Orange County Law Offices of James G. Burns, Esq.

What is foreclosure?

Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.

What can you do for me?

If after your FREE Consultation we determine that we can help you, there are several options to get you out of foreclosure and protect your credit history. Loan Modification, Forbearance Agreement, Deed in Lieu and a short sale are some of the techniques we use to save your home. Call us so we can explain each of these to you and determine which apply to your particular situation.

What can loss mitigation do for me?

The goal of loss mitigation is to work out an agreement between the homeowner and the lender that will stop foreclosure proceedings permanently. This allows the homeowner to stay in their home and protects their credit history.

How do you stop a foreclosure?

Our company specializes in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. We perform a detailed financial analysis and work with you to determine your best alternatives. We review your lender's loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, we can tailor a resolution to meet your specific criteria and financial circumstance.

How long do I have to act?

Time is of the essence when you are behind on house payments. Time is definitely not your friend in this situation. Each day that passes makes it that much harder to get a work out agreement with your lender that you can live with. The home foreclosure process can take anywhere from a few weeks to many months, depending on your state law and the method of foreclosure your lender chooses to use.

Several companies Have contacted me recently offering help. What makes you different?

There are many predatory companies who are not what they appear to be. Beware of unscrupulous companies who are actually just interested in buying your house at big discount, or attorneys who just want to take you into bankruptcy or companies that collect a consultation fee then do nothing for you. We have some of the most experienced and well respected specialists in the industry whose sole purpose is to save your house, not buy it, sell it, or send you into bankruptcy. Give us a call, speak with one of our professionals and judge for yourself. The consultation is FREE.

Should I negotiate with the lender myself?

Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate an agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don't waste a lot of time on this. Time is not on your side right now. If you don't have something worked out within 1-2 weeks, then it's obvious that your lender is not serious about working things out with you directly. When you get to that point you will be better served by professional representation that can use the formal business and legal protocols to your advantage. Many times they will lead you to believe they are working out a resolution and then all of a sudden you get a letter from an attorney. By then it may be too late for us to help you. do not make this mistake.

How long does it take for you to complete the case once we fill out all of the paperwork?

Anywhere from 30 days to a couple months. This depends on the stage of foreclosure, the state you live in, your financial position and the lending institution. Typically it takes several weeks to complete an agreement and stop foreclosure proceedings.

Do I have enough time to stop foreclosure?

Up until the foreclosure sale occurs there is still hope. If a sale date for your house has been set you need to act fast. We have stopped sales set for the next day but this is very risky and some lenders will not agree to it. You're best option is to take action immediately to stop foreclosure before it goes too far.

How much do you charge to stop foreclosure?

Our fees are based on the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives.

I'm currently in bankruptcy. Can you still help?

Yes. But we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home. Then when the mortgage is out of the bankruptcy, we can proceed with the home foreclosure help. Sometimes after bankruptcy, it is easier to make a mortgage payment because other debts have been discharged.

I've already talked with my lender and they just want all their money. Can you still help me?

Yes. Most of our clients have experienced this kind of inflexibility from their lenders before calling us. We get your bank to listen to your needs because they know and trust us. We have mitigated thousands of home foreclosure cases. That kind of experience gives us credibility with your lender. Over the years we have developed positive working relationships with key people at most banks. Our integrity and professionalism have earned us a reputation that allows us to be heard when no one else can get through the red tape. We will use our experience and connections to your advantage.

Should I file for bankruptcy to save my house?

The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report.

Do I need to have a special type of mortgage loan for you to help me?

No. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent.

What if I can no longer afford my home? Can you still help me?

Yes. If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.

What is Loan Modification?

Loan modification is the restructuring of mortgage terms to meet the current financial situation of the homeowner.

What do you need from me to get the process started?

If our bankers and attorneys believe they can help you they will need some basic information about your current financial situation from you. They will determine the current value of your property and put together a professional proposal for your lender.

How long does the Loan Modification process take?

It can be done in as little as 30 days but usually takes from 8-12 weeks.

Will I have to meet with my lender or deal with paperwork?

Absolutely not. We take care of all the paperwork and all of the negotiating

Are lenders and banks really willing to negotiate?

Definitely. Lenders do not want to foreclose on your home unless they have to. If you present them with a realistic professional proposal they are very open to the Loan Modification process.

What makes you different from other companies?

We are one of the few companies that use attorneys to negotiate for you. Loss mitigation departments at banks and lenders give much more credence to modification proposals submitted by attorneys. Maybe it’s the fear of a lawsuit if they do not negotiate in good faith.

I’ve spoken to my lender and they just want all their money. Can you still help?

Yes. Many of our clients have experienced this kind of inflexibility from their lender before calling us. Our staff has years of experience working with lenders and have the credibility and reputation to work with even the toughest lenders. We have contacts at most lenders and banks and will always be taken seriously.