California Bank Foreclosures: Homeowners Get Free Mortgage Advice

by on States

Last month, an event organized by the Legal Aid Society of San Diego and the Housing Opportunities Collaborative was attended about 300 people. The said event aimed to provide homeowners who are having trouble with their mortgage payments with some free mortgage advice so they would be able to avoid foreclosure. The rising number of California bank foreclosures has become one of the state’s biggest problems and helping homeowners find ways to stop foreclosure will surely address the unfortunate situation.

Exploring options to stop foreclosure is perhaps one of the most pro-active decisions that these homeowners will make. Most California bank foreclosures were the result of insufficient information. There are actually several options that owners can consider in order to prevent the lender from repossessing their homes. Here are just some of the options:

Re-structuring

If you are having a hard time paying your mortgage dues, then speak with your lender at once. You can always request a mortgage re-structuring wherein your monthly payment will be reduced although your loan term will be longer. this way you will be able to avoid foreclosure and not lose your home, just like the previous owners of these California foreclosure homes.

Re-financing

If your credit score is good enough and you are allowed to re-finance your existing mortgage, then do so. You just have to be sure that you can manage the payment for the new loan. Most lenders are willing to approve request for re-finance especially if they were given proof that the homeowner is qualified for one. When discussing the re-financing terms and conditions, you should make sure that you have all pertinent financial documents with you.

As a last resort, you can seek out a foreclosures broker like Bank Foreclosures Sale who can help you look for potential buyers.

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