What are some options to help you avoid foreclosure?

Topanga CA, 90290 

What are some options to help you avoid foreclosure?

If you do not make your mortgage payments, your lender can take your home. The process they use to take your home is called foreclosure. In the process of foreclosure, the lender sells the property to recover its loan balance when the homeowner is no longer able to make the payments. This process takes some time, but if you act quickly, you have a better chance of saving your home.

• Once you are able to secure a forbearance or another mortgage relief option, ask your servicer to provide written documentation that confirms the details of your agreement and that you are clear on what the terms are.
• You can also sell the property.
  • If there is equity in the property, the owner may receive proceeds from the sale of the property.
  • The proceeds could provide help with the transition into affordable housing.
• If you are a at least 62 years of age, you may qualify for a reverse mortgage.
• As a last resort, you can also consult with an attorney regarding a bankruptcy to prevent the foreclosure. The reason that this should be considered a last resort is due to the fact that although this option may enable you to retain your property, there are several consequences for doing so, such as the following:
  • The negative bankruptcy information will remain on your credit report for up to ten years after the filing date, depending on the type of bankruptcy that is declared.
  • The negative bankruptcy information that will appear in your credit report may make it difficult for you to obtain alternate housing options, loans, and any other service that may require a credit check.
  • The bankruptcy will generally increase your payment, rather than decrease it.
  • The debtors who opt to have a repayment plan to make installments to creditors, will do so over a period of three to five years.

https://dcba.lacounty.gov/portfolio/avoiding-a-foreclosure/ 

Remarks:

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