, they can buy your home outright and the transaction is final at closing.

If you think you’re circling the drain and need to figure out how to get out from under a pending foreclosure, please give us a call.  It’s nowhere near as bad as it feels if you let us help.

To contact Haire Law Firm for your free case evaluation,
call 972.394.3000 or visit

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