Frequently Asked Questions

What affects my credit score?

The following instances will affect your credit rating with the three major credit reporters: Eqifax, Experian, and TransUnion.

• Payment more than thirty days late on any open account.
• Your credit card balance exceeds sixty percent of your credit limit.
• Any accounts in collections or handled with charge offs.
• Any public records: judgments, liens, prior bankruptcies or foreclosures.
• The number of times your credit has been pulled.
• Having too many open accounts.
• Having too few open accounts.
• Having a major account open: $250.00 or more a month.
• Length of credit history.
• Medical collections may/can be listed on your credit report.

Foreclosure is the forced sale of real estate to pay off a loan on which the property owner has defaulted on. If you fall behind on your monthly house payment the seller or lender may take your house back. This is generally called foreclosure. If your house is foreclosed upon you lose, not only your home but, all of the money you have invested into it.

A typical time line is 150 days. In judicial foreclosure a court decrees the amount of the borrower's debt and him or her a short time to pay it. If the borrow fails to pay within that time the Clerk of Courts then advertises the property for sale.

At some point prior to the scheduled date of foreclosure an appraisal of the property must be made by three disinterested freeholders of that county. A copy of the appraised value must be filed with the court clerk and the property must be offered for sale at a price of not more then two-thirds of solid value.

The sale may not take place until the notice of sale has been published once a week, for three consecutive weeks in a newspaper of general circulation in the county which the property is located. The sheriff will conduct the sale at the courthouse and the property will be sold to the highest bidder.

Lenders may obtain a deficiency judgment and the borrower may redeem the property at any time before the court confirms the foreclosure sale by paying the amount of the judgment, plus costs and interests.

Chapter 7 bankruptcy is designed as an orderly, court supervised procedure by which the trustee collects the assets of the debtor estate, reduces them to cash, and makes distributions to creditors subject to the debtor's right to retain certain exempt property and the right of secure creditors. Because there is usually little or no nonexempt property in most chapter 7 cases there may not be an actual liquidation of debtor's assets. Those cases are "non-asset cases". Usually, debtors with assets they wish to keep and are not covered by exemptions file chapter 13 bankruptcy.

Generally, chapter 13 bankruptcy is preferred by debtors who have valuable assets they wish to keep but are not covered by exemption. This is possible because under chapter 13 a debtor processes a plan to repay creditors over three to five years during which the debtor can make up overdue payments on any asset and pay into the plan the equivalent value of any assets not covered by exemptions. Since the debtor’s plan will require regular monthly payments, chapter 13 is usually only appropriate for an individual who has a regular source of income.

Possession: The lawful occupants may be able to live in the house until a judge orders an order of eviction.

Ownership: You may have the right to sell the house or refinance the mortgage(s) during the redemption period

Reinstatement: You may have the right to bring the mortgage current within 90 days of receiving the summon.

Redemption: You may have the right to pay off loans during the redemption period.

Our foreclosure recovery program will allow you to stay in your home, pay off debt, retain your assets, and keep your creditability. We will strategically align you with an investor who wants to help you save your home and our credit repair program will help you get back on your feet.