Can’t Make Your House Payment?
Don’t Know What To Do??
Do You Want to Sell Your Home? Is Your Home in Foreclosure?
IF YOU HAVE EQUITY in your home, you can sell it to pay off the lender and cash in on your remaining equity. However, if you have a foreclosure date that is near, but the bank is not willing to postpone, you will need a realtor and a short term loan to pay off the lender. SoCal Realty Pros can help you pay off the default amount through a third party lender. This will allow us time to put your home on the market and sell it for top dollar. This will also save your credit from having a foreclosure on your record.
IF YOU DO NOT HAVE EQUITY in your home, a short sale is a good alternative to foreclosure. With a short sale, you list the home on the market just like an equity sale. However, your realtor negotiates with your lender to take less than the loan amount. You stay in your home during the short sale process without having to make a mortgage payment and you might also be entitled to a cash incentive once the home is sold. The homeowner cannot do this process themselves and must have a realtor. Please see our Short Sale Section for more information about this.
Another option is a deed-in-lieu of foreclosure. This allows you to transfer title to the lender and walk away from the property instead of facing foreclosure and eviction.
WANT TO KEEP YOUR HOME? YOU HAVE OPTIONS…
If you don’t want to sell your home and you are in foreclosure, you are going to want to look into one of the following options.
Reinstatement: Under California law you have the right to pay off the default amount under the reinstatement period. You have a short period of time, so act quickly!
Refinance: If you have enough equity in your home and good credit you might be able to get a new loan to pay off the loan that is in default.
Modification: Loan modification is a permanent change in one or more of the terms of a homeowner’s loan, which allows the loan to be reinstated and results in payment you can afford. You might qualify for a loan modification. This works by one of the following:
- – Putting default amount into the loan.
- – Reduction in interest rate.
– Extending the term of the loan.
– Deferment of default amount (rare).
Repayment plan or loan forbearance: If you are experiencing a hardship but expect to recover quickly you can negotiate a short repayment plan to get caught up on the past due amount or have the lender waive some penalties and fees to help you recover and become current.
Chapter 13 Bankruptcy: If you can afford your regular mortgage payment but have a large past due amount you cannot pay, a Chapter 13 bankruptcy will stop the foreclosure and allow you to pay past due amounts over time.
Disclosure: We are not giving legal or tax advice. We are trying to educate you on your options, including helping you sell your home if you choose.