Foreclosure FAQs
Answers to common questions about recovering money from a foreclosure
FAQs
I'm in foreclosure - how does Realty Engagement help?
First - let us be completely (and some would say brutally) honest. We are not here to help you stay in your home. We're sure you are getting contacted by many companies who are offering that. We hope you can work with one of them to make a deal that keeps you in your home or allows you to sell it for what you need.
Again - that is not us. Every month we see folks were not able to stay in their home or sell it on their terms and the property goes up for public auction. What we do is, if your property does go up for public auction, is try to get money back for you.
So how does that work?
What is needed to move forward with Realty Engagement managing this process?
How much does Realty Engagement charge?
How does a claim get made?
Paperwork, paperwork, paperwork. We'll need to get you to sign a contract with us and some other legal papers so we can act on your behalf in this limited capacity.
Again let us be very honest - since it is your money to get back you can make the claim yourself - you don't actually need us (or any agency). The reason we ask you to let us make the claim for you is that there is some know-how and expense involved. We'll file the needed paperwork and front any expenses (local filing fees or attorney retainers etc.) that are needed and we'll not backcharge you for those (it will be absorbed into our commission for successful recovery).
About half of the properties that sell at public auction sell for more then what the lender is owed. The lender DOES NOT get to keep that extra. It is to be given to the (unwilling) seller who is not the former owner. However that often does not happen unless you make a claim for it.
We wont lie - its not cheap, but it is a percentage commission so you can never owe more then the recovery amount.
We charge 30% of the recovered money for anything above $30,000
We charge 50% of the recovered money for anything below $30,000
What is the time frame for recovery of money?
This is generally a court managed process. As such it is typically slow. You should set your expectations at a minimum of 6 months and likely longer.
Contact Us
Reach out with your foreclosure questions—we're here to help you navigate recovery.