Foreclosure and what you dont know.

 Do you know that the banks have up to 10 years to collect their money on a foreclosure.  Contrary to what most people believe.  The fact that you can qualify to repurchase a home 3 years after a foreclosure does not mean the story ended their  and you now began a new chapter in your life.   Most banks will not consider collecting on a default because they are aware the homeowner has no way of repaying.  However that is not the case once a person reorganizes  his life and is  on his way to financial stability.  Protect yourself from default judgements.  Plan ahead and be aware that most banks will come after you at some point down the road.  Supporting Homeowners works with attorneys in the valley to better serve our minority communities to better educate them on ways to protect themselves when going through a foreclosure.  Let us help you.   We are a non profit organization registered in the State of Arizona.

Foreclosure and what you dont know.

 Do you know that the banks have up to 10 years to collect their money on a foreclosure.  Contrary to what most people believe.  The fact that you can qualify to repurchase a home 3 years after a foreclosure does not mean the story ended their  and you now began a new chapter in your life.   Most banks will not consider collecting on a default because they are aware the homeowner has no way of repaying.  However that is not the case once a person reorganizes  his life and is  on his way to financial stability.  Protect yourself from default judgements.  Plan ahead and be aware that most banks will come after you at some point down the road.  Supporting Homeowners works with attorneys in the valley to better serve our minority communities to better educate them on ways to protect themselves when going through a foreclosure.  Let us help you.   We are a non profit organization registered in the State of Arizona.

WHY IS IT MY BANK WOULD RATHER FORECLOSE THEN APPROVE MY SHORT SALE.

 Contrary to what many believe; Banks do not lend their own money.  Banks are middle men.   They service the loan rather then own it.  Hence the banks are collecting billions of dollars through service fees they charge on the loan.  If you do a short sale the service fees stop.  If the house goes to foreclosure the banks picks it up on their books at foreclosure and the fees continue through the REO process.  They are making more money in a foreclosure then if they would have agreed on a short sale and gotten the loan off their books.  If you are going to do a short sale you  need a trained professional to guide you through the short sale process.  

Supporting Homeowners

 Supporting Homeowners a non for profit llc was formed in March 2011 in the hope of bringing solutions to todays foreclosure crisis in Maricopa County.  It was formed in an effort to help minorities find a solution to their housing needs.  Studies perform by Northwestern University pointed to the fact that Hispanic and Black buyers were the ones most preyed upon during the housing bubble by predatory lenders.  This has resulted in Hispanic and Black households having the highest percentage in foreclosures throughout the country.  The same studied also noted the negative effects a foreclosure has in children affected by it.  The studied pointed that children whose custodians went through the trauma of a foreclosure were more then likely to not finish High School.  Supporting Homeowners has teamed up with investors who are willing to buy short sales and with the banks approval rent those same properties over to the previous owner.  This will lessen the impact of a foreclosure in the household.  Supporting Homeowners helps individuals through counseling rebuilt their credit after a foreclosure, bankuptcy or a short sale.