Q. What does it mean to be in Foreclosure?

A. Foreclosure is to deprive the mortgagor (homeowner) of the right to redeem mortgaged property when payments have not been made. When you have missed 2 months worth of payments you have defaulted on your loan, but you are not yet in foreclosure. The Foreclosure proceedings will not initiate until the mortgage lender or bank submits paper work to a prosecuting attorney.

Q. What are my options?

A. Once the mortgage lender sends letters informing you of the Foreclosure it is important that you act swiftly and find a way to reinstate your loan. The reinstatement of your loan through a repayment plan is the preferred option. Some homeowners use Bankruptcy as an option however this should only be considered as a last resort. The Bankruptcy laws were rewritten in Oct. 2005, making it much harder to qualify. Even if you are entitled to Bankruptcy relief; it affects your ability to finance another home, an automobile and other necessities for seven to ten years. Some homeowners attempt a short sale of the property (a sale of a house in which the proceeds fall short of what the owner still owes on the loan(s). The short sale process must be agreed to by your mortgage company, but with home valuations in question, few lenders are willing to offer this type of relief. Something you need to be aware of, is the difference in the amount that the lender forgives, the IRS does not. The IRS considers this amount as income and you may be taxed on it.

Q. How can you help me save my home?

A. The key to successful negotiation is knowledge, organization, commitment, and a workable plan. Simply put, we will provide your lender all the necessary information to prove why you should keep your home. We develop proven programs that work.

Not only do the programs we offer demonstrate to your lender your level of integrity and commitment, they are designed to provide you with a template that delivers results and maximizes your chance for a successful outcome.

Q. How long will the process take?

A. Our programs are designed to provide you with fast resolution. As such, whether you're implementing our techniques on your own or if you've hired us to handle the work for you, you'll be happy to know that our programs are designed to get you quick answers. As such, depending on the program you select, the entire process can take as little as 24 hours.

Q. I'm currently in bankruptcy. Can you still help?

A. Rarely does bankruptcy prevent foreclosure. Interestingly enough, in industry circles it is thought only to delay the inevitable. With this in mind, many of our clients are actively involved in foreclosure at the time they solicit our service. Realistically, bankruptcy can buy you time. Ultimately, an agreement with your lender may still be needed in order to avoid foreclosure.

Q. I've already talked with my lender and they don't want anything but their money. What can you do to change their minds?

A. Laraz Inc. is not only experienced but also skilled at working with lenders and their agents in effort to reverse the foreclosure. Remember, our team consists of talented, educated, professional personnel who are dedicated to this effort on a full-time basis. We will put your financial portfolio together to prove why it is to their best interest to accept our plan.

Q. How is the service you provide better than filing for bankruptcy?

A. The obvious answer would be that our programs work to safeguard your credit history from negative, long-term impairment. Bankruptcy can legally remain on an individual credit report for a period of ten years. That's a decade. Assuming you know the obvious, a further advantage to choosing our program over bankruptcy is that it allows you to work in concert with your servicing agent to problem solve rather than pitting you against your lender and possibly assuring an inevitable loss as a result. Working in conjunction with your lender, allows you greater flexibility as you tailor a plan that meets both of your needs and protects both of your interests. But most importantly, you will have a greater chance of being heard and your workout will have a greater chance of being approved.

Q. My mortgage company wants more funds than I have saved to get in to some type of repayment plan. Is this something you can assist me with?

A. We have a very high success rate in negotiating repayment options on behalf of our clients. Only after a thorough review and analysis of your financial situation will we be able to determine if our services are your best option to avoid Foreclosure. In most cases we can greatly reduce the amount of money required to enter a repayment plan and also allow you additional time to set funds aside. Be very careful, there are less reputable companies that will tell you anything you want to hear, charge you a fee and never provide a service or obtain the desired results.

Q. If I am in Foreclosure, how much time do I have until I have to leave the house?

A. Laws vary from state to state; in states like Georgia a Foreclosure house for sale is advertised to the public only seven days after being filed. However in other states, the house is not publicly advertised until the 130th day of the Foreclosure process. What's important to remember is to act as quickly as possible. Time is of the essence! Also; with an increasing amount of homes in Foreclosure; many institutional lenders are unwilling and/or unable to assist borrowers in the time required to forestall the sale or public auction of their homes.

Q. Does the lender have the right to repossess my house, even though I have been paying for it all this time?

A. Unfortunately, yes. Even though you only missed those few payments and had paid so many others, the mortgage documents or deed of trust (depending if you live in a judicial or non-judicial state) gives the lender the right to Foreclose and repossess the property after you have defaulted on payments for a certain length of time.

Q. What is refinancing and how can it help me out of foreclosure?

A. By refinancing you are essentially taking another loan. The new loan is based off a new appraisal of your property. However, refinancing is not for everyone. It can also put you at higher risk for Foreclosure depending on a number of factors. Recently a number of large sub-prime lenders have stopped accepting new borrowers. This has had a considerable impact on the entire industry and few lenders will even consider refinancing a home that is in Foreclosure at this time.