Save Your House Now

You Can Stop Foreclosure!

We Have Mortgage Lenders who will lend to good people in foreclosure or bankruptcy.

800-955-7898

Bruce E. Cox, CPA President Cox Financial Network LLC Mortgage Bankers & Brokers8009 Atlantic Avenue Margate NJ 08402

Can we help everyone? No

First, we are licensed by the NJ Department of Banking and Insurance and the CT Department of Banking. We can only finance properties located in those States.

Second, if your property is mortgaged to the point there is little or no equity, then we cannot help.

If you have received a foreclosure notice, then Time is of the Essence.

You must act right away, or you will lose your house, your equity and you will be evicted from the property. You should contact an attorney to learn your rights and options.

Notice of Foreclosure

Once you receive a notice of foreclosure, the notice of default and the foreclosure lawsuit will be filed and recorded in the county in which the property is located. This becomes public information for all the world to know.

You will most likely begin to receive phone calls, letters and postcards from people offering to buy your property. Please note, foreclosure buyers do not pay retail or fair market value for your property. They are looking for a bargain purchase they can quickly flip for a profit of $25,000 to $100,000 or more.

For example, say your property is worth $450,000 and you have an outstanding mortgage balance of $300,000 and equity of $150,000. If the property is sold in foreclosure at a sheriff's sale to the highest bidder, you will lose your equity. If the property is sold for less than the outstanding balance on your mortgage, you could owe the difference.

The investors offering to buy your home want your $150,000 equity. They'll offer to take over your mortgage payments and reinstate your mortgage by bring your loan current in exchange for the title to your property. You will avoid the foreclosure sale or bankruptcy appearing on your credit report. The back payments and legal fees may total $10,000 to $15,000. Deferred maintenance to get your home into a saleable condition may costs another $10,000 to $15,000. They may even give you $10,000 to $15,000 cash to find a new home or apartment.

Yes, you will have to leave. Smart investors never let foreclosure sellers stay in the home. It's bad business. You may be the exception, buy most sellers under these circumstances are angry, resentful and do not make good tenants. Most investors won't take that risk.

The investor will then immediately try to sell your home for $430,000 ($20,000 below market) for a quick profit $100,000 less real estate commissions and closing costs.

Shouldn't you keep your equity?

As you can see from the example above, neither an actual foreclosure sale or a pre-sheriff's sale to a "foreclosure buyer" wil save your equity. You end up with little or no equity.

Refinance!

Refinancing you existing mortgage could save your home and most of your equity. You will have to pay for an appraisal upfront. Most of the other closing costs, such as title insurance, points and fees can probably be rolled into the new loan if their is sufficient equity. Again, Time is of the Essence! You cannot wait to the last minute to explore this option. Time is needed for the appraisal, title work, processing and underwriting.

Risk adjusted lending!

Most lenders will not lend to borrowers in foreclosure or bankruptcy. But some will. Lenders control risk two ways, through interest rates and LTV (loan-to-value). Expect to pay double digit interest rates, points and LTV of 65% to 75%. In other words, you will have to have 25% to 35% equity after the new financing.

You will be able to refinance again in about two years. Most subprime lenders are willing to refinance two years after your notice of default, a foreclosure or a bankruptcy. Depending upon market conditions and subject to your credit scores, this should be at a lower interest rate. Subprime lenders will also allow higher loan-to-values. This feature combined with two years market appreciation might allow you to cash out some of your equity.

Call us today to explore your financing options.

1-800-955-7898

Thank you.

Bruce E Cox CPA President

miracles@saveyourhousenow.com

P.S. You must act right away. Time is of the Essence. Time is working against you. Don't let the clock run out.

P.P.S. Almost everyone in a foreclosure situation goes through a period of denial. They hope against hope they will somehow come up with the funds to reinstate their mortgage and avoid foreclosure. This is a natural reaction but it could be costly. Act now and find out what financing options are available.