Frequently Asked Questions

There are just 3 steps, and we make it easy for you:

1. You order a Payoff Statement from your bank for the total balance of your mortgage. This includes all the extra things that your bank has been charging you, such as late fees, interest, attorney’s fees, administration fees, etc.
2. We make certain you have some equity in your property so you can walk away from your mortgage with some money in your pocket.
3. We payoff your mortgage and all the associated fees within 30 days. You pay nothing.

No, there are no fees to work with MS Home Solution.

If you need to sell on a deadline, listing your house for sale with a real estate agent may not be your best option. With MS Home Solution, you don’t have to worry about showing the house to lookers, negotiating with potential buyers, or waiting to see if someone can qualify for a loan. We will make an offer on your house “as is”, so you don’t need to worry about making repairs or even cleaning up, and there are no fees, commissions, or escrow fees.

When you purchased your home, you signed a note which says that if you do not make the payments as agreed, the bank or lender has the right to take back the property.  When you miss at least 3 payments, your lender may exercise their legal right and begin the process of taking the property from you. This process is a type of lawsuit known as “Foreclosure”.

Pre-Foreclosure is simply the beginning of the Foreclosure process. It begins with the lender issuing a Notice of Default. If the homeowner does not catch up on their mortgage payments or come to some kind of agreement with the lender, typically within just a few months, the actual process of Foreclosure will move forward.

After 90 days of missing payments on your mortgage, a process server will serve you with a stack of papers called a “Lis Pendens”, which is the official Notice Of Foreclosure Lawsuit. This will include not only the remaining balance on your mortgage, but also any penalty charges for missing payments, interest, and attorney and lender fees that continue to increase as time passes.

Shortly thereafter (unless you’ve caught up on your mortgage payments in the meantime), you will receive a Summons from the court which asks you, the homeowner, to give a response in writing within 20 days. This Summons is not an opportunity for you to explain why you have missed your mortgage payments. The court and the lender want to know what you are going to do to solve the problem so that Foreclosure can be avoided. Typically, they want to know if you can do a Loan Modification, Short Sale, or some other kind of solution.

The lender will request that the court issue a Final Order of Foreclosure, and the judge will then ask the lender to submit an itemized list of all Foreclosure expenses, attorney’s fees and other costs and missed payments related to the matter. At this point, it is highly likely that the judge will rule in favor of the lender.

The Final Order of Foreclosure will give a date and time (usually within the next 60 days) that your property will be sold at public auction. If you have not worked out a solution with the lender, started a Loan Modification or a Short Sale, then your property will be sold.
 
After you get the Final Order of Foreclosure, you may still have an opportunity to possibly postpone Foreclosure— but only if you have a solution in progress.

Note that even if you decide to do a Short Sale and the process is active and continues, it does not stop the Foreclosure process. However, it will buy you some time to avoid Foreclosure provided the Short Sale is completed in order to dismiss the Foreclosure. 

An attorney’s job in this case is to keep prolonging the Foreclosure process for as long as possible. To accomplish that goal, they will file various motions with the court. This may indeed temporarily delay the Foreclosure process, but it is extremely unlikely to stop it. Ultimately, this is rarely a real solution to your problem.

A Loan Modification is when your lender agrees to permanently modify the terms of your mortgage, usually by lengthening the term of the loan and thereby reducing the monthly payments. Typically, the balance of your modified loan will include the amount of your remaining mortgage plus all missed payments, fees, and interest owed to the lender.

However, it can be very difficult to qualify for a Loan Modification. The home must not only be your primary residence, but you must also be able to demonstrate the financial hardship that caused you to default on your mortgage, and prove that you have the financial resources to be able to reliably make the new payments. In the end, the vast majority of homeowners in Foreclosure will not qualify for a Loan Modification.

A deficiency is the difference between what you owe on your mortgage, and the amount that is received from the Short Sale or Foreclosure Sale of your home. This may also include attorneys fees, late fees, interest, and other costs related to the Foreclosure that are all charges from the bank. So for example, if the amount you owe is $200,000, and the amount received from a Short Sale is $125,000, the deficiency is $75,000. In many states, the lender has the right to legally pursue you for the amount of the deficiency, which may end in your wages being garnished, or other means of collection. RMS Home Solutions can help with this, as we can usually secure a waiver of any deficiencies.

A Summons is asking you, the homeowner, to respond to the lender’s complaint that you are not paying your mortgage as you are legally required to do. Remember that the court is not asking you why this has happened, they only want to know if you have a plan to resolve there situation and thus avoid Foreclosure.

Once you receive the complaint, you have twenty (20) days to file an “Answer to Complaint for Foreclosure” and serve it to the lender’s attorney. Calling your lender or the lender’s attorney is not sufficient.

So your answer must be that you have a solution to the problem— which typically means that you are applying for a Loan Modification or are pursuing a Short Sale.

Bottom line, you should answer the Summons in writing within the 20 days allotted so that you can preserve your rights as a homeowner. If you fail to answer on time, your lender’s attorney may ask the court to grant a default against you, or the court may proceed with Foreclosure without any involvement by you or notification to you of the proceedings. You may also lose your right to assert any defenses you may have against the Foreclosure.

However, if you file an answer on time, it may give you more time to work out a repayment plan or a Short Sale with your lender. It also entitles you to be kept informed of anything happening in your case, and allows you to assert any affirmative defenses you may have, and to tell your lender the reasons that you do not agree with any of the allegations, or to make counterclaims against your lender, or at least present your case for why they need to give you more time.

Foreclosure has many consequences.

• You will be evicted from your home, possibly losing any equity you’ve built up as a homeowner, and of course losing control over the process of the sale of your home.
• Your credit will be damaged, which can adversely affect your ability to buy another home, get credit, or even get employment for many years afterward.
• You may also be financially responsible for any deficiency that remains after a Foreclosure sale.

Fortunately, Foreclosure can be an expensive process for the lender as well, so they are often willing to work with you to help you avoid it. RMS Home Solutions can negotiate with your lender and come up with options, such as a Short Sale. However, you need to get us involved quickly, so call us today.

A Short Sale is when the property is sold for less than the amount still owed on the mortgage. When MS Home Solution is handling the circumstances, it means you can walk away from your mortgage with a full waiver of deficiency so you owe nothing and pay nothing. MS Home Solution takes care of all fees.

Step 1: Choose to work with MS Home Solution, a specialist in Short Sales.

Step 2: Find a buyer- mission accomplished! MS Home Solution is your buyer!

Step 3: We take pictures of the property to determine the offer that we will make to the lender.

Step 4: We list your home for a minimum of 5 days as required by the lender, and help you gather the required documents.

Step 5: We will provide a purchase agreement for you to sign, and then submit all required documents and agreements to the lender to open the Short Sale.

Step 6: The lender orders an inspection to determine the value of your home.

Step 7: We negotiate the terms of the Short Sale with the lender at no cost to you, and we will keep you fully informed throughout the process.

Step 8: When the bank approves the Short Sale, you have 30 days to relocate. Congratulations, you’ve avoided Foreclosure!

A mortgage can be Short Sold whether it is a regular mortgage or a reverse mortgage. A Short Sale wouldn’t make sense for the lender under typical circumstances, but it is less costly for them than Foreclosure. If your reverse mortgage balance is greater than its market value, a Short Sale could be a viable option.

1. MS Home Solution orders an inspection on the property. 
2. The lender orders an appraisal. They choose the appraiser. 
3. We meet the appraiser at the property to argue value and present our inspection report. 
4. The appraisal comes back and we have to offer anywhere from 90-95% of the appraised value.
5. This process takes about 30-45 days. So you have about 60 days to relocate since we will also need a few weeks to close once title and lien searches are back from our title company. 
6. Sometimes relocation funds are made available to the homeowner, and in some cases MS Home Solution can provide this.

Inheriting a home from a loved one can be a wonderful thing, but there may be financial implications that are often difficult and stressful to manage. First, you’ve got three options, and you’ll need to choose one: keep the property, rent it, or sell it.

If you want to sell it, you should understand that selling an inherited house can be a long and difficult ordeal if you don’t know how to properly navigate the process.

The first step is usually Probate, where the will of the deceased is proven as their last testament and the title to the property can be transferred to the beneficiaries. In this process, outstanding taxes and debts must be paid, estate assets must be confirmed, etc.

Probate is a court-supervised process for identifying and gathering the assets of a deceased person (decedent), paying the decedent’s debts and distributing the decedent’s assets to his or her beneficiaries. In general, the decedent’s assets are used first to pay the cost of the probate proceeding, then are used to pay the decedent’s outstanding debts, and the remainder is distributed to the decedent’s beneficiaries. The Florida Probate Code is found in Chapters 731 through 735 of the Florida Statutes, and the rules governing Florida probate proceedings are found in the Florida Probate Rules, Part I and Part II (Rules 5.010-5.530).

When MS Home Solution makes an offer, it includes all of the house’s liabilities including any debts to be paid and any repairs to be made. We buy the house as is. That’s money that you don’t have to spend on expensive repairs and upgrades. What’s more, we can often close in just a few days, which saves you time and needless paperwork.