California Foreclosure Prevention – 8 Simple Steps To Saving Your Home
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 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 you realize that you have a problem. You must understand that the banks don’t want your house as California foreclosures are at record highs.. They may have some viable options to assist you in getting through these difficult 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. 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. 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. After health care, taking action to save your home should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate.
7. Use your assets. Do you have assets — a second car, jewelry, a whole life insurance policy — that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to save your home.
8. Don’t lose your house to California foreclosure recovery scams! If any firm claims they can save your home and stop a California foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted California foreclosure professional, or real estate attorney.
Take the above advice into account and use common sense when making decisions about preventing a California foreclosure and attempting to save your home.
CEO Premier Equity Group, Inc.