The foreclosure process scares most people. Throughout California, many people have gone through, or are going through foreclosure. Rather than learn about the process however, many people act like ostriches, sticking their heads in the sand in hopes that all their troubles will simply pass them by. Unfortunately, ignoring the problem won’t make it go away. In fact, ignoring the problem will only make it worse. Ignoring foreclosure will also make finding a solution impossible, a solution such as a California home loan modification.
Foreclosure will occur when a home owner cannot make principal and/or interest payments on their mortgage, typically leading to the property being seized or sold by the bank or lender.
It’s not a difficult process to understand honestly, but its simplicity doesn’t make it any less scary. After about three to six months of missed payments, lenders or banks will order a trustee to record a Notice of Default, usually at the County Recorder’s Office. That will put the borrower on notice that he or she is facing a foreclosure and it starts a reinstatement period that runs until about five days before the house is auctioned off. If the default isn’t correct within three months, a foreclosure sale is set and the homeowner receives a Notice of Sale. The foreclosure Trustee Sale occurs usually on the steps of a county courthouse in which the property is located. The property is auctioned off in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours.
This process treats a house as a commodity; and it treats the blood, sweat and tears you’ve poured into the house as worthless. Instead of watching your home get taken away from you and sold at auction to a stranger who will most likely resell it, why not contact a California home loan modification attorney to see if there’s any way you can stay in your home?
A loan modification attorney can sit down with you, review your financial situation, go over your financial history and recommend whether or not a loan modification might work for you. A qualified California loan modification attorney will know the laws, the market and the lenders well enough to know if you have a real shot at keeping your home. If you choose to proceed, a California home loan modification attorney can renegotiate the terms of your mortgage with your lender or bank to get your monthly payments much lower. These low monthly payments will be achieved by altering the interest rate, changing the length of the loan, lowering the principal balance, or any other combination of options. California home loan modification attorneys, such as those at the Feldman Law Center, are skilled at this process and experienced at helping people avoid foreclosure. Going into the process alone can lead to a variety and challenges, but having a qualified individual with you who knows the process and the best solutions will give you a leg up on your lenders.
Visit Feldman Law Center at any of our sites or our corporate site at http://www.feldmanlawcenter.com or call 800-588-0425.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.