Foreclosure Chronicles
Welcome to Foreclosure Chronicles, the podcast tailored just for you – the homeowner navigating the challenging waters of foreclosure. Join us on this journey where we not only empathize with your situation but also provide a beacon of insights, solutions, and expert advice.
Meet our remarkable host, a fellow homeowner who's faced foreclosure head-on. They bring a unique blend of personal experience and professional know-how to guide you through the maze of options. This isn't your typical podcast – we go beyond the surface, delving deep into the complexities of foreclosure.
Picture this as your go-to resource, a virtual handbook for those seeking clarity and empowerment during tough times. From real-life stories that resonate with your struggles to enlightening expert interviews, we're here to equip you with the knowledge and resources needed to navigate these challenging waters.
Our goal? To empower you to make informed decisions that could potentially save your cherished home or allow you to exit the property with the dignity you deserve. So, whether you're sipping your morning coffee or winding down after a long day, tune in to Foreclosure Chronicles. Let's embark on this journey together, because every homeowner deserves a chance to turn the page.
The host is a licensed North Carolina Realtor with Buy Homes with Rose LLC.
Foreclosure Chronicles
Sailing Through Foreclosure A Guide to the Four Stages
Navigating the stormy seas of foreclosure can be harrowing, but fear not, for I, Amy Ellis, have charted a course that will bring you safely to shore. Tune in as we journey through the four stages of foreclosure, providing you with the compass and map needed to steer clear of the rocks of despair. No jargon, no sugar-coating—just actionable advice and a heartfelt understanding of your plight as we explore the 'Handling It' stage through to the dreaded 'Too Late' stage.
In this episode, we start with the early warning signs at the 'Handling It' stage, where being proactive is key, and progress through to the 'Frantic' stage, where the auction hammer looms ominously. I'll illuminate the often-misunderstood 'Right to Cure' period, offering clear strategies for those of you caught in the 'Stalling' phase, where inaction can be your worst enemy. Whether you're seeking a life raft to keep your home or a dignified exit strategy, this episode is a beacon of hope for homeowners navigating the treacherous currents of foreclosure.
Be the first to know about the next episode of Foreclosure Chronicles by signing up at foreclosurechroniclespodcast.com
By signing up you also get access to special bonus recordings.
Amy is a licensed Realtor in North Carolina. She is affiliated with Buy Homes with Rose LLC brokerage. This is not a solicitation to get a listing. This is a podcast to provide you with options for your situation.
Welcome to another episode of Forclosure Chronicles podcast, where we help homeowners in Forclosure with options so that they can make the best decision for their situation or exit the property with dignity. I'm your host, amy Ellis. In the last episode I discussed the two types of Forclosure the judicial and non-judicial. I focus more on non-judicial because that's what is used in the state of North Carolina. On this episode, I'm going to break it down a little bit further, which, if you listen to the last episode, I gave a timeline of the Forclosure process. So on this episode, I'm going to break it down to the phases of the Forclosure process. There are four steps, four stages that a panit homeowner goes through while in Forclosure. These stages aren't set in stone. You can't Google them to see oh, is this for real? You should be told. I made the stages up. However, once you hear what these stages are and the definition that's behind each stages, you'll see why I created the where you are timeline, because there are a lot of panic homeowners that just don't know. They think that everything is going to get cured or mysteriously disappear. That is not so. So what are those four stages? You have the handling it stage. You have the stalling stage, you have the frantic stage and the last stage is too late stage. So, just with those, just by me mentioning those stages and phases, do you know where you are? Are you handling it? Are you just stalling? Has it got to the point where, uh-oh, your frantic and hopefully, if you're listening, you are not in the too late stage. So let's break these down. Let's break each one of these stages down. All right, handling it?
Speaker 1:This phase occurs around 90 days to six months. You're about 90 days to six months delinquent. Okay, you receive multiple letters from the lender. You might even be working with the lender via a loan modification. Some other things that you might be doing during this phase is okay, you got these notices. You know you can't do anything about it, so you might list the home as is with an agent, or you can be borrowing money from reliable sources, like your family or friends during this stage. Nevertheless, when you get those notices, guess what? You're actually doing something and you handling it. And there are homeowners that, hey, they're on it. They're not wasting any time. They know they can't, they know they're out of options and they don't want to wait any longer. They just want to go ahead and handle it. That's why this is the handling phase. Again, you're about 90 days to six months delinquent and you're actually handling your foreclosure via a loan modification or you getting with the agent to list it as is, or you could be borrowing money from friends or family to help you with your situation.
Speaker 1:The second phase stalling phase you're about six months or more delinquent on your mortgage. By this point you have received a right to cure, a letter from an attorney. Remember I mentioned mentioned that in the last episode. You have approximately about 60 days to catch up your payments, but in this phase you do nothing. You don't do anything.
Speaker 1:A lot of people like to call this phase the ostrich phase. The panic homeowner has their head in the sand because they don't want to deal with it. And during this phase, a panic homeowner can be saying to themselves I have it taken care of. So during this stage you're probably the panic homeowner is receiving, I'm sure, lots of solicitations and mail, phone calls hey, we can buy your house. Hey, we can help you do a loan mod. Hey, you know, we can sell quit. Whatever the case may be, whatever the advertisements are, what you're telling yourself and you're telling them is I have it taken care of. But do you really? This is the stalling phase. Does this sound familiar? Again, you're about you're over six months delinquent on your mortgage. You have received the right to cure letter from the attorney. So you got about 60 days to get these payments caught up.
Speaker 1:If you want to stay in your home, okay, the third phase, the frantic phase. By this point you're about 75 days from a sale date. You have been served papers from the attorney's office that you have ignored, that you have ignored in the stalling phase. So there's about approximately 45 days to your hearing date, because you know when you get that letter it's going to have a hearing date for you to go to court to let the judge know what's going on. So in this phase, you're like okay, oh crap, what do I do? You try to get it listed. You look frantically for those letters, postcards that you received from investors and you may file a chapter 13 or file for bankruptcy.
Speaker 1:This is the frantic stage, because you stalled earlier. You're like I got it taken care of and now it's coming down to the wire. Reality is hitting in this phase. So, again, you're about 75 days away from the sales date. What are you going to do and the final phase, too late. Your property has been sold back to the bank and it's known as a REO or real estate owned property, and by this time you have no choice but to leave your home. The property is no longer yours. This is where someone will come to the door and possibly give you cash for keys for you to exit out of the property. It could be within at that moment or within a couple of hours, a week or whatever, but once it's sold back to the bank, it's too late to try to save it and you have to exit the property with dignity.
Speaker 1:So once again, we have what I call the where you are timeline. Are you handling it or are you stalling? Are you now frantic because the clock is ticking and hopefully you're not at where it's too late stage because the property has now been sold back to the bank? Whatever the case may be, again, the panic homeowner has options. Now, once it gets to the last phase, there's no options left. If you think you're in the stalling phase or frantic phase, there's still time. We like to see people in the handling it phase, but I get it. Life gets to us and we don't want to deal with it too much pressure. But again, don't let it get to the final stage of where it's too late before you reach out to someone to help you save your home. All right, hopefully this was helpful and put a little bit more of a perspective of the timeline or where you are in your foreclosure process.
Speaker 1:Make sure, oh wait a second, I have something. Oh wait, if you are, if you like what you heard and you want a copy of the where you are timeline, guess what? I can get that for you. What you want to do is go to foreclosure chronicles podcastcom. Again, that's foreclosures chronicles podcastcom. Line up at the drop down, put you want the bonus, click bonus, and when I get that email I will send you this timeline via email is interactive. It says handling it stalling, frantic and too late. So that way, check to see where you are. So again, I hope this was helpful. Don't forget to go to foreclosure chronicles podcastcom. Sign up for this, for this bonus, and you might want to also sign up because you will be the first to get notified when I drop a podcast show and the guests that I have on the show like to leave little nuggets and gifts and bonuses and you can only get those bonuses if you sign up at foreclosure chronicles, podcastcom. Thank you so much, until next time.
