When the national forbearance programs end, there will be more than 3 million homeowners facing a mountain of delinquent payments, according to a recent report from Redfin. A significant portion of those homeowners will be over-leveraged or in such financial despair that they could lose their homes to foreclosure.
However, there are options to safely exit a forbearance plan, as presented by Irvine, California-based Lawyers Realty Group. Homeowners can work with their lenders to structure a repayment plan of deferred mortgage payments or enter into a loan modification to restructure the entire loan. Still, others may be able to sell their home to protect the equity that has built up. U.S. homeowners have amassed nearly $2 trillion dollars in home equity since the pandemic started thanks to increased demand for housing and a limited supply of available listings.
Working with a pro-bono Homeowner Advocate at Lawyers Realty Group will give you free access to an experienced California Real Estate Attorney that will counsel you and oversee your Forbearance Exit Plan. Also, if you are already facing foreclosure in California, your Homeowner Advocate will work with your lender to determine all foreclosure avoidance options under California’s Homeowner Bill of Rights. Call us today at (949) 264-0966 or via our online form.