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FAQ

Frequently Asked Questions With Distressed Properties

First Step EquityWhy Are The Homes In Foreclosure?

The homes are in default due to the owner not making their payments, this would be due to divorce, bad health, or loss of jobs from the declining market. 

Who Has Listed The Homes With FirstStepEquity? 

Most of the homes available on our site have been filed as NOD or "Notice of Default" by the bank or currently pending public auction. 

How Do I Take Over On The Home? 

If the home is in NOD you would set up an agreement with the owner the loan would remain in the current name until you refinance the loan or buy the home at the pre-agreed price. 

Why Do I Need To Contact The Home Owners? 

The current home owner is the only person who can transfer the title of owner ship so you will need to deal with them directly to buy the house. 

Do I Need To Clear The Default? 

The default is between 2-4 months of back payments. When the bank receives this they will stop the foreclosure auction, that way you can move in and make the payments. 

How Do I Get The Title Of Owner Ship In My Name? 

The current home owners will deed you the title when you bail them out of the default. 

How Much Are The Monthly Payments? 

Based on loan balance for every $100,000 on a loan monthly payment will be $550-$650 per month. ($170,000 loan balance = $950 per month.) 

Do I Have To Pay For This? Or Is There A Fee? 

FirstStepEquity does charge a monthly $49.00 membership fee. 

This will cover 30 days resistraion, title search, example of documentation for deed transfer and access to exclusive information for members on our website and all the listings which we update daily by your request. 

What Makes You Different From The Other Pre-Foreclosure Companies? 

We don’t just set you up with listing and let you do this blindly. We walk you through the process and assess your situation to see what would be the best approach for you.