Get Started – How to Use this Guide
You can help stop foreclosure by learning about all the options available that can save your home, even the alternatives that government sponsored or non-profit agencies won’t discuss, like strategic bankruptcies and asking a bank to produce the note.
The best foreclosure prevention option for a homeowner in California will vary according to the circumstances surrounding their situation. For example, a repayment plan may be a fit for someone who has missed only one payment, whereas a loan modification may be necessary for a homeowner facing a long-term reduction in income. You must act quickly though as most of the options are time sensitive.
How You Can Help Stop Foreclosure
This foreclosure prevention guide will help you become familiar with the unknown and will give you the tools to decide if you need professional help. Due to the complexity of the laws and regulations that apply to mortgage loans, consumer credit and the foreclosure process itself, we strongly suggest that you eventually seek the help of a professional such as an attorney or counselor that is experienced in reviewing and negotiating foreclosure defense cases to maximize your chance of a successful outcome.
In general, for a homeowner to effectively help stop foreclosure, they should:
- Know their rights as a homeowner and consumer
- Learn what tactics are available to delay the foreclosure process
- Understand the consequences of foreclosure prevention options
- Know where to turn to for additional help to avoid foreclosure
Does it Make Sense to Keep Your Home?
There are two major issues to consider when debating whether it makes sense to fight for a home when facing foreclosure.
The first consideration is if you do let your home go, where will you live? You have to ask yourself whether the cost of living elsewhere is less than what you will be paying for on your mortgage after a potential workout agreement is reached.
The second consideration is what amount, if any, of equity do you have in your home? If the amount that you will be paying on your mortgage payment is close to what you would be paying for rent, then the amount of equity in your home should be the deciding factor for whether you fight to keep your home or let it go. Does it make sense to invest your time and money into preparing a workout agreement or implementing another foreclosure prevention tactic if you will be saving a home with a mortgage balance that is more or equal to the value?
Next Steps…
Learn about what to expect in the foreclosure process and what the implications are of fighting for your home.
