California Foreclosure Prevention - 8 Steps To Save Your Home
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 bury your head in the sand and try to ignore the problem because that won;t save your home. The further behind you get on your mortgage, the harder it will be to get your loan caught up and the more likely it is for you to experience foreclosure in California.
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 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. Knowing your mortgage rights will help you save your home. Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the laws regarding foreclosure in California and the time frames in your state (as every state is different) by contacting the State Government Housing Office.
5. Be aware of all of the options you have available to prevent foreclosure and save your home. Valuable California foreclosure prevention (or loss mitigation) information can be found 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. Make use of your assets to save your home. Do you have any valuable assets like a second car, additional furniture, a life insurance policy that you can sell quickly? Perhaps a garage sale or a second job could help you bring in extra money to cover your mortgage expense? Even if these efforts don't raise all the money you need to make your mortgage payment, they demonstrate to your lender that you are willing to make every effort to save your home from foreclosure.
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 bury your head in the sand and try to ignore the problem because that won;t save your home. The further behind you get on your mortgage, the harder it will be to get your loan caught up and the more likely it is for you to experience foreclosure in California.
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 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. Knowing your mortgage rights will help you save your home. Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the laws regarding foreclosure in California and the time frames in your state (as every state is different) by contacting the State Government Housing Office.
5. Be aware of all of the options you have available to prevent foreclosure and save your home. Valuable California foreclosure prevention (or loss mitigation) information can be found 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. Make use of your assets to save your home. Do you have any valuable assets like a second car, additional furniture, a life insurance policy that you can sell quickly? Perhaps a garage sale or a second job could help you bring in extra money to cover your mortgage expense? Even if these efforts don't raise all the money you need to make your mortgage payment, they demonstrate to your lender that you are willing to make every effort to save your home from foreclosure.
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 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 NOW!
posted by Credit Counseling at
8:57 AM
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