8 Easy Steps To Prevent California Foreclosure & Save 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 bury your head in the sand and try to ignore the problem because that won;t save your home. The further behind you get on your mortgage, the harder it will be to get your loan caught up and the more likely it is for you to experience foreclosure in California.
2. Get in touch with you lender as soon as you realize there is a problem. The banks do not want your house as so many have gone into foreclosure they cannot afford to have them on the books. They may have some viable options to help you in getting through these turbulent financial times.
3. Open and respond to any mail you get from the lender even if it mentions that a California foreclosure may be looming overhead. The first pieces of mail you receive will offer solid information about foreclosure prevention options that can help you weather financial storm. Other mail you receive may include important notices of pending legal action. Keep all of these documents in one place and remember that not opening the mail is not an excuse the banks or courts will accept to save your home.
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. Right after healthcare, the next priority is to save your home. Review your budget to see where you can cut costs in order to make your mortgage payment and avoid a foreclosure. Look closely at optional expenses like cable television, special memberships and other miscellaneous spending that you can eliminate. Delay payments on "unsecured" debt (like credit cards) until you have made your mortgage payment.
7. Use your assets. Do you have any assets like a second car, jewelry, a life insurance policy that you can sell quickly for cash to help catch up you loan? Can you or a family member get a second job to bring in extra income? Even if these efforts don't significantly increase your cash flow they demonstrate to your lender that you are willing to make every effort to save your home.
8. Don't forfeit your house to a California foreclosure recovery scam! Be extremely careful about signing any documents assigning another person to act on your behalf because you may be signing over the ownership of you home to a complete stranger! Only sign a legal document after careful reading and understanding the terms and getting solid professional advice from a trusted real estate or legal professional.
Take heed to the advice above and use your common sense when making decisions about preventing a California foreclosure and attempting to save your home.
1. Don't bury your head in the sand and try to ignore the problem because that won;t save your home. The further behind you get on your mortgage, the harder it will be to get your loan caught up and the more likely it is for you to experience foreclosure in California.
2. Get in touch with you lender as soon as you realize there is a problem. The banks do not want your house as so many have gone into foreclosure they cannot afford to have them on the books. They may have some viable options to help you in getting through these turbulent financial times.
3. Open and respond to any mail you get from the lender even if it mentions that a California foreclosure may be looming overhead. The first pieces of mail you receive will offer solid information about foreclosure prevention options that can help you weather financial storm. Other mail you receive may include important notices of pending legal action. Keep all of these documents in one place and remember that not opening the mail is not an excuse the banks or courts will accept to save your home.
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. Right after healthcare, the next priority is to save your home. Review your budget to see where you can cut costs in order to make your mortgage payment and avoid a foreclosure. Look closely at optional expenses like cable television, special memberships and other miscellaneous spending that you can eliminate. Delay payments on "unsecured" debt (like credit cards) until you have made your mortgage payment.
7. Use your assets. Do you have any assets like a second car, jewelry, a life insurance policy that you can sell quickly for cash to help catch up you loan? Can you or a family member get a second job to bring in extra income? Even if these efforts don't significantly increase your cash flow they demonstrate to your lender that you are willing to make every effort to save your home.
8. Don't forfeit your house to a California foreclosure recovery scam! Be extremely careful about signing any documents assigning another person to act on your behalf because you may be signing over the ownership of you home to a complete stranger! Only sign a legal document after careful reading and understanding the terms and getting solid professional advice from a trusted real estate or legal professional.
Take heed to the advice above and use your common sense when making decisions about preventing a California foreclosure and attempting to save your home.
About the Author:
Discover a brand new solution to California foreclosure prevention that can save your home and create instant equity to secure your financial future. Go to http://saveyourrealestate.com for a REAL solution to your foreclosure problem TODAY!
posted by Credit Counseling at
8:20 AM
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