FAQ

Q?Is it best to walk away from my property if I can no longer make the payments?
A.Walking away from your property is not a good choice. Contact The CLS Group to speak with an experienced Mortgage specialist who can assist you with options if you can no longer can afford to stay in your home. If you abandon your property, you may not qualify for assistance and your credit will suffer.

Q?How long do I have before I have to vacate my foreclosed home?
A.f you live in the property, your Lender will assign an eviction attorney to your case. The eviction attorney should be able to let you know when you need to vacate the property. If you do not know who the eviction attorney is, contact your Lenders legal department.

Q?If my foreclosed home sells for less than what I owe, will my Lender come after me for the balance?
A.Your Lender will decide on a case-by-case basis whether or not you will be required to pay the difference between what your foreclosed home sold for and what you owe on it. At the end of the year, a 1099 may be issued for the deficiency balance. You should contact your tax advisor to discuss how this may affect you.

Q?My house has been foreclosed. Is there anything I can do to get it back?
A.Each state has different foreclosure redemption laws. If your home has already been foreclosed, contact the foreclosure attorney to discuss options that may be available.

Q?How does foreclosure affect my ability to acquire a home in the future?
A.Even though buying a home after a recent foreclosure is possible, most lenders will not approve a mortgage loan immediately following a bankruptcy or foreclosure. If you want to buy a home in the future, focus on rebuilding your credit by paying all your bills on time. After you have established a history of on-time payments, you should be in a better position to shop for a mortgage loan.

Q?How does foreclosure affect my credit?
A.Both foreclosures and deed-in-lieu (where the lender accepts the deed to the property to avoid having to foreclose) are damaging to your credit and will be reflected on your credit report for seven years. If your credit report shows a foreclosure or deed-in-lieu, you may have trouble obtaining new credit for at least a few years. You may, however, include a written statement on your credit report that explains any hardships that led to the foreclosure.

Q?If a foreclosure proceeding is initiated, what happens if I have equity or if it sells for more than what I owe?
A.Although each state has its own laws pertaining to foreclosure and equity, in most cases, any accumulated equity in the home is lost in the foreclosure. If the property sells for more than what you currently owe on the mortgage, any gains would go to the seller of the property.

Q?Is bankruptcy an alternative to foreclosure?
A.Bankruptcy is a matter of personal choice and is something that should be discussed with an approved consumer credit counselor or bankruptcy attorney. If you are considering Bankruptcy, please Talk to Specialist beforehand to see if other possible options are available for you.

Q?Is my mortgage “lender” the same as my mortgage “servicer”?
A.Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution. Your current mortgage lender contracts The CLS Group to service your loan including collecting payments, assisting you with workout options, and providing customer service.

Q?I receive letters from people claiming they can help save my home. Is this a scam?
A.Once a foreclosure proceeding is initiated, certain documents are a matter of public record and anyone can review the information that is filed with the court. Investors, bankruptcy attorneys, for-profit foreclosure prevention specialists and real estate professionals, who may not be acting in your best interests, all have access to it. As a result, you may receive communications from them regarding your personal situation. If you provide authorization to these third party companies they work directly with your current lender to find a workout option available for you.

Q?Is it best to walk away from my property if I can no longer make the payments?
A.Walking away from your property is not a good choice. Contact The CLS Group to speak with an experienced Mortgage specialist who can assist you with options if you can no longer can afford to stay in your home. If you abandon your property, you may not qualify for assistance and your credit will suffer.

Q?Is my mortgage “lender” the same as my mortgage “servicer”?
A.Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution. Your current mortgage lender contracts The CLS Group to service your loan including collecting payments, assisting you with workout options, and providing customer service.

 

 

Q?I receive letters from people claiming they can help save my home. Is this a scam?
A.Once a foreclosure proceeding is initiated, certain documents are a matter of public record and anyone can review the information that is filed with the court. Investors, bankruptcy attorneys, for-profit foreclosure prevention specialists and real estate professionals, who may not be acting in your best interests, all have access to it. As a result, you may receive communications from them regarding your personal situation. If you provide authorization to these third party companies they work directly with your current lender to find a workout option available for you.

Q?If I’m delinquent with my mortgage payments, what options do I have?
A.Contact The CLS Group as soon as you know you are having problems paying your mortgage. Don’t wait for foreclosure to begin on your home Trouble Making Payments. You may qualify for options to help you remain in your home or alternate options if you prefer not to stay in your home.

Q?Although I’m not currently behind on my mortgage payments, I may soon be unable to keep up. What should I do?
A.If you are worried about making future mortgage payments, try to plan ahead to prevent it from happening. You can discuss your situation with a CLS Group Mortgage Specialist representative at (866) 757-9907

Q?I am worried about foreclosure. Where can I turn for advice?
A.You can contact an experienced CLS Group Mortgage Specialist representative at (866) 757-9907. This representative can assist you in programs that may be available to you and also help answer any questions that you may have regarding your current mortgage situation.

Q?What are some of the things I can do to help bring my mortgage current?
A.Your first step is to contact The CLS Group. Also, consider other resources to help you repay your mortgage. Can you reduce your expenses? Can you earn additional income with a second job? Or borrow money from a family member or other sources that can be applied to your mortgage loan? Also, if your financial difficulty stems from a military wage earner who has been deployed to active duty, the Service members’ Civil Relief Act of 2003 (SCRA) provides important rights. SCRA covers a variety of issues including mortgage interest rates and foreclosure.

Q?Is it best to walk away from my property if I can no longer make the payments?
A.Walking away from your property is not a good choice. Contact The CLS Group to speak with an experienced Mortgage specialist who can assist you with options if you can no longer can afford to stay in your home. If you abandon your property, you may not qualify for assistance and your credit will suffer.

Q?How long do I have before I have to vacate my foreclosed home?
A.If you live in the property, your Lender will assign an eviction attorney to your case. The eviction attorney should be able to let you know when you need to vacate the property. If you do not know who the eviction attorney is, contact your Lenders legal department.

Q?If my foreclosed home sells for less than what I owe, will my Lender come after me for the balance?
A.Your Lender will decide on a case-by-case basis whether or not you will be required to pay the difference between what your foreclosed home sold for and what you owe on it. At the end of the year, a 1099 may be issued for the deficiency balance. You should contact your tax advisor to discuss how this may affect you.

Q?My house has been foreclosed. Is there anything I can do to get it back?
A.Each state has different foreclosure redemption laws. If your home has already been foreclosed, contact the foreclosure attorney to discuss options that may be available.

Q?How does foreclosure affect my ability to acquire a home in the future?
A.Even though buying a home after a recent foreclosure is possible, most lenders will not approve a mortgage loan immediately following a bankruptcy or foreclosure. If you want to buy a home in the future, focus on rebuilding your credit by paying all your bills on time. After you have established a history of on-time payments, you should be in a better position to shop for a mortgage loan.

Q?How does foreclosure affect my credit?
A.Both foreclosures and deed-in-lieu (where the lender accepts the deed to the property to avoid having to foreclose) are damaging to your credit and will be reflected on your credit report for seven years. If your credit report shows a foreclosure or deed-in-lieu, you may have trouble obtaining new credit for at least a few years. You may, however, include a written statement on your credit report that explains any hardships that led to the foreclosure.

Q?If a foreclosure proceeding is initiated, what happens if I have equity or if it sells for more than what I owe?
A.Although each state has its own laws pertaining to foreclosure and equity, in most cases, any accumulated equity in the home is lost in the foreclosure. If the property sells for more than what you currently owe on the mortgage, any gains would go to the seller of the property.

Q?Is bankruptcy an alternative to foreclosure?
A.Bankruptcy is a matter of personal choice and is something that should be discussed with an approved consumer credit counselor or bankruptcy attorney. If you are considering Bankruptcy, please Contact a Spacialist beforehand to see if other possible options are available for you.

Q?Is my mortgage “lender” the same as my mortgage “servicer”?
A.Your mortgage lender is the financial institution that gave you your mortgage loan. In some cases your mortgage lender may have sold your mortgage to a different financial institution. Your current mortgage lender contracts The CLS Group to service your loan including collecting payments, assisting you with workout options, and providing customer service.

Q?I receive letters from people claiming they can help save my home. Is this a scam?
A.Once a foreclosure proceeding is initiated, certain documents are a matter of public record and anyone can review the information that is filed with the court. Investors, bankruptcy attorneys, for-profit foreclosure prevention specialists and real estate professionals, who may not be acting in your best interests, all have access to it. As a result, you may receive communications from them regarding your personal situation. If you provide authorization to these third party companies they work directly with your current lender to find a workout option available for you.

Q?If I’m delinquent with my mortgage payments, what options do I have?
A.Contact The CLS Group as soon as you know you are having problems paying your mortgage. Don’t wait for foreclosure to begin on your home Trouble Making Payments. You may qualify for options to help you remain in your home or alternate options if you prefer not to stay in your home.

Q?Although I’m not currently behind on my mortgage payments, I may soon be unable to keep up. What should I do?
A.If you are worried about making future mortgage payments, try to plan ahead to prevent it from happening. You can discuss your situation with a CLS Group Mortgage Specialist representative at (866) 757-9907

Q?I am worried about foreclosure. Where can I turn for advice?
A.You can contact an experienced CLS Group Mortgage Specialist representative at (866) 757-9907. This representative can assist you in programs that may be available to you and also help answer any questions that you may have regarding your current mortgage situation.

Q?What are some of the things I can do to help bring my mortgage current?
A.Your first step is to contact The CLS Group. Also, consider other resources to help you repay your mortgage. Can you reduce your expenses? Can you earn additional income with a second job? Or borrow money from a family member or other sources that can be applied to your mortgage loan? Also, if your financial difficulty stems from a military wage earner who has been deployed to active duty, the Service members’ Civil Relief Act of 2003 (SCRA) provides important rights. SCRA covers a variety of issues including mortgage interest rates and foreclosure.