Do you know what steps to take to Avoid Foreclosure in Huntington Beach, CA? My name is Dori Kay, Certified Distressed Property Expert, and I am here to help you avoid foreclosure.
Chances are you or someone you know are having difficulties in making the monthly mortgage payments. More than 70% of these homeowners proceed without seeking assistance and without getting the facts on how to avoid foreclosure.
Many homeowners don't realize that foreclosure is a process, and there is time to make decisions that may result in a better outcome. Time is of the essence though, so take action to avoid foreclosure now. Having the motivation to take action, and finding a professional who can work with you in finding a solution to avoid foreclosure, can ease the frustration.
So where do you start?
Step 1: Take Action
- You have already taken your first step to avoid foreclosure by reading this information.
- You are proactive about finding a solution to avoid foreclosure, and the answers to many of your questions are right here.
Step 2: Contact an Educated Agent
The Washington Post reported on a recent study that found "Troubled homeowners who receive housing counseling are 60% more likely to have their mortgage payments lowered significantly than borrowers who navigate the process themselves."
- Look for the Certified Distressed Property Expert Logo (CDPE)
Step 3: Organize Your Personal Documents and Information
Expedite the process!
No matter what process you choose to avoid foreclosure, the process can be expedited by assembling these materials:
- Checking account statements
- Savings account statements
- Recent mortgage statements
- Last two paycheck stubs
- Last two years tax returns
- A letter of hardship
I can assist you in this process!
Step 4: Contact Your Lender
- Lenders want to avoid foreclosure
- Lenders are not in real estate, do not want to take ownership of a home and don't want houses to sit idle on the market
- Contact your lender as soon as possible to discuss your solutions to your circumstance and avoid foreclosure
- Keep your agent informed
Step 5: Understand All Your Options to Avoid Foreclosure
As a CDPE designated agent, I have the most current information on the options available to you. Here's a brief summary of a few options to avoid foreclosure:
A short sale is a dignified alternative to foreclosure, allowing a homeowner who owes more on their property than it is currently worth, to sell their property at a price for less than is owed.
DEED IN LIEU OF FORECLOSURE
Also known as a 'friendly foreclosure', a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.
FORBEARANCE OR REPAYMENT PLAN
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner usually makes their current mortgage payment in addition to a portion of the back payments they owe.
A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These usually result in a lower payment to the homeowner and a more affordable mortgage.
RENT THE PROPERTY
Renting a property can also be an option if the homeowner who has a mortgage payment low enough, they can convert their property to a rental and use the rental income to pay the mortgage.
Is only a 'foreclosure solution,' in some states and situations, but still remains a challenging financial decision.
A mortgage refinance can be an option if a homeowner has sufficient equity in their property and their credit is still in good standing.
SERVICEMEMBERS CIVIL RELIEF ACT
This act was implemented to help members of the military experiencing financial distress due to deployment. Contact me for more information.
SALE OF PROPERTY
Selling your property can be accomplished if the homeowner has sufficient equity in their property and a qualified agent who understands the current market. If you don't have equity, a short sale may be the best option.
This represents only a summary of some of the solutions available to homeowners facing foreclosure. Please call me today for a free confidential evaluation of your individual situation, property value, and possible options. Let me help you avoid foreclosure.
Step 6: Action!
- Obtain a copy of my free report, "Your First Steps to Avoid Foreclosure" and pass it along to anyone who may benefit from this information and also avoid foreclosure
- Contact me today and let's get you back on the path to financial security and avoid foreclosure