Rapid Rescue Solutions
There is always a solution to foreclosure and we can explain your best options !!!

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This page is designed to educate homeowners about the various solutions available to them when they fall behind in payments and suddenly find themselves in foreclosure. Foreclosure, of course, was never the plan. Typically something happens that affects the family's obligation to pay their mortgage payment. Examples of what can affect your ability to make on-time payments to your lender could be an accident, an illness, a change in income or loss of a job, or a divorce.

Your priority becomes putting food on the table and dealing with what seems to be problems that may be getting worse instead of better. As you begin to avoid the ringing telephone and pile of mail, you try to avoid the foreclosure also. The next thing you know, you're faced with the prospect of losing your home.

Now that situation may not be yours, but many sellers facing foreclosure share the same circumstances. Avoiding a problem does not make it go away. How can you turn yourself around and help your family?

It's time to consider selling your home, taking any equity you may have accumulated, and selling. This fresh start will help you:

• Get out from under the burden of payments you can't afford to make right now.
• Give you the chance to salvage your credit and begin rebuilding it.
• Move you to a place where you are free to begin again.
• Relieve your family from facing the inevitable foreclosure and eviction
   that follows.

By selling now, you can avoid foreclosure and the eviction process that follows. Your neighbors and friends will never have to know the "behind-the-scenes" story. We are discreet, confidential and treat you with the respect and dignity you deserve, regardless of circumstances.

New York foreclosures are handled either in court or out of court, although court foreclosures are more common. New York foreclosures can take up to 15 months, which is longer than most other states.

Pre-foreclosure Period Before initiating the foreclosure process, the lender may send a warning of impending foreclosure to the borrower, but this is not required in New York.

When processing a foreclosure through the court system, the lender files suit against the borrower for the amount in default. The borrower is notified of the foreclosure proceedings and is required to appear in court to respond. In addition, a lis pendens (notice of pending lawsuit) is recorded.

If the borrower does not appear, the court can rule against the borrower, allowing the foreclosure sale. If the borrower appears, the court considers the case before ruling whether the property can be foreclosed on. If the court rules against the borrower, a foreclosure sale is scheduled. The foreclosure proceedings leading up to the court ruling usually take 7-9 months.

Notice of Sale / Auction

The sale is usually scheduled at least 4 months after the court ruling. The notice of sale must be published in a general circulation newspaper once a week for at least 4 weeks prior to the sale.

In New York, foreclosure sales are made by public auction, usually at the county courthouse. The property is sold to the highest bidder and anyone, including the lender, may bid. The winning bidder typically has to pay 10 percent of the final bid at the sale and the remaining balance within 30 days. When the full amount is paid, the winning bidder takes ownership of the property. Borrowers have no right of redemption after the sale.

The following information has been supplied by Florida attorneys &
is a typical Foreclosure Timeline for most Florida cases:

The purpose of the foreclosure is to clear title to the property in favor of the foreclosing lienholder. When a homeowner falls behind in their mortgage payments, the mortgage company/bank has a legal right to pursue collection of the payments due them by way of a foreclosure lawsuit.

In any lawsuit, the person suing is known as the Plaintiff (in this case, the mortgage co./bank) and the person being sued is known as the Defendant (in this case, the homeowners).

Step 1: To begin the foreclosure lawsuit, the mortgage company/bank will hire an attorney to file a Complaint. The Summons and Complaint will be “served” upon the Defendants. The person serving these documents upon the Defendant is known as the Process Server. The Process Server will personally deliver the Summons and Complaint to each of the persons owning the property. If the owners cannot be personally located, the attorney will place an ad in the paper to publicly notify the owners, whether they actually read it or not. Either way, proper notice is deemed given by either method of delivery.

Step 2: Once served, the Defendant(s) have 20 days to file an Answer or other pleading responding to the Complaint. The Answer should be mailed via certified mail, return receipt requested, to both the County Court in which the case is being heard, and the foreclosing lender in care of their law firm.

Step 3: A Summary Final Judgment Hearing will be scheduled to state the amount of the awarded judgment and to schedule the date on which the Clerk of the Court will auction the property for sale to the public.

Step 4: Approximately 30 days from the date of the Summary Final Judgment Hearing, the foreclosure auction will be held. At this sale, the property will be sold to the highest cash bidder.

Step 5: The new owner will be awarded the right to title/ownership and any occupants remaining in the property will be evicted.

 

Common Property Owner solutions are:

- Reinstate the mortgage by paying the lender all of the monies currently due.

- Refinance the mortgage and pay it completely off before the foreclosure auction date.

- Forebearance Agreement is a payment plan negotiated with your lender, wherein when you can qualify, they will accept a large payment toward your arrearages now with larger monthly payments due until you are caught up. This is a great option, but you must be able to qualify for this program with your lender.

- Bankruptcy 13 allows the owner to re-organize their payments, but if the new higher payment falls behind, the owner will be exactly where he/she left off. Make sure your situation really has changed before you waste your money on an option that will only end up in the same boat.

- Selling the property - sales to buyers who need financing take longer to close and are harder to keep together in short timeframes. If you have the time, this is a great option when your home is in great condition. If you are running out of time and your home is not in great condition, then you need a cash buyer you can trust who will work for you against the foreclosing lender to accomplish the sale that you need quickly and in your best interests. That buyer is RapidRescue Solutions.com.

- If you plan on defending yourself because the suit is in error, we strongly recommend that you hire an attorney so you receive the best possible representation by knowledgeable experts.

Our goal is to take your burden from your shoulders and give you peace of mind and direction, instead of worry, uncertainty or fear.

Go to References to see how others have benefited from our help.
Go to Seller Coupon to see the additional benefits of working with us.

Ready for relief…go to Sell My Property to begin the process of selling your property.

We look forward to assisting you and your family today.