Frequently Asked Questions

Q: We already have an attorney, so what is the benefit to our Association when hiring Foreclosure Solutions?

A: Attorneys charge you for their time involved in filing liens and pursuing foreclosures on behalf of the Association. Generally, the "meter" is running the entire time it takes the Association to either take title or until the bank forecloses on the principal mortgage. The time it takes to receive actual funds and recoup your losses could be close to three years. When hiring Foreclosure Solutions, we provide you with the funds up-front, eliminating the waiting game. Also, we earn our money by aggressively pursuing the past due assessments from the individual unit owner, third party buyers and/or the bank, NOT the Association.

Q: How does Foreclosure Solutions make a profit?

A: In exchange for providing immediate funding to the Association, Foreclosure Solutions buys the right to collect the past due assessments and any late fees and interest associated with each account. Once we recoup the initial assessments that were funded, any additional assessments recouped go straight to the Association. Simply put, we earn our money from the late fees and interests, NOT from the Association.

Q: What if Foreclosure Solutions is able to collect more of the assessments than it provided to our community?

A: That's the great part for the Association, in many cases Foreclosure Solutions has been successful in collecting assessment amounts that exceed the twelve (12) months or one percent (1%) that the banks are required to pay by law. In those cases, after the initial investment and late fees are recouped, the remainder is passed on to the Association.

Q: How does Foreclosure Solutions determine the amount of money it will provide to our Association?

A: Under current Statute, a financial institution that forecloses on a unit is required to pay the lesser of up to twelve (12) months of past due assessments or one percent (1%) of the principal mortgage. Once an Agreement is in place, each delinquent account is analyzed and a purchase price is presented to the Association Board of Directors.

Q: What if additional units become delinquent after we have already received funding from Foreclosure Solutions?

A: Fear not, our offer to your Association is not a onetime ordeal. Foreclosure Solutions' liquidity allows for continuous funding to the Association in the event that additional units become past due on their assessments.

Q: What is the maximum dollar amount Foreclosure Solutions would be willing to lend our Community?

A: That depends on the number of delinquent accounts and the dollar amount attached to each individual delinquent unit owner. However, there is no maximum cap on the funds we would be willing to provide to the Association.

How it Works

As opposed to hiring an attorney and paying the legal fees that come along with filing liens and foreclosures and waiting the potential three years until the bank forecloses on a delinquent unit to recoup a small percentage of the past due assessments or even taking title to a delinquent unit and "playing Landlord" hoping to recoup your losses prior to the bank taking the unit back, hire Foreclosure Solutions. Essentially Foreclosure Solutions purchases the right to collect delinquent assessments from the Association and provides the Association instant cash in hand for the rights to collect on those particular accounts. Once an agreement is in place, Foreclosure Solutions aggressively pursues the collection of delinquent assessments from either the unit owner, a third party buyer and/or the bank that holds the principal mortgage.

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Contact Us We're Here to Help

HB Foreclosure Solutions
5901 US 19 N, Suite 7Q
New Port Richey, FL 34652

Phone:(877) 869-9700
Local: (727) 869-9700
Fax:(727) 869-9825