Irvine Foreclosure Alternatives Attorney Realtor
Helping Homeowners in Los Angeles, Orange, and San Diego Counties Understand
Their Options
When you are unable to keep up with mortgage payments and have no means
of curing the default, foreclosure and eviction can seem inevitable. Whether
you want to keep or sell your home, you have options.
Many foreclosure alternatives can substantially reduce the negative consequences
to your credit and finances. They can also limit or eliminate your exposure
to taxation and deficiency liabilities. However, each foreclosure alternative
carries crucial financial, legal, and tax implications that you must understand
to adequately protect your interests.
Why Retain an Attorney Relator for Foreclosure Defense Options?
It is unlawful for anyone other than a licensed attorney to give you formal
legal or tax guidance. Still, many unscrupulous real estate agents or advisors will attempt
to give you advice on how to handle these delicate situations. These bad
actors will often attempt to exploit your situation and leave you vulnerable
to further harm.
Our Irvine attorney realtor is uniquely qualified to provide professional
guidance on foreclosure alternatives at
no cost to you.
We have extensive experience handling:
- Real estate law
- Taxation
- Brokerage
- Residential lending
- Litigation
- Bankruptcy
Our team has leveraged this knowledge to help
thousands of homeowners throughout California. We can review your unique situation, answer your
questions, and provide the comprehensive analysis that you need to overcome
any challenge.
We have over 50 years of professional experience. If you are concerned
about foreclosure, do not hesitate to call
(949) 264-0966 or
contact us online.
Why Take Steps to Avoid or Stop Foreclosure?
If you know with some certainty that you will not have the funds to pay
your mortgage, you may be tempted to do nothing and let the foreclosure
process play out. If you take no action, your lender will eventually initiate
foreclosure. This involves selling your home at a public auction, after
which you will be promptly evicted.
If you are not concerned with keeping your home, doing nothing might
seem like an acceptable option.
However, having a foreclosure and eviction on your record can cause serious
damage to your credit and your ability to secure future housing.
Your foreclosure will appear on your credit reports, and you will be required
to disclose the foreclosure on all future credit applications.
You most likely will not be able to negotiate another mortgage for a minimum
of 5 years. If you are ultimately evicted from the foreclosed property, you will
also face difficulties renting. Most landlords will hesitate to rent to
anyone with an eviction on their record.
In the state of California, you have a substantial amount of time to prepare
for and avoid foreclosure. Most foreclosures take approximately 8 months to complete, and you will
have a minimum of 6 months from the date of your first missed payment
to cure your default. Whether you want to protect your home or safely
exit your mortgage, our team can assist you in identifying a strategy
that will help you avoid foreclosure.
How to Save Your Home From Foreclosure in California
If you want to keep your home, you will need to either cure the default
or find a way to modify your existing mortgage agreement to address the
unaffordable payments.
Many loan modification companies or litigation law firms will purport to
help you “wipe out” mortgage-related debt or assist you in
suing your lending institution as a method of “forcing” a
modification. The truth is that these approaches simply don’t work:
Even bankruptcy cannot eliminate residential mortgage debt.
In order to remain in your home, you must resolve any default and find
a way to continue making payments. If you wish to keep your home, Lawyers
Realty Group can help you explore the following options.
In California, you have the legal right to cure your default and stop foreclosure.
Your lending institution must stop foreclosure proceedings if you can
catch up on all missed payments (plus accrued interest and late fees)
at least 5 days before a scheduled foreclosure sale. Once the default
is cured, your mortgage agreement resumes as if nothing had happened.
We can assist in facilitating the notification and payment process and
help you understand how reinstatement works.
Refinancing involves replacing your existing mortgage with a new loan.
In order for refinancing to be a viable and beneficial option, you will
need to have substantial equity in your home. Current interest rates must
also generally be lower than the rate currently associated with your loan
agreement.
We can help assess whether refinancing is cost-effective and assist you
throughout the process.
Repayment Plan
Lending institutions will sometimes allow you to negotiate repayment plans.
Forbearance allows homeowners experiencing hardship to pause or temporarily
reduce mortgage payments. Forbearance does not erase or lower the total
amount owed on your mortgage. You will eventually have to repay whatever
payments were deferred, so it is important to have a plan for safely exiting
a mortgage forbearance.
We can help you understand your options and develop a strategy that will
help you keep your home.
A loan modification will adjust the terms of your mortgage agreement going
forward. The process is designed to allow a homeowner to recover from
a default and resume making payments more sustainably at the revised rate.
If you meet the narrow eligibility requirements, we can negotiate with
your lending institution and work to make your monthly payments more affordable.
Common Mortgage Scams and Red Flags to Watch Out For
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