Avoid Foreclosure San Diego

As a real estate investor and as a radio program host and commentator, I am frequently asked “how do I go about stopping foreclosure?” While there are a number of factors you need to be careful and watch for. There are some things that will jump out and say this house has a mortgage that can be renegotiated. Or we can stop the foreclosure or in some other way.

· Are you behind on your payments? If you are not behind on your payments many mortgage lenders, particularly at the customer service line will not be willing to negotiate with you. This is because of that particular line of employee at the mortgage company does not understand the nature of your circumstances. If you are not yet behind on your payments, but in jeopardy of falling behind on your payments. You need to find the home retention unit or equivalent at your mortgage company. This division is empowered with the ability to work with you stopping foreclosure and seeing your mortgage stays current and you get to keep your house

· How much can you afford to pay for rent? If you are in the position that you can barely afford your payments for your mortgage, but can afford a roughly similar payment in a rent. Let’s say your mortgage is $1000 a month, but you could afford $800 a month in rent. The mortgage company may be willing to stop foreclosure proceedings and renegotiate the loan with you. Renegotiation is also called modification. When the mortgage company can modify the loan rather than foreclosing on it. They would rather do that because it’s less expensive, and it continues to keep a performing asset in the portfolio.

· Would a small amount of relief take care of the problem? Many people get into foreclosure trouble because they really just needed a couple of months break from payments. Unfortunately, when you add up all late fees and all the costs and stride to answer the demands of the mortgage company, it becomes too difficult to catch up. Stopping foreclosure in this case can require a call to the mortgage company to explain to them that you just needed a break from payments for a short period of time. And that you can get back on track just as soon as they negotiate with you. They don’t want your house and so they’ll be happy to negotiate with you in most cases. All you need to do is prove that once you have the negotiated the payments, you can continue to make them on a regular monthly basis.

· Have you refinanced in the last three years? Knowing the answer to this may be an important tool in stopping foreclosure. If this was a refinance on your principal residence certain rights inure to the refinancer or if the mortgage company did not do all the things that they were supposed to do and required by law to do. Then you may have a claim against the mortgage company. Under the truth in lending act, exercising your rights under the act will absolutely stop your foreclosure and put the mortgage company on the defensive.

· Have you tried speaking with your mortgage company? It may surprise you to learn that a great many people I speak to were in trouble on their mortgage and need me to step in to stop foreclosure have not even made a simple phone call to their mortgage company. They haven’t answered the phone when the mortgage company called. They haven’t opened the mail of the mortgage company sent. They know they’re behind and they don’t want to hear about it from the mortgage company. However, if they just answered the phone, open the mail or called the mortgage company, they may find that the mortgage company is in a great mood to refinance the mortgage. And when they do it for you on this basis it’s not called a refinance it’s called a modification. A modification has nothing to do with your credit. If the mortgage company feels that you can continue to make a payment they will offer you a modification so that your loan in their portfolio remains a performing asset and they do not have to go through the pain and the expense of actually foreclosing on your home.

· The mortgage company doesn’t want your house. They would prefer to see you stay in your house and continue to pay the mortgage. If you haven’t tried to renegotiate your mortgage, now is your chance to make a call. There’s a lot of new things coming along, particularly with regard the new laws, the new bailout and the new presidency, that are going to have a positive impact on your ability to keep your home and stop foreclosure. It’s worth a phone call. Make the call today.

How To Avoid Foreclosure San Diego