Keeping Your Home

We want to help you keep your home! 

Here at Keystone, we are committed to providing homeowners with all options for selling their homes. That begins with providing you with information so that you can make an informed decision. We understand the foreclosure experience can be daunting, but you are not the first person to face this difficulty. The pandemic has presented a new set of challenges for us all. The earlier you take hold of this process the better. As first step we recommend taking a pause and review your home finances and mortgage agreement. 

Foreclosure is not a foregone conclusion for homeowners in financial difficulty We understand that the foreclosure process can be confusing, stressful and a last resort for some. We have found that those that are successful take the time to understand the foreclosure process and become educated about what they can do before it’s too late. There are numerous avenues to avoid it, but the important part is to start early.

It is important to understand the opportunities available will be influenced by several factors. A few include: 

  • Details of your hardship
  • Your age and other demographics
  • Balance owed
  • mortgage document and terms
How does foreclosure work?

When we to buy a home often this the balance or a portion of the cost is covered through a mortgage. Buyers than use the home as collateral for our the financial agreement with the mortgage company. In exchange for the money the lender provides, we agree that we will adhere to certain terms, including a payment schedule. When the borrower is unable to abide by the terms, the lender can follow a sequence of legal actions to sell the home. More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt or sell the property the home will be sold so that the lender can recoup the loan value. This legal process is called foreclose. 
One important detail to realize is that foreclosure does not happen instantly. It is a multi  step process that allows you the buyer to keep the property. It is crucial to know the foreclosure stages so you can determine where you are in the process. 

Foreclosure Stages

Stage 1: Missed payments
Stage 2: Public notice
Stage 3: Pre-foreclosure
Stage 4: Auction
Stage 5: Post-foreclosure
saving home