38 Questions to Ask

The 38 Critical Questions You MUST Ask to Avoid Being Taken Advantage Of or Ripped Off When You Are In Foreclosure:

Questions to ask your Foreclosing Lender

1. Can you work out a payment plan with me?
2. Will you reduce the amount of my loan balance?
3. Will you show me in writing the terms of the plan you are suggesting?
4. If I agree to these terms, will you agree in writing to stop the Foreclosure?
5. What will happen if I’m late on this payment plan?
6. If I miss a payment, do you start where you left off with the Foreclosure?
7. What percentage of people ends up back in Foreclosure after a successful loan modification?

Questions to ask a Mortgage Broker

1. What is my guarantee that you will close my loan before the house goes to Foreclosure at the court house steps?
2. Will you commit to me in writing?
3. What interest rate are you getting me?
4. How many points are you charging me for this loan?
5. Will my monthly payments be more than what they are now?
6. What are the closing costs and how do they get paid?
7. Are you going to get me a fixed loan or will my payments increase significantly at any time?
8. If my payments are going to increase, how much will they be?

Questions to ask a Bankruptcy Attorney

1. Will filing Bankruptcy “make the Foreclosure go away for good”, or will it only stop the foreclosure temporarily?
2. How much will my new monthly payments be after filing Bankruptcy?  Are my payments going to “increase”?
3. What happens if I can’t afford the payments?  Will I still lose the house to Foreclosure?
4. How much do you charge to file Bankruptcy?
5. Do I qualify for Bankruptcy?
6. Will the Bankruptcy be public record where anyone can see that I filed?
7. How long will the Bankruptcy remain on public records?

Questions to ask Credit Repair Companies/ Attorneys

1. Do you guarantee your service? The correct (legal) answer is (By LAW, no credit repair service can guarantee a specific outcome for using their services. And they certainly cannot give you a timeframe in which your scores will go up). If they answer “Yes”, stay away from them.
2. Is your service legal? In order for a credit repair company or attorney to practice credit repair, they must follow the Credit Repair Organization Act (CROA). To see if a company is in compliance with CROA, go toftc.gov/os/statutes/croa/croa.htm.
3. How do I know if your service is working?
4. What types of credit reports will you use in updating my case? Make sure they use the credit reports from the three major credit reporting agencies.
5. Are you a law firm or a credit repair company? (Beware credit repair companies. You are much better served by going to a law firm that specializes in credit law).
6. Can I pay for your service in advance? The correct (legal) answer is No.  In order to comply with the Credit Repair Organization Act (CROA) firms can only charge for Services rendered. If they answer “Yes”, stay way from them.
7. Can I cancel your service whenever I want?
8. Will I be able to speak to someone about my case? Do you have customer service assistants?
9. Do you offer a “new credit identity” or perform “file segregation”? If they answer “Yes” to either of these questions, stay away from them.

Questions to ask an Investor Trying to Buy Your Home

1. What is my guarantee that my house will not go to Foreclosure?
2. How do I know you are credible?
3. Are you a member of any association or organization that practices and enforces any guidelines or code of ethics?
4. What experience do you have in dealing with Foreclosure situations like the particular situation that I am in?
5. How do you know the Foreclosing lender is going to cooperate with you in stopping the Foreclosure?
6. What can you do today that will immediately get results in stopping the Foreclosure?
7. Will I be able to speak with someone throughout the process?  Do you have customer service assistants?

Don’t be afraid to take this list with you and ask these questions!

This is YOUR future, and you must make an informed decision about what the correct course of action is for you.  Don’t let anyone pressure you, or try to bully you into making a decision without answering all of these questions for you.

Listen very carefully to the answers you receive.  We can help interpret their answers and what they mean to you, as well as answer any additional questions you have and questions about foreclosure and our processes.

You have important decisions to make and informing yourself and learning about the foreclosure process is one of the best ways to do that.