What is Foreclosure and fact sheet of it

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For American Home Mortgage Servicing, Inc., as for any lender, foreclosure is always a last resort. No one profits from foreclosure. American Home Mortgage Servicing, Inc. only forecloses on a property when all attempts to contact a borrower or to work out an alternative payment plan or other solution have failed – a process that usually takes several months.

What is Foreclosure and fact sheet of it

What is Foreclosure?

Foreclosure is when the lender takes possession of a property because the borrower is not making loan payments.

The Lender
For the lender, foreclosure results in the loss of tens of thousands of dollars, sometimes as much as 40 percent of the loan principal or home value.

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The Borrower
Not only does the borrower have to re-locate from their home, foreclosure also results in long-term damage to the borrower’s credit rating. Even when the borrower recovers from their financial difficulties, a foreclosure can make it difficult to get a loan for a future home purchase, for college expenses or to even get a VISA or MasterCard. Even if the borrower is able to get credit, they will likely have to pay higher interest rates.

Avoiding Foreclosure


Stay In Touch

One of the main reasons foreclosures happen is because borrowers do not take the opportunity to work something out with their lender. When facing financial difficulties, many people just stop communicating. They don’t return phone calls or answer their mail. This essentially guarantees that the borrower will lose their home.

Instead, borrowers should contact American Home Mortgage Servicing, Inc. as soon as they know they’re going to have difficulty making their payments. If a borrower is willing to work with American Home Mortgage Servicing, Inc., American Home Mortgage Servicing, Inc. is willing to work with the borrower.

If you receive a call about your past-due mortgage, the best thing to do is take the call and start down the path to resolving the problem.

Home Retention Team
American Home Mortgage Servicing, Inc. has a specially trained, highly experienced team of associates dedicated to helping borrowers who are past due or who are facing foreclosure. This team is knowledgeable and empowered to make decisions to work out loan problems.

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Tag : What is Foreclosure , foreclosure , what is a foreclosure , foreclosure homes

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What is Foreclosure and fact sheet of it
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