Harvard Business Review Features BounceBack Foreclosure Solution

Frequently Asked Questions

We hope the below section can help you with any questions you may have. Our dedicated team is available at your convenience to speak with you about your unique situation. You can text or call 800- 539-1293 or email us any time at info@bouncebackhomes.com, or feel free to fill out our contact form directly on the website.

BBH is an organization that understands how hard the foreclosure process can be. We provide a unique, customized solution that allows you to potentially stay in your home, for one monthly payment that works for you.

Foreclosure of your home is an incredibly personal experience. Life deals you the unexpected, and suddenly you need to figure out how to stay in your home while protecting your most valuable asset: the TRAPPED EQUITY in your house.

The home’s net equity is the net of your mortgage payoff, other agreed to debts, your cash upfront, BounceBack’s fee and related financing, transaction & closing costs. We fully disclose and explain each section to you when we review your solution.

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

The foreclosure process is generally the result of a homeowner getting behind on their mortgage payments for a period greater than 120 days.

The lender initiates a legal process with their appointed attorneys in the courts.

After court review and validation of the loan documents and procedures the lender will get a judgment to be repaid the outstanding loan balance plus fees.

Then notices are sent out including notice of the sheriff’s sale of the home. Eventually the home is sold at an auction assuming you don’t find a solution to either delay or pay off the bank.

There are several options in the market:

  • A common strategy is to file for bankruptcy. It is a legal process where the homeowner is protected from the foreclosure process temporarily. The homeowner with their attorney works out a loan restructuring with the court/trustee and the bank which may or may not result in the eventual sale of the home. This strategy is frequently recommended by attorneys but may be used less now that the BounceBack Homes program exists.
  • A Loan Modification is an option you can pursue where your lender may offer to change the original terms of your mortgage due to your financial circumstances. This may result in lower monthly payments through an interest rate decrease, principal balance reduction or by adding the back payments to the end of your loan. This option may be temporary and may still have a significant impact on your credit. In most cases the result is that you pay more over time and your mortgage ultimately becomes more expensive.
  • A Hard Money Lender is usually a private source of money rather than a bank. The interest rate is generally 11-15% plus fees. The problem here is you may have trouble meeting your current mortgage payment. How is a mortgage with a much higher interest rate going to be affordable?
  • Cash for Keys generally is an offer to purchase your home at a substantial discount below the market value of your home. They offer you some cash to give them the keys and you leave your home.

We work with qualified attorneys in your area that specialize in foreclosure. They are vetted by us and will work collaboratively in the process. It’s your decision as to who you choose to work with. We do NOT get any referral fees to recommend their services.

There are a number of players in this business who may not be thinking about YOU. Working with them, you run the risk of being left with no home and nothing to show for it.

The first step should be to consult your attorney immediately to avoid these pitfalls. They work with reputable providers to ensure you are taken care of from start to finish.

(1) Net of your mortgage payoff, other agreed to debts, your cash upfront, BounceBack’s fee and related financing, transaction & closing costs. The amount of your net equity will change depending on the change in the homes value. For example if the home value drops by $10,000 your net equity will decrease by $10,000.

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