Frequently Asked Questions About Foreclosure and Our Services

Please take the time to read and understand the answers to the following most common questions we’ve been asked from people in foreclosure situations similar to yours.

What can your team do for me?

We may be able to save your home from foreclosure by helping you apply for a loan modification with your lender. We may also be able to prevent foreclosure by negotiating with your mortgage holder to accept less than what is owed on the home as payment in full, a.k.a. short sale or short pay. In this case, our parent company, SCORE Home Group, may be able to step in and purchase the property once the negotiations for short sale approval are completed. This will prevent the property from being auctioned off at the courthouse, and will therefore reduce the damage done to your credit.

Do banks/lenders charge for loan modifications?

No. Mortgage lenders and banks typically do not charge for any type of loan modification. Please be leery of any person who charges thousands of dollars to complete a loan modification. Your lenders acceptance can not be guaranteed, which is why most do not charge to help with this process. Any person or group who charges for this service may be a scammer trying to take advantage of you and steal your money, so please be cautious!

What is a short sale and how long will it take?

A short sale is what happens when your lender agrees to accept a lesser amount as payoff on the loan instead of the total amount owed to them. It may take several weeks or months to get a short sale approved with the lender.

Can I try a loan modification first, and if it’s denied, then do a short sale?

Yes. We will always help you try to complete a loan modification first, especially if your ultimate goal is to keep and stay in your home. If the loan modification is denied, we will then proceed with either a short sale or another means to prevent a foreclosure from happening.

Can you guarantee to stop my foreclosure?

No. Our goal is to stop the foreclosure process by either a loan modification, short sale or some other means. Our team has been successful in helping many different homeowners get approval on their loan modification and short sale transactions, however, we WILL NOT and CAN NOT guarantee the outcome. We can’t promise that the bank will modify your loan nor that they’ll accept a short sale before the foreclosure auction date. We can only guarantee to do our best to help with the process in hopes of achieving your desired outcome.

What if you aren’t successful in getting my lender to cooperate?

If your lender turns down your loan modification and we are not able to get your lender to execute a short sale, then our parent company and its partners will not be able to purchase the house and, unfortunately, the foreclosure process will continue. There are other ways to possibly prevent this from happening and those options will be discussed if needed.

Is there a cost to your services?

No, we do not charge any fees for any of our services. The loan modification process does take time and effort to gather all the right documentation requested by the lender, but it’s all done at absolutely no charge. Please be leery of people who charge thousands of dollars to complete a loan modification. They may or may not be scammers trying to take advantage of you and steal your money, so please be cautious! We also have a specialized negotiations team who can work directly with your lender should you have the need to short sale your home. This service is also free.

How can it be free to work with you?

Short Stop and Save Your Homes (SYH) has relationships with real estate investors who buy houses when homeowners have no other alternatives. This includes our parent company SCORE Home Group. The money made in these transactions allows the investors to compensate our team for our efforts to help the homeowners who indeed want to keep their homes.

Will I receive any money if the lender agrees to a short sale?

Your mortgage lender will not allow you, the seller, to profit from this type of transaction. Remember, the lender loses money when choosing to accept a lower payoff amount as a forgiveness of the full debt.

What do you require from me?

Nothing is required from you to receive our help. Your lender is the one who will require you to present certain documentation to support any loan modification application you apply for. The list of these documents will vary between lenders and will be discussed at the time you complete an application.

Do you profit in any way if the loan modification or short sale process is unsuccessful?

No! We realize absolutely no financial gain, or any other gain, if our efforts are unsuccessful. Our time invested and resources allocated will be lost. Despite knowing this, we still continue to serve you with all of our efforts for the most positive result. We are on your team and here to do our best to help you win!

Will a short sale show on my credit report?

Yes. A short sale will show on your credit as a settlement of debt or something similar. This settlement is preferred and considered more favorable than having a foreclosure because the debt is waived.

Will you buy my house if I need to sell?

No. However, our parent company, SCORE Home Group, could potentially buy your home if selling your home is the best option for you. We also have access to agents and other cash buyers who could also help sell or buy your home. Short Stop and Save Your Homes (SYH) DO NOT buy houses or properties of any kind.

Will I still owe any money if the bank agrees to a short sale?

Your lender may require you as the original mortgagor to pay the difference on any money that is forgiven during the short sale. They may do this by obtaining a deficiency judgment. We will not know if your lender will require you to pay any deficiency balances until they issue your short sale approval letter. We will always do our best to negotiate with the lender to get them to waive deficiency rights on the short sale approval letter.

Are there any tax consequences for me when completing a short sale?

Sometimes a “forgiveness of debt” can be classified as “income” to you. However, it depends on the lender and your particular situation. Please make sure to consult your tax advisor for help.