8 Easy Steps To Save Your Home And Prevent California Foreclosure
There are countless families that are stressed out due to the fact that they are facing a California foreclosure and it is very important for you to know how to handle the situation if you are forced to save your home. Below are a some sound guidelines to follow if you are dealing with a foreclosure in California.
1. Don't ignore the problem. The further behind you get on your mortgage, the harder it will be to reinstate your loan and the harder it will be to save your home from foreclosure in California. Now is not the time to bury your hand in the sand.
2. Contact your lender as soon as possible and keep open lines of communication. The banks are not interested owning real estate and really want to help you save your home. They may have some viable solutions to help you in get through these tough financial times and avoid the California foreclosure process.
3. Open and respond to any and all mail correspondence you receive from the bank. The first thing you will receive in the mail will usually offer some good information about how you can avoid California foreclosure and may help you get through this difficult financial time. Other information you receive may include notices of pending legal action. Keep all of these documents together and remember that avoiding this information will only make it more difficult to save your home.
4. Know exactly what your mortgage rights are regarding California foreclosure proceedings. Find your loan documents and go through them carefully so you are aware of what your lender may do if you can't make your payments. Learn about the California foreclosure laws in your state (because every state is different) by contacting the State Government Housing Office.
5. Understand all of your foreclosure prevention options available to save your home. Valuable information about foreclosure prevention (or loss mitigation) can be found on the internet at www.fha.gov/foreclosure.
6. Watch your spending. Other than your health care needs, taking action to save your home should be priority number one. Go over your family budget to see where you can tighten your belt in order to make your mortgage payment on time. Look closely at other expenses like cable television, gym memberships and other luxury expenses that you can cut immediately. Delay payments on "unsecured" debt and credit cards until your mortgage payment has been made.
7. Use your assets. Do you have any assets like a second car, jewelry, a life insurance policy that you can sell quickly for cash to help catch up you loan? Can you or a family member get a second job to bring in extra income? Even if these efforts don't significantly increase your cash flow they demonstrate to your lender that you are willing to make every effort to save your home.
8. Don't lose your home to California foreclosure recovery scams! Be very careful about signing any documents assigning them to act on your behalf because you may be signing over the title to your home and becoming a renter in your own home! Never sign a legal document without careful reading and clarity on all the terms and conditions. Getting professional advice from a trusted real estate professional or real estate attorney is always wise.
Refer back to the tips and advice above for guidance and and use common sense when making decisions about preventing a California foreclosure and taking measures to save your home.
1. Don't ignore the problem. The further behind you get on your mortgage, the harder it will be to reinstate your loan and the harder it will be to save your home from foreclosure in California. Now is not the time to bury your hand in the sand.
2. Contact your lender as soon as possible and keep open lines of communication. The banks are not interested owning real estate and really want to help you save your home. They may have some viable solutions to help you in get through these tough financial times and avoid the California foreclosure process.
3. Open and respond to any and all mail correspondence you receive from the bank. The first thing you will receive in the mail will usually offer some good information about how you can avoid California foreclosure and may help you get through this difficult financial time. Other information you receive may include notices of pending legal action. Keep all of these documents together and remember that avoiding this information will only make it more difficult to save your home.
4. Know exactly what your mortgage rights are regarding California foreclosure proceedings. Find your loan documents and go through them carefully so you are aware of what your lender may do if you can't make your payments. Learn about the California foreclosure laws in your state (because every state is different) by contacting the State Government Housing Office.
5. Understand all of your foreclosure prevention options available to save your home. Valuable information about foreclosure prevention (or loss mitigation) can be found on the internet at www.fha.gov/foreclosure.
6. Watch your spending. Other than your health care needs, taking action to save your home should be priority number one. Go over your family budget to see where you can tighten your belt in order to make your mortgage payment on time. Look closely at other expenses like cable television, gym memberships and other luxury expenses that you can cut immediately. Delay payments on "unsecured" debt and credit cards until your mortgage payment has been made.
7. Use your assets. Do you have any assets like a second car, jewelry, a life insurance policy that you can sell quickly for cash to help catch up you loan? Can you or a family member get a second job to bring in extra income? Even if these efforts don't significantly increase your cash flow they demonstrate to your lender that you are willing to make every effort to save your home.
8. Don't lose your home to California foreclosure recovery scams! Be very careful about signing any documents assigning them to act on your behalf because you may be signing over the title to your home and becoming a renter in your own home! Never sign a legal document without careful reading and clarity on all the terms and conditions. Getting professional advice from a trusted real estate professional or real estate attorney is always wise.
Refer back to the tips and advice above for guidance and and use common sense when making decisions about preventing a California foreclosure and taking measures to save your home.
About the Author:
Discover a simple new solution to California foreclosure prevention that can save your home and create instant equity to secure your financial future. Go to http://saveyourrealestate.com for a REAL solution to your foreclosure problem TODAY!
posted by Debt Consolidation Loan at
8:46 AM
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