Q: Why use Homestead Solutions instead of doing it myself or calling a foreclosure rescue company?
A: We work in conjunction with local and state agencies to do everything possible to get you back in good financial standing with the mortgage company. Other foreclosure prevention companies may attempt to resolve your situation, but are unsuccessful due to inexperience and lack of market knowledge. Even other non-profits are not as successful as we are in stopping the foreclosure. Our specialty is Foreclosure Intervention. Homestead Solutions is not attempting to buy your house at a discounted price like many foreclosure companies out there. We are foreclosure workout negotiators and advisors. We analyze your situation and explain all of your options so you can make an educated decision as to the best solution for you.
Q: How long does it take to complete the case once we begin the process?
A: The average workout takes 60 to 90 days. A case can take 2 days or be stretched out up to a year or more depending on your situation. The length of time for a workout approval largely depends on the reason for your default. If your goal is to save your home from foreclosure, we will spend as much time as necessary to reach that goal.
Q: Do I have enough time to stop my foreclosure?
A: TIME IS OF THE ESSENCE and action should be taken as soon as possible. While we have even stopped foreclosures the same day we were contacted it is much easier to work out a resolution when we get involved early in the process. Your situation can be resolved up until the day of the sale, but it is highly recommended to take action as early as possible.
Q: What is the cost for you to mediate and stop my foreclosure?
A: We are a Fee-For-Service Agency and the cost is $1000 payable in certified funds at the time of your face-to-face appointment with a Housing Advisor.
Q: My credit is bad, am I wasting my time?
A: No. Almost everyone who has fallen behind on house payments has damaged credit. We help people regardless of credit.
Q: Why did my mortgage company send the payments back?
A: After your mortgage company accelerates your loan, they no longer accept a payment less than the full amount due. They are likely to send it back to you, asking for the whole amount. The reason for this has its origin in case law.
Q: What do I do if someone stops by the house?
A: It is possible that investors or bank representatives will come by and look at your house. This is their way of evaluating the condition of the collateral on your mortgage. The bank may be checking that it is not vacant. It is up to you, the homeowner, whether you want to let them in or not.
CAUTION! It has been recently reported that a local investor has been stopping by peoples’ homes and saying they are representing the lender’s attorney. They claim to be authorized by the law firm to make an offer to buy the house. THIS IS A SCAM. Call our office or call the police. Do not let them in the home and get a license number and a description of the vehicle
Q: How much time do I have?
A: In Wisconsin, the average time from receiving your initial court papers to the foreclosure sale is about 8-9 months. Time is no friend when you’re behind. Take steps to get yourself caught up. The longer you wait, the more you pay in court costs, late charges, penalties, interest and attorney fees.
Q: Can Homestead Solutions, Inc. help with my other bills?
A: When you meet with a representative from the Homestead Solutions, we will analyze your monthly budget. This has been VERY beneficial to past clients, because until that point, they had no idea where their money was going each month. We can make recommendations for prioritizing your finances, and we can recommend other resources available in your local area.
Q: I’ve received papers from the court. Do I have to attend on the hearing day?
A: You have the right to appear, but are not required to do so. The purpose of a hearing is for the mortgage representative to validate the debt. They show the judge that the loan made to you was a legal one, and request that a judgment for foreclosure is granted. In many cases, these hearings are a swift formality done by rubber stamp. If you feel the mortgage company has not properly posted your payments or is wrongfully foreclosing, you have the right to explain your position. If not, then your time may be better spent at work earning a living. You may consider consulting an attorney about your particular situation, as we cannot offer legal advice.
Q: Can I get help immediately?
A: Yes. You may apply for assistance right now online or call usat920-230-3324.
Q: Do I need to have a special type of mortgage loan for Homestead Solutions to help me?
A: No. HSI has been able to assist clients avoid foreclosure regardless of their loan type.
Q: My lender told me I must pay them all the money I am behind or they will do nothing for me. Can Homestead Solutions still help me?
A: YES. HSI qualified hundreds of clients into nationally recognized “Mortgage Assistance Programs” even after their mortgage lender insisted on all back payments or nothing.
Q: What happens after I become a client?
A: HSI will guide you through the entire process, step by step. Just timely supply us with a few pieces of information, keep lines of communication open and save as much money as possible. Throughout the entire Foreclosure Prevention-Default Resolution process, HSI continuously provides updated information on the progress of your case. Should you have any questions or concerns at any time just call us at 920-230-3324.
Q: What if I cannot afford my home, what can Homestead Solutions do to help me?
A: If you presently cannot afford your home, but would still like to try to KEEP your home, HSI will offer proven techniques to help you increase your income, decrease your expenses or both. If you are behind on credit cards or other unsecured debt, HSI will guide you to national non-profit credit management organizations that specialize in lowering your monthly payments on your unsecured debt. These are some of the largest and most credible credit management organizations in the nation. If you feel that you cannot afford your home and would like to SELL your home, we suggest that you contact us. Because of our relationships with lenders nationwide, we may be able to work out a situation where the lender will allow you to sell the property for less than what is currently owed. This is called a short sale. These types of programs are designed to allow you to sell your home before a foreclosure sale has taken place.
Q: I need to write a Hardship Letter. How should I write it and what should it say?
A: The hardship letter is a very important document. It should explain what happened that caused you to be late on your mortgage payments. The letter should be a detailed as possible. The letter should include the name of your mortgage companies, the loan numbers, the property address and it MUST be signed and dated.
If your goal is to keep the home, explain what actions you have taken to recover from your hardship and why the lender should consider doing a workout to enable you to stay. You need to show that you have the ABILITY and the INTENT to keep your home.
If you are requesting a short sale, explain the hardship and the efforts you have gone through to attempt to keep your home. Then ask the lender to agree to a short sale. The letter needs to convey that you do not have the ability nor the intent to keep the house. Explain briefly why the home will not sell for an amount that will be enough to pay off the mortgages in full.
The letter may be typed or handwritten, as long as it is readable. It should be signed by all the homeowners or those on the mortgage, if possible. Click here to read Sample Hardship Letters.
Q: I am self-employed. How do I prove my income.
A: All self-employed homeowners must prove their income to their lender when attempting to negotiate a workout to keep (or short sale) their home. This is done with a Profit and Loss Statement. Either have your accountant prepare this statement for you or click on the links below to get Excel Spreadsheet Templates from Microsoft’s Website that can be filled out and submitted. The more documentation you have to support your P&L, the better.
Q: “Why can’t I download the Client Package?”
A: You must have a way to view PDF files. Click here to install Adobe Acrobat that will allow you to view and print our client package.