8 Easy Steps To Save Your Home And Prevent California Foreclosure
With thousands of families facing foreclosure in California it is important for you to know exactly how to respond in the event you face a difficult financial crisis and are forced to make decision to save your home. Below are a some solid guidelines to follow if you are facing a California foreclosure.
1. Don't attempt to ignore the problem because you thinks it's too overwhelming. The more you get behind on your payments, the harder it will be to reinstate your loan and catch up which means you make it much more difficult to save your home.
2. Get in touch with you lender as soon as you realize there is a problem. The banks do not want your house as so many have gone into foreclosure they cannot afford to have them on the books. They may have some viable options to help you in getting through these turbulent financial times.
3. Open and respond to all mail from your lender if you intend to save your home. The first notices you receive will offer good information about California foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
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 the California foreclosure prevention options. Valuable information about California foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure.
6. Prioritize your spending. Right after healthcare, the next priority is to save your home. Review your budget to see where you can cut costs in order to make your mortgage payment and avoid a foreclosure. Look closely at optional expenses like cable television, special memberships and other miscellaneous spending that you can eliminate. Delay payments on "unsecured" debt (like credit cards) until you have made your mortgage payment.
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.
Take the above advice into account and use common sense when making decisions about preventing a California foreclosure and attempting to save your home.
1. Don't attempt to ignore the problem because you thinks it's too overwhelming. The more you get behind on your payments, the harder it will be to reinstate your loan and catch up which means you make it much more difficult to save your home.
2. Get in touch with you lender as soon as you realize there is a problem. The banks do not want your house as so many have gone into foreclosure they cannot afford to have them on the books. They may have some viable options to help you in getting through these turbulent financial times.
3. Open and respond to all mail from your lender if you intend to save your home. The first notices you receive will offer good information about California foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
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 the California foreclosure prevention options. Valuable information about California foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure.
6. Prioritize your spending. Right after healthcare, the next priority is to save your home. Review your budget to see where you can cut costs in order to make your mortgage payment and avoid a foreclosure. Look closely at optional expenses like cable television, special memberships and other miscellaneous spending that you can eliminate. Delay payments on "unsecured" debt (like credit cards) until you have made your mortgage payment.
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.
Take the above advice into account and use common sense when making decisions about preventing a California foreclosure and attempting to save your home.
About the Author:
Discover a brand 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
8:54 AM
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