Greentree Mortgage Foreclosures and the Solutions

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Foreclosure is the most dreaded word for every mortgagor. When people are taking home loans, of course they are expecting to retain their homes after concluding their mortgage loans.

They want to avoid foreclosure if possible. Foreclosure can happen because of various reasons that will be explained in the next section.

Sometimes there are ways to work around foreclosure so it will not happen. Greentree Mortgage foreclosures solutions are offered to the company’s customers so they can still maintain their dream homes.

What is Foreclosure?

Foreclosure is a situation when mortgage lender putting property used as collateral in the loan agreement to sale as an attempt to recover mortgagor’s loan balance. The amount gathered from sale will go straight to mortgage lender and mortgagor will lose their home.

Foreclosure normally follows certain procedures. Greentree Mortgage foreclosures are no exception to this rule.

Greentree Mortgage Foreclosures

The process begins when homeowner defaults on their payment three times in a row. When they make fourth payment default, there will be Notice of Default issuance from the mortgage lender.

The length of foreclosure process varies according to state regulations and other factors such as negotiations. Greentree Mortgage foreclosures in New Jersey, for example, begin with the mortgage company’s Notice of Intent to Foreclose.

Mortgagors have thirty days to respond to the notice by making their payments or the mortgage company will file foreclosure complaint.

Mortgagors or homeowners have the chance answer foreclosure complaint in thirty five days after its first filing. They can either give contesting answer or non-contesting answer to mortgage lender’s complaint.

When there is no contesting answer to the complaint, foreclosure will proceed smoothly. However, if homeowners are giving contesting answer then there will be judgment process of the loan case.

It is definitely not an easy process, but Greentree Mortgage foreclosures offer other solutions than foreclosures if mortgagors are unable to make their payments.

Solutions for Foreclosures

This mortgage provider believes that there is no ‘one size fits all’ mortgage program. It designs specific plan for each case to ensure that customers are getting the best deal.

This mortgage lender helps with arranging structure of monthly payment, educating the way customers can save on taxes as well as the way to get benefits of tax deductions and tax returns, and telling how customers can maximize their investment values.

We can conclude that Greentree Mortgage foreclosures are not what this company seeks after. It respects homeowners’ wish to retain their home by offering several solutions.

During negotiation step of foreclosure, mortgage provider and homeowners can discuss solution for Greentree Mortgage foreclosures. Loan modification is a possible option to be examined.

If the loan agreement is modified, monthly payment that homeowners have to make may get lower (usually in exchange of longer mortgage term). Homeowners who start with adjustable rate loans can modify their loans to fixed rate loans once their fixed period is over.

They can also come up with deed in lieu or giving their homeownership to the mortgage lender to be free from obligations.

Greentree Mortgage foreclosures are the last alternative of mortgage proceedings. It follows certain procedures based on state laws and negotiations between homeowner and mortgagee. This particular mortgage company aims to accommodate the mortgagor to maintain their homes.