New Hampshire Foreclosure FAQs

Nov. 9, 2009 - PRLog -- WR Duclos & Associates is a small company based in Hopkinton, NH. Below are some of the more frequently asked questions that they have received from people who are facing foreclosure.

How long can I wait to stop my foreclosure?

You can wait until the last day, but this is a very, very bad idea. The best thing to do when you know you are having troubles making payments is to investigate alternatives to foreclosure, such as loan modifications, bankruptcies, deeds in lieu, short sales, etc.

In order to stop the foreclosure, do I have to pay my arrearages in full?

No, not always. Sometimes they can be paid back in a payment plan, sometimes they can be added into your loan, and sometimes they can be all or partially forgiven.

How long does the foreclosure process take?

This depends on the bank or mortgage company, as well as the state you are in.

Can I sell my home, rather than lose it to foreclosure?

Yes, as long as either you sell it before the auction or your bank/mortgage company agrees to postpone the auction to let the sale go through.

I just received a foreclosure notice. What should I do now?

Get help. Find out what all your options are and which option is best for you. Be sure to find someone who will take the time to answer all your questions, and who is available when you have questions (such as on the weekends or in the evenings).

Could the "Soldiers and Sailors Act" be used to keep my house from being auctioned?

If you are a member of the armed services who is on active duty, this act could be used to help to keep your house from being auctioned.

What happens when I miss several mortgage payments?

Your lender may start foreclosure proceedings, which is a way for your lender to recoup their losses by liquating your home.

Should I leave my home when I receive a foreclosure notice?

No, you should not. In order to do a loan modification and get the lowest payment possible, you will need to be living in your home. Additionally, if you choose to do a bankruptcy, and you are still a resident in the home, you will get a $100,000 exemption and, if married, it will be a $200,000 exemption. However, if you are not living in the home, you would not get these exemptions.

How long will a foreclosure action or bankruptcy stay on my credit report?

A foreclosure will show on your credit report for seven years. A bankruptcy will show on your credit for ten years.

What are some common terms I should know?

Forbearance: This is where your mortgage payments are suspended for a period of time, then put back into your loan.

Repayment Plan: A plan, agreed to by you and your lender, which includes arrearages, late fees, and any other fees, which will bring you current over a period of twelve to eighteen months.

Refinance: When you take out a new loan. If one’s credit is bad, these are normally taken out at a higher interest rate than previous loans.

Loan Modification: The process of changing the terms of a mortgage so that the borrower can afford the payments. “Loan mods” often include a reduction in interest rate and/or the reduction of some of the principal owed.

Short Sale: This when you sell the property for less than what you owe on it (normally, the bank must give you permission to do this).

Deed-in-Lieu of Foreclosure: When you sign the property over to the bank and you no longer owe the bank money for the house.

An investor offered to buy my house and rent it back to me. Now the investor is asking for the deed to my house—should I give away my deed?

No! This is a foreclosure rescue scam. What usually happens in such scams is that the investor does not make any payments on your mortgage loan. Then, since that loan still has your name on it, the bank will end up foreclosing on you, anyhow. In the end, you will be evicted and the investor will have all the rent money that you've paid.

Contact the folks at WR Duclos & Associates for help with your home loan modification or for an interview. Their phone number is 603-746-3386. Their e-mail is tina@WRDuclos.com.

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About WR Duclos & Associates: We are a small company based in the picturesque town of Hopkinton, New Hampshire. Our clients include hardworking New Hampshire residents who need help avoiding foreclosure and improving their financial situations. Our team includes lawyers, paralegals, and other real estate and business professionals. We answer our phones (as much as possible) in the evenings and on the weekends (as well as during the weekdays), so people are encouraged to call us to discuss their housing and financial situations anytime. Phone: 603-746-3386.