Questions we get asked
These are the real ones, in roughly the order they come up on the phone.
Will calling my lender make things worse?
No, and this is the most common fear we hear. Federal rules actually require your servicer to contact you about options within about 36 days of a missed payment. Talking to them creates a record that helps you later. Avoiding them is what removes options.
Do I have to pay off the whole loan to stop the foreclosure?
Usually not. In most cases you pay what is past due plus costs and fees, which is called reinstatement, and the loan returns to normal. The reinstatement figure is almost always dramatically smaller than the full balance. Ask your servicer for it in writing.
A sale date has been set. Is it too late?
Not necessarily. Sales get postponed regularly, for a signed purchase contract, a complete loss mitigation application filed more than 37 days out, or a bankruptcy filing. In Wyoming you also get three months after the sale to redeem, and you keep possession during it. What is still possible depends on your state and how many days are left.
What does this cost me?
Nothing for the conversation. We do not charge you any fee for reviewing your situation or explaining your options. If you later decide you want help executing a specific option, we will tell you exactly what that involves and what it costs before you agree to anything.
How did you get my information?
From public county records. When a lender starts foreclosure it records a document at the county recorder, and those filings are public. That is also how every other company writing to you right now found you.
Are you the government, or working with my lender?
Homeowner Recovery Options is not associated with the government, and our service is not approved by the government or your lender.
Can you guarantee you will save my home?
No. Nobody can, and anybody who tells you otherwise is not being straight with you. Your lender makes that decision. What we can do is make sure you know every option and that nothing gets missed on a deadline.
Do you want to buy my house?
Sometimes, and we would rather say that plainly than have you find out later. We are affiliated with a company that buys homes. If keeping the home is achievable we will tell you how to do that instead, and most of the people we talk to never sell us anything.
What if I owe more than the house is worth?
Then a short sale or a deed in lieu is usually the conversation, and the important term is whether the lender waives its right to pursue you for the shortfall. That varies by state. In Montana a trustee's sale bars a deficiency outright. In Wyoming there is no protection at all.
I inherited the house and I am not on the loan. Will they talk to me?
They are required to have a process for confirming you as a successor in interest. Once confirmed you can get loan information and apply for loss mitigation even though you never signed the note. Servicers do not always volunteer this.
Can you just take me off your list?
Yes. Call (844) 655-1903 and say take me off your list. You do not have to explain or listen to anything first.