Mortgage FAQ’s


What Should I do when I get behind on my Mortgage?
Don’t ignore the phone calls and letters from your lender. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference. Stay in your home. You may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized.

What Are My Options?

Pay the Mortgage Company all of the back payments to bring your mortgage current. This option is rarely attainable. The Mortgage Company will add late fees and Attorney fees on top of your back payments making this amount much more than people are able to come up with.
We can negotiate with your Mortgage Company to bring your loan back in good standing. There are many options available to us to get a modification approved. Some examples are as follows:

- Forbearance – We will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.

- Mortgage Modification – We may be able to adjust the terms of the loan to meet your financial situation.

These Options may be limited depending on:

1.  Type of loan that you have

2. Your lender

3. The mortgage insurance company that insures your loan (if you carry mortgage insurance on your loan).

We have established partnerships with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.
You may simply sell your home before the Foreclosure Sale Date. We may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the Mortgage Company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
We can arrange for you to simply give the home back to the Mortgage Company and walk away with a clean slate
This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure.
You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The Mortgage Company will take your home and all of your equity. If there is no equity they may come after you to pay the shortage or “deficiency”. This is also the most damaging to your credit and your ability to acquire another home loan.

How do you get a Deed-in-Lieu of Foreclosure?
In Deed-in-Lieu of Foreclosure, we can negotiate with your lender to voluntarily give your property back to your Mortgage Company and your debt or deficiency is often forgiven. This won’t save your home, but it will help you with your chances of getting another mortgage loan in the future and it will help you avoid the lengthy legal process of foreclosure. Although it is a negative strike on your credit rating, it is less harmful than a mortgage foreclosure.

What does a Foreclosure Forbearance mean?
In Forbearance, you are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status. Your lender, if in agreement, will then temporarily cease legal actions. Lenders may agree to combine your Forbearance with Reinstatement or a Repayment Plan if you know you can provide the needed funds to bring your account current by a specific date. This plan works for people who have just experienced a sudden living expense increase or income loss. We will negotiate with your lender to explain this hardship and hopefully get you the time you need to readjust your spending and recover financially.

What are the right foreclosure solutions for me?
Our consultants look at every case individually based on your financial situation, past and present. We want to stop your foreclosure, keep you in your home and establish a financial plan that will keep your credit in best standing and also at a level that is comfortable for you. We will help you determine the best solution that is alignment with your financial situation.

Why use us?
We will analyze your situation and offer proven foreclosure help to save your home. We will negotiate on your behalf with your mortgage company to stop foreclosure and get your loan back in good standing. Most importantly, we can help save your home!

What is the charge for your firm’s services?
First,consultation with one of our professional foreclosure advisers is always free. We will evaluate your foreclosure situation and inform you of the costs for any additional services your particular situation requires.

If you require our full services, our fees begin at $495.00 and can go up from there depending on your situation and your needs. Our services are very inexpensive in relation to the value of your home. The one thing you need to decide is how much is your home worth to you? What price would you pay to save your home?

Do you take payments?
Yes! We accept payments on all of our fees. We also accept credit cards to make the payment for our services affordable within your family budget.

Contact the Law Office of Korte & Wortman, PA to discuss foreclosure solutions available to you.

We will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. We understand foreclosure law and the legal process help you keep your home out of foreclosure.