Frequently Asked Questions

Answer on Page No.

Introduction

1

Who or what should I expect from the public?

2

2

What is my single worst enemy?

2

3

What should I do first?

2

4

Why is my credit score so important?

7

5

How much equity do I need to have these solutions work?

7

6

Who is at the bottom of the food chain and why?

7

7

Should I use a Foreclosure Consultant?

9

8

What is the most important thing I can grasp?

10

9

What is the biggest misconception about foreclosure?

10

Chapter 1

10

Why do I need to understand the foreclosure process?

11

11

How can Legal Aid Services help me?

11

12

What are the different types of liens?

12

13

Can a HOA foreclose on my condo or townhouse?

12

14

Can an IRS tax lien be removed without my paying it off?

13

15

Do mechanic’s liens ever expire?

13

16

Do municipal code violations matter at all?

14

17

What is the most common type of property lien?

14

18

What is a 2/28 ARM and does it matter to me?

15

19

What is a junior lien?

16

20

What is a HELO and where can I get one?

16

21

What are and how do hard money loans work?

17

22

Does it matter if I have an insured loan?

17

23

What is a HEMC and do I qualify for one?

17

24

What starts a foreclosure?

18

25

Doesn’t the owner of the home have to be the borrower?

19

26

I reinstated but I can’t afford the payments, what do I do?

20

27

What is improper service?

20

28

Do I live in a mortgage or deed of trust state?

21

29

What is the problem with redemption states?

23

30

What is the process for non-judicial foreclosure?

24

31

What is a default judgment and how is it issued?

26

32

What are 7 possible reasons for continuance?

27

33

What are 3 reasons that will not get a continuance?

28

34

How long can some stall a foreclosure?

29

35

What is realistic time for me to stay in my home?

29

36

When do I have to petition the court for a hearing?

31

37

What is the time difference in non-judicial and judicial foreclosures?

32

38

What is a Notice of Sale and should I care?

33

39

Who should file a stay and when?

34

40

What should I expect if I am evicted?

35

Chapter 2

41

Why would an investor give me a lease option?

37

42

How do I know if I can keep my home financially?

39

43

What is a loan modification and how does it work?

40

44

What are teaser rates and why are they important?

41

45

What percentage of people can qualify for bankruptcy now?

42

46

What happens if I tell the IRS a fib?

42

Chapter 3

47

Why does my equity matter if I am staying in my home?

44

48

What are the two basic types of foreclosures?

45

49

What do I do to save minimal equity?

47

50

What do I do to save some equity?

48

51

What do I do to save a lot of equity?

48

52

What do I have to make sure I do when I talk to a lender’s rep?

49

Chapter 4

53

Is transferring a mortgage “subject to” illegal?

50

54

Can title be transferred without my knowledge?

51

55

Do I have a mortgage or a deed of trust?

51

56

What are the features of a mortgage and a deed of trust?

52

57

Can a prepayment penalty last more than three years?

52

58

What will happen to 1 of every 3 homeowners with ARM’s?

53

59

What is a soft pre-pay?

54

60

What is a hard pre-pay?

54

61

Whose name should the property’s title be in?

54

62

What if the guarantor of the mortgage dies?

55

63

What is the “Due on Sale” Jail?

55

64

What is fee simple title?

56

Chapter 5

65

What happens to most bankruptcy filings to stop foreclosure?

57

66

What is deed stripping?

58

67

Why would a doc prep fee be $5,000 or more?

59

68

What can I sign without my attorney seeing it?

59

69

What is contract wrangling?

59

70

Why is an inspection period important?

61

71

How much deposit should I take?

61

72

Should the contract be assignable?

61

73

What can I put to make the closing date firm?

62

74

Can I get part or all of an equity rebate?

62

75

What 17 things should I never do?

63

76

What is the quickest way to resolve my foreclosure?

64

77

How do I make a partial payment?

65

78

What is the cash reserve for a loan in foreclosure?

67

79

What is a short sale?

67

80

What do I do if they say “no”?

68

81

What are issues of material fact?

68

82

How do I do a workout at a time like this?

69

83

Does my hardship matter to anyone but me?

70

84

When does my clock not start over again?

71

85

Is it worth paying 15% to get out of my problem?

71

86

How long to process a new loan for me?

72

87

Should I use a reverse mortgage to stop a foreclosure?

73

88

Shouldn’t I go loan shopping online to get the best deal?

73

89

How much should I do to improve the looks of my home?

74

90

How can Ebay® help me?

75

91

Who can I sell my home to for up to 30% over market?

76

92

What lenders are easiest to deal with?

77

93

What is SCRA and who qualifies?

77

94

What is a way to increase my credit score in one day?

78

95

What are CDC’s and can they help me?

80

96

Can investors help me and when?

81

97

How much consideration should I take?

81

98

What is a “subject to” and how does it work?

82

99

What is the wholesale/retail strategy?

83

100

What is a fair equity split?

84

101

How can I buy my home back below loan value?

85

102

What is a buyer’s agent and how can he help me?

87

103

Does Chapter 13 really stop a foreclosure?

87

104

What is an REO and how does it affect me?

89

105

How do I get a release of lien?

90

106

How powerful is it to use the “B” word?

90

107

How can I make money on mortgages against my home?

91

108

What happens when you withdraw a bankruptcy?

92

109

What are the chances of my going back into foreclosure?

92

110

Why shouldn’t I sign a deed before the closing to get it done quicker?

93

111

How do I know I can keep an escrow deposit?

93

112

What is a “kick-out” clause and why use it?

94

113

Can I hold escrow myself?

94

114

What is a predatory loan?

95

115

What should I say to buyers?

96

116

Can they foreclose if the home is in probate?

96

117

Can a realtor® lie about having a buyer?

98

118

What’s different for an investor in foreclosure?

98

119

What’s the best way to get a person with bad credit a mortgage?

99

Chapter 6

120

Where do I start and what do I do?

103