1. What is a Foreclosure?

Home foreclosure is a process by which a lender takes ownership of a property that they have financed. This is usually because the homeowner is behind on mortgage 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.

2. Is There Enough Time to Stop Foreclosure?

We can assist you throughout the foreclosure process and until the foreclosure sale occurs. The best option is to take action against foreclosure before it happens, but if a sale or auction date has been set for your home, you need to act quickly.

3. What Options Do I Have to Avoid Losing My Home?

At LionsGate Financial Network we realize that dealing with the possibility of foreclosure is scary and frustrating. Many homeowners are unaware of the options available to them. We make sure that our clients get thoroughly informed quickly so they can make the best possible decision. We are here to give guidance, help you communicate with your lender, and set your mind at ease.

4. I am Currently Bankrupt. Can You Still Help Me?

We can assist you even if you are in bankruptcy, but we cannot negotiate a work out agreement with your lender until your mortgage has been discharged or dismissed from the bankruptcy proceedings. LionsGate Financial Network can evaluate your case and explain the best options to save your home. Once your mortgage is out of bankruptcy, we can proceed with the foreclosure help.

5. Do I Need a Special Loan for LionsGate Financial to Help Me?

No. We specialize in loss mitigation 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.

6. How Long Does it Take to Complete the Case?

It depends on where you are in the foreclosure process and your financial position, but usually between a few days and several months. The faster you get the completed information package to us, the faster we can proceed.

7. I Have Spoken to my Lender. And They Just Want Their Money. Can you help?

Yes. Many of our clients have experienced this problem with their lenders before calling us. We get lenders to listen to your needs because we are professionals with mortgage and real estate experience. Our loss mitigators have negotiated hundreds of home foreclosure cases. Our level of experience gives us credibility with your lender.

8. What is a Short Sale?

A short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.

9. What is Forbearance?

The lender may agree to a forbearance where they will allow the homeowner to delay payments for a short period or negotiate a payment plan to make up for missed payments. The lender may also agree to some combination of reinstatement and forbearance which enables the homeowner to delay payment for a short period.

10. What is Loan Modification?

During a loan modification the lender may agree to change the terms of the loan in order to make payments more affordable for the borrower. This may include lowering the interest rate, extending the loan term, lowering the principle balance, and/or allowing the homeowner to add the past due amounts to the back of the loan.

11. What is Loss Mitigation?

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

12. What is a Deed in Lieu of Foreclosure?

Also known as voluntary conveyance, with a deed-in-lieu of foreclosure the borrower voluntarily transfers title back to the lender to avoid foreclosure. The lender then releases the borrower from the mortgage and repossesses the property.