Frequently Asked Questions (FAQs)

1. How much will this cost me?

Every member or our team understands how tough it is to recover from financial hardships and that is why you choose the plan that best fits your needs and your budget. Many of the best solutions for homeowners to avoid foreclosure most times require no upfront fees by your lender or third party vendors. If your foreclosure professional believes you qualify for help with modification services with your lender there will be an upfront fee and your foreclosure professional will go over how that works before you spend a dime.

2. Who is Homeland Assistance?

At Homeland Assistance we have developed a specialized program to assist the millions of Homeowners who are facing financial difficulty. We are aware that the problem for most homeowners is a direct result of poor lending practices and other economic problems surfacing all across America. Homeland Assistance instantly provides you the benefit of over 100 financial service providers specializing in mortgage, credit cards, auto loans and debt management solutions plus more.

3. How much time do I have before my house is sold?

Every State has different laws and regulations regarding the foreclosure period. We provide direct links via the web to the State in which you reside. There you can learn exactly how long the process takes from start to finish.

4. How does the Foreclosure Assistance Provider determine what my options are?

The Homeowner Questionnaire is specifically designed to get you the help you need and learn about all of your options and rights as a homeowner facing foreclosure. The questionnaire is powered by a complex analysis engine to determine what all your rights and options are. One of our team of experts will guide you through each option when you are ready so you can feel comfortable that whatever decision you make is the best one for you and your family.

5. Can you help me if my house is up for auction/ and they have already scheduled a sale date?

Yes we can help home owners even after the house has been sold in some cases. The important thing to remember is that we are experts in this field and have a wealth of knowledge and resources to help you.

6. Can you help me if my house is already for sale?

Yes we are still able to assist you if your home is already listed for sale. We help to work in conjunction with any other professionals attempting to assist you with the foreclosure.

7. What is a Hard Money Loan?

Also known as Private Equity Loans are loans that are offered to homeowners in foreclosure, bankruptcy, or with credit problems that cannot qualify for traditional financing. The loans are usually privately funded and have high loan fees and interest rates.

8. What is a Deed In Lieu of Foreclosure?

It is offered by the bank to avoid continuing or commencing the foreclosure proceedings. The homeowner grant deeds their ownership in the house to the bank; in return the bank does not conduct the foreclosure proceedings

9. What is a Short Sale?

It is the sale of real property at a price which is less then the balance of the mortgage on the loan(s) of record.

10. What is a Loan/ Note Modification?

Any changes made to the terms and conditions of repayment to the original note secured by a deed of trust.

11. What is an Acceleration Clause?

It is a legal clause contained within the mortgage note and trust deed that allows the bank or lender to declare the entire unpaid balance due immediately when certain conditions occur.

12. What is a Deed of Trust?

The document by which legal title is transferred from a trustor, or borrower, under a deed of trust, to a trustee, the person or corporation designated to hold that title as security for the loan.

13. What is a Deficiency Judgment?

A judgment lien against a borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full.

14. What is a Due on Sale Clause?

A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home.

15. How do I Determine Equity in my House?

The market value of real property minus the total amount of all the mortgages and existing liens. Liens include but are not limited to; Property Taxes, Personal Liens, Tax Liens, etc.

16. What is a Forbearance?

Forbearance is an agreement made between the bank and the owner to repay the delinquent amount owed over a period of time. The forbearance agreement does not stop the foreclosure proceedings; it simply freezes them until the agreement has been completed.

17. What is a Foreclosure?

The legal procedure used by lenders when the borrower has defaulted on the original contract with the lender (such as failure to pay property taxes, failure to make payment, etc.)

18. What is a Hardship Letter?

It is a letter written by the owner of the house to the bank detailing the financial hardship and details leading to the hardship. It is required when requesting a short pay or Loan Modification from the bank.

19. What is a Lis Pendens?

It is a recorded notice of an existing lawsuit against the subject property.

20. What is the Loss Mitigation Department?

A department of the mortgage bank that is responsible for recovering funds from a delinquent or defaulted account. They are in charge of mitigating the loss that may result from the defaulted loan.

21. What is a Notice of Default?

It is a document that is recorded and delivered to the borrower when default has occurred under a deed of trust. This initiates the foreclosure process, and the information is now public knowledge.

22. What is a Notice of Trustee Sale?

It is a document that is recorded at the county notifying the general public of the trustee’s intent to auction the home at a public auction.

23. What is A Preliminary Title Report?

A report issued by a title company that shows the present condition of title prior to the issuance of a title policy. This report contains a list of the legal vesting of the property, all liens that are attached to the house as well as the amount of the county property taxes.

24. What is a Prepayment Penalty?

The charge payable to a lender if the borrower pays off the outstanding principal balance of the loan prior to its due date.

25. What is an R.E.O.?

Also known as “Real Estate Owned’ is Real Estate that the beneficiary is given title to via a Trustee’s Deed. If no bidders purchase the house at a foreclosure sale, the property becomes an REO.

26. What is a Seller Lease Back?

A transaction in which the owners of home sell the house to a third party, and then agrees to lease back the same property over a predetermined amount of time. The original owner is given the right to buy the property back once the lease period has expired.