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I've missed a few mortgage payments, what will happen?

Your home may undergo the foreclosure process, but there are ways for you to prevent this from happening.

What should I do once I'm behind on my mortgage payments?

Don't wait, get help early! By actively working to resolve the issue as soon as possible, you greatly increase your chances of avoiding the loss of your home through foreclosure. If you even see the possibility of missing a payment, contact your lender and explain your financial situation. This act of initial contact, before letters of delinquency arrive, will help your lender understand that you are facing issues that impede your payments, providing your lender an incentive to find a proper "work out" resolution, or to begin modifications to your loan.

What is a "work out" resolution?

Commonly, the term "work out" is an agreement where you continue making payments on your past due amount over a period of time, or a modification to your loan to lower your interest rate, or an extension loan period that will help lower your payments.

I am in the foreclosure process, should I stay in my home or leave?

You should contact your attorney to determine the best course of action. Abandoning your property may have severe negative consequences on your qualification for assistance.

Do you have any other advice?

Always be wary of potential scams. Any person or company offering a solution that sounds overly optimistic may be trying to take advantage of you during your time of financial troubles. Some warning signals of a scammer include anyone who charges a fee before any services are completed.

Why would my lender rather help me stay in my home than foreclose?

There are several reasons your lender may be interested in other options than foreclosure. Most times, the lender will take substantial financial losses, on average $50,000, from a home foreclosure. Mortgage companies are not interested in owning and selling homes.

How common is foreclosure?

Unfortunately, foreclosures are becoming more common and happen to many Americans. Although the number of foreclosure filings vary from state to state, and even from one financial quarter to the next, the number of filings in 2008 was 3.1 million for 2.3 billion U.S. properties. This is an 81 percent increase from 2007 and represents one in 54 housing units in America having received at least one financial foreclosure filing during 2008.

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Whether you are buying or selling your home, The Brian Maecker Team provides a superior combination of professional REALTORS® and assistants committed to achieving complete customer satisfaction for each and every client without compromise. 

In the course of our eighteen year journey, we've done a lot more than simply move people. We've found new homes for thousands of teddy bears and millions of toys, spare rooms for an untold amount of visiting grandparents, storage for those classic cars, cabinets for budding gourmets, and miles of wall space for collections of family portraits.

We are committed to First Class Service! We share this commitment with you because we believe it is important for you to know how we feel about the real estate industry. You win in life by helping others. We want each client to be compelled to share their success with friends, family, and acquaintances and be our... “Client for Life".