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Frequently Asked Questions |
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Q): I’ve been hearing a lot of buzz about the new federal law called the Mortgage Forgiveness Debt Relief Act of 2007. Can I take advantage of this new law if I allow Ideal Homes to complete a short sale on my behalf?
A): There are specific requirements, but many homeowners can take advantage of this new law. Click here to view an IRS page which explains some of the details concerning this new law. |
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Q): Once the foreclosure process has begun, how long will it take until my house is sold at auction?
A): It depends on the specific laws of each state. Here are the timelines associated with the states in which we conduct the majority of our business.
• Colorado (125 days)
• Minnesota (45-60 days)
• California (111 days) |
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Q) Is it too early to receive help from Ideal Homes if my house in not currently in foreclosure, but I anticipate that it will be in the near future?
A): No. We can still help. |
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Q): If I file for bankruptcy can I avoid a pending foreclosure?
A): No. Bankruptcy can only POSTPONE a foreclosure. As soon as you file for bankruptcy your house will be temporarily protected from foreclosure by an "automatic stay". Then, your lender(s) will file for a "relief of stay.” When your lender(s) are granted “relief of stay,” they will have the right to resume the foreclosure. |
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Q: Just how damaging are the consequences of having a foreclosure on my credit history?
A): A foreclosure is, by far, one of the worst marks you can have on your credit history. Future creditors consider mortgage payments to be the most important payments to maintain. So, when they discover that a potential borrower lost his/her house to foreclosure, lending to that potential borrower represents the highest degree of risk to them. |
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Q): How long will a foreclosure remain on my credit history and why should I be concerned about it if I don't plan to purchase another house?
A): A foreclosure will remain on your credit history for SEVEN years. Even if you are not interested in purchasing another house, a foreclosure will cause the following negative consequences:
• Higher interest rates on credit cards
• Higher interest rates on auto insurance
• Decreased employment options
• Decreased rental options
• Higher rent |
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Q): Can Ideal Homes clean up my credit history?
A): Unfortunately, no we cannot. We are investors. We focus our efforts on the following tasks:
• Quickly persuading your lender(s) to settle on a short sale arrangement instead foreclosure.
• Quickly arranging for a new buyer to acquire your house. |
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Q): Can Ideal Homes help me even if there isn’t any equity in my house?
A): Yes. Even if you owe more than what your house is worth, we can persuade your lender(s) settle on a short sale arrangement instead foreclosure. |
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Q): Can Ideal Homes help me even if I've already filed for bankruptcy?
A): Yes. There are a few more steps involved in the process, but we can still help. |
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Q): Can Ideal Homes help me avoid foreclosure and keep my house?
A): Although, it may be possible to accomplish such a task, our company specializes in helping our clients avoid foreclosure while arranging for a new buyer to acquire the house. |
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Q): Will I have to pay any closing costs, commissions, or back payments?
A): No. Ideal Homes will arrange for the payment of all closing costs, commissions, back payments, current property taxes, and liens. We don’t charge any fees for our services. |
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Q) By completing and submitting the “SELL YOUR HOUSE” form, will I be obligated in any way?
A): No. We use the “SELL YOUR HOUSE” form to determine the best way we can help solve your situation. In addition, we set certain systems in place to insure that your sensitive information remains private and confidential. We DO NOT sell or rent any of the information we collect. |
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Did you know that your lender(s) may have the right to pursue a JUDGMENT against you in addition to completing a foreclosure?
Many people have been unpleasantly surprised by this. Usually, we can help our clients avoid such judgments. |
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Did you know that there you may be required to pay certain TAXES after you have gone through a foreclosure?
Going through a foreclosure is, by itself, a devastating experience. But, unexpected taxes make the situation even worse. Usually, we can help our clients avoid such taxes. |
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Did you know that in order to refinance your house, you’ll need a MINIMUM of 25% equity?
Some lenders may offer a “home saver” refinance loan. However, you will need a minimum of 25% equity to accept the offer. In most cases, you will need 35% equity. Either way, the interest rate will be very high. |
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Did you know that a “deed-in-lieu” agreement will not protect you from the NEGATIVE CONSEQUENCES associated with a foreclosure?
Some lenders will offer a “deed-in-lieu” agreement. A “deed-in-lieu” agreement is, essentially, a VOLUNTARY FORECLOSURE. Lenders use “deed-in-lieu” agreements to bypass the required timeline of a foreclosure. Although, this helps the lender save time and money, it rarely offers any benefit to the homeowner. The negative results are typically the same as those of a traditional foreclosure. |
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While we, at Ideal Homes, are very sharp individuals, we are not attorneys. Nor are we licensed real estate agents. So, we always recommend that you seek professional legal and real estate counsel in you local area. |
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