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Joseph Lam
Joseph Lam - 800-399-9577
Frequently Asked Questions 
  • I've missed a few mortgage payments, what will happen?
    Your home may undergo the foreclosure process, but there are ways for you to prevent this from happening.


  • What should I do once I'm behind on my mortgage payments?
    Don't wait, get help early! By actively working to resolve the issue as soon as possible, you greatly increase your chances of avoiding the loss of your home through foreclosure. If you even see the possibility of missing a payment, contact your lender and explain your financial situation. This act of initial contact, before letters of delinquency arrive, will help your lender understand that you are facing issues that impede your payments, providing your lender an incentive to find a proper "work out" resolution, or to begin modifications to your loan.


  • What is a "work out" resolution?
    Commonly, the term "work out" resolution is an agreement where you continue making payments on your past due amount over a period of time, or a modification to your loan to lower your interest rate, or an extension loan period that will help lower your payments.


  • I am in the foreclosure process, should I stay in my home or leave?
    You should contact your attorney to determine the best course of action. Abandoning your property may have severe negative consequences on your qualification for assistance.


  • Do you have any other advice?
    Always be wary of potential scams. Any person or company offering a solution that sounds overly optimistic may be trying to take advantage of you during your time of financial troubles. Some warning signals of a scammer include anyone who charges a fee before any services are completed.


  • Why would my lender rather help me stay in my home than foreclose?
    There are several reasons your lender may be interested in other options than foreclosure. Most times, the lender will take substantial financial losses, on average $50,000, from a home foreclosure. Mortgage companies are not interested in owning and selling homes.


  • How common is foreclosure?
    Unfortunately, foreclosures are becoming more common and happen to many Americans. Although the number of foreclosure filings vary from state to state, and even from one financial quarter to the next, the number of filings nationally in 2008 was 3.1 million for 2.3 billion U.S. properties. This is an 81% increase from 2007 and represents 1 in 54 housing units in America having received at least one foreclosure filing during 2008.


Brought to you by:

Joseph Lam CalBRE#01077762

The Joe Lam Team
Alliance Bay Realty

1922 The Alameda, #208
San Jose, CA  95126
800-399-9577

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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

FTC Disclosures

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

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