Q: My credit is bad, am I wasting my time?
A: No. Almost everyone who has fallen behind on house
payments has damaged credit. We help people regardless of credit.
Q: Why did my mortgage company send the payments back?
A: After your mortgage company accelerates your loan, they no
longer accept a payment less than the full amount due. They are
likely to send it back to you, asking for the whole amount. The
reason for this has its origin in case law.
Q: What do I do if someone stops by the house?
A: It is possible that investors or bank representatives will
come by and look at your house. This is their way of evaluating the
condition of the collateral on your mortgage. The bank may be
checking that it is not vacant. It is up to you, the homeowner,
whether you want to let them in or not.
CAUTION! It has been recently reported that a local
investor has been stopping by peoples’ homes and saying they are
representing the lender’s attorney. They claim to be authorized by
the law firm to make an offer to buy the house. THIS IS A SCAM.
Call our office or call the police. Do not let them in the home and
get a license number and a description of the vehicle.
Q: How much time do I have?
A: In Wisconsin, the average time from receiving your initial
court papers to the foreclosure sale is about 8-9 months. Time is no
friend when you’re behind. Take steps to get yourself caught up. The
longer you wait, the more you pay in court costs, late charges,
penalties, interest and attorney fees.
Q: Can Homestead Solutions, Inc. help with my other bills?
A: When you meet with a representative from the Homestead
Solutions, we will analyze your monthly budget. This has been VERY
beneficial to past clients, because until that point, they had no
idea where their money was going each month. We can make
recommendations for prioritizing your finances, and we can recommend
other resources available in your local area.
Q: I’ve received papers from the court. Do I have to attend on
the hearing day?
A: You have the right to appear, but are not required to do
so. The purpose of a hearing is for the mortgage representative to
validate the debt. They show the judge that the loan made to you was
a legal one, and request that a judgment for foreclosure is
granted. In many cases, these hearings are a swift formality done by
rubber stamp. If you feel the mortgage company has not properly
posted your payments or is wrongfully foreclosing, you have the
right to explain your position. If not, then your time may be better
spent at work earning a living. You may consider consulting an
attorney about your particular situation, as we cannot offer legal
advice.
Q: Can I get help immediately?
A: Yes. You may apply
for assistance right now online or call us toll-free at
877-275-2423.
Q: Do I need to have a special type of mortgage loan for
Homestead Solutions to help me?
A: No. HSI has been able to assist clients avoid foreclosure
regardless of their loan type.
Q: My lender told me I must pay them all the money I am behind or
they will do nothing for me. Can Homestead Solutions still help me?
A: YES. HSI qualified hundreds of clients into nationally
recognized "Mortgage Assistance Programs" even after their mortgage
lender insisted on all back payments or nothing.
Q: What happens after I become a client?
A: After you become a Homestead Solutions client, our
Operations Department immediately notifies your mortgage lender of
our involvement and requests from them specific information to
immediately begin the process of resolving your mortgage
difficulties. HSI will guide you through the entire process, step by
step. Just timely supply us with a few pieces of information, keep
lines of communication open and save as much money as possible.
Throughout the entire Foreclosure Prevention-Default Resolution
process, HSI continuously provides updated information on the
progress of your case. Should you have any questions or concerns at
any time just call us toll free at 877-275-2423.
Q: What if I cannot afford my home, what can Homestead Solutions
do to help me?
A: If you presently cannot afford your home, but would still
like to try to KEEP your home, HSI will offer proven techniques to
help you increase your income, decrease your expenses or both. If
you are behind on credit cards or other unsecured debt, HSI will
guide you to national non-profit credit management organizations
that specialize in lowering your monthly payments on your unsecured
debt. These are some of the largest and most credible credit
management organizations in the nation. If you feel that you cannot
afford your home and would like to SELL your home, we suggest that
you contact us. Because of our relationships with lenders
nationwide, we may be able to work out a situation where the lender
will allow you to sell the property for less than what is currently
owed. This is called a short sale. These types of programs are
designed to allow you to sell your home before a foreclosure sale
has taken place.
Q: I need to write a Hardship Letter. How should I write it and
what should it say?
A: The hardship letter is a very important document. It should
explain what happened that caused you to be late on your mortgage
payments. The letter should be a detailed as possible. The letter
should include the name of your mortgage companies, the loan
numbers, the property address and it MUST be signed and dated.
If your goal is to keep the home, explain what actions you have
taken to recover from your hardship and why the lender should
consider doing a workout to enable you to stay. You need to show
that you have the ABILITY and the INTENT to keep your home.
If you are requesting a short sale, explain the hardship and the
efforts you have gone through to attempt to keep your home. Then ask
the lender to agree to a short sale. The letter needs to convey that
you do not have the ability nor the intent to keep the house.
Explain briefly why the home will not sell for an amount that will
be enough to pay off the mortgages in full.
The letter may be typed or handwritten, as long as it is readable.
It should be signed by all the homeowners or those on the mortgage,
if possible.
Click here to read Sample Hardship Letters.
Q: I am self-employed. How do I prove my income.
A: All self-employed homeowners must prove their income to their lender when attempting to negotiate a workout to keep (or short sale) their home. This is done with a Profit and Loss Statement. Either have your accountant prepare this statement for you or click on the links below to get Excel Spreadsheet Templates from Microsoft’s Website that can be filled out and submitted. The more documentation you have to support your P&L, the better.
12 Month Profit and Loss Statement
Q: “Why can’t I download the Client Package?”
A: You must have a way to view PDF files. Click here to install Adobe Acrobat that will allow you to view and print our client package.
