Foreclosures can be scary, confusing, and infuriating. We know. We've helped people navigate them for years.
If you don't have the cash to bring your loan current or are unable to modify your current loan, nothing can stop the forecloseure process. The difference between walking away, and walking away with substantial cash is huge. RealTek can be the difference between a total loss, and a fresh start.
Foreclosure is:
- The Bank's decision.
- Something that can't be ignored.
- Emotionally draining
- A tedious process
Is NOT:
- The same as bankruptcy.
- Instant
FAQ: (Foreclosure)
If you have questions we haven't answered, give us a call.
What does foreclosure actually mean?
Foreclosure means bank takes your house back for a lack of payment.
Does the bank really have a right to take my house regardless of what I owe?
Yes. It doesn’t matter how much you have paid on a loan. If you haven’t paid it off in full, the bank has the right to reposess the home.
What's a redemption? How does it help me?
A redemption is your right to buy your house back from the bank after court ordered foreclosure has occurred. These auctions are public and anyone can bid on them.
In New Mexico, the home owner (you) can assign their Right Of Redemption to buy the home outright at the original foreclosure price to a 3rd party like RealTek.
In short, we're buying your right to pay off the house at the foreclosure price from you for cash.
What are my rights as a homeowner being foreclosed upon?
As with any lawsuit, you have the right to contest the foreclosure.
- You also have the right to:
- Hire an attorney for your defense
- Sell your house. This may require a short sale.
- Walk away... The bank will proceed without you.
What is the time limit on a redemption?
New Mexico state law establishes a maximum of a 9 month limit on redemptions. Nearly all mortguage agreements shorten that time limit to 30 days.
The city Red-Tagged or Yellow-Tagged my house. What's next?
If the city tags your house with a red tag (a Notice of Condemnation) or a yellow tag (a Notice of Substandard Code). In order to move back in, you must remove all the conditions which caused the violations to begin with.
If my house has been red or yellow tagged, can You buy it?
Yes.
How long does it take for me to get cash for my house?
We've purchased many homes in as little as a week!
Does is cost me money to sell my redemption rights?
No.
When I sell my redemption rights, does that change the foreclosure process?
No. Selling your Right of Redemption to Realtek does not stop or change the process.
If I sell you my redemption rights, do I need to vacate the house?
Eventually yes. We can make arrangements for the final date of occupancy. Tell us your situation, and our experts will do our best to accommodate you.
My house is a total disaster. Are you still interested in paying me?
Absolutely! Your home's condition will not deter Realtek from purchasing your home. We don’t look at anything but the four walls. Rest assured, we’ve paid more for less.