There are multiple methods to save your home

Below are the different methods we use to help you save your home.  Be aware that not all of them are available to you, as each situation is different. 

  • Loan modification — Request to change the terms of your loan, which can be changing to a 40-year term, lower interest rate, payback years, or other ways. Click here to learn more.
  • Reinstatement — Pay the missed payments in full.  This is the 100% sure way to save your home, but this option is usually not possible depending on the amount you are behind.
  • Refinance — Refinance your home allows you to lower your interest, monthly payments, or cash out on your equity. However, once a Notice of Default is recorded on your property, most banks will not approve the refinance.
  • Forbearance — This is payment plan provided by the lender. Usually you have to pay back your missed payments, spread over one or two years, on top of your current mortgage payments.
  • Personal Loan — This is a loan from a friend or family. This is only recommended for small amounts.
  • Private loan — This is a loan from a private investor.  This is a high-risk option, but we want to let you know this is possible. If you are currently thinking of this option, please talk to us so you can know the true risk, costs and benefits.
  • Reverse Mortgage — Get cash for your equity and live out the rest of your life without making another house payment.
  • Bankruptcy (BK) — This option gives you a “ring of protection” for your first bankruptcy.  There are different types of bankruptcies, depending which ones you qualify.
  • Lawsuit — This is an option that lawyers or legal firms will give you, but keep in mind, you will be fighting the 1% who owns 99% of the world.

 If you do not want to save your home or have not other options, then you can:

  • Short Sale — If you owe more than what your home is worth, then you can do a short sale. You may potentially receive relocation money up to $10,000.  You will not receive a foreclosure “ding” on your financial record. Click here for more information.
  • Sell Your Home — If you owe less than what your home is worth, then you can just sell your home. Cash out your equity and buy a more affordable home. Click here for more information.
  • Give The Home Back to the Bank (Deed in lieu) — This is the second worst option you can take. You will not get a foreclosure “ding” against your financial record but you will not receive any potential relocation money either.  
  • Let the Bank Foreclose on Your Home — This is the worst option you can do. You will get a foreclosure “ding” against your financial record and you will not receive any potential relocation money.  

What If I am already in a loan mod process or bankruptcy?

First, congratulations on taking steps to save your home. Many homeowners procrastinate or don’t want to think or deal with the problem. You may want to get a no-risk, no-cost second opinion.

Why? Because the path you are taking may not the best option available. We look at your situation in total, not just from bankruptcy or loan modification standpoint. We understand the different strategies especially when your home is involved. 

We have seen loan modification companies charging excessively.  We have seen bankruptcy filings that do not give the homeowners the fullest advantage. 

But we cannot help you if you do not contact us. There is no risk in our one-hour consultation.  Give us 5% of your trust and we will earn the other 95%.

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 Disclosure: Any information presented in this website is purely for educational and informational purposes. We are not giving legal or tax advice. Please consult your attorney or CPA for their advice.
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