When Facing Foreclosure

Help When Facing Foreclosure

It may not be apparent from the breakneck pace of foreclosure filings in the first quarter of 2009, but mortgage companies say that the last thing they want to do is foreclose. Seizing a delinquent borrower's house costs a lot of money.

Foreclosure begins to look even less appealing when you factor in that, thanks to the fall in housing prices since they peaked in 2006, the houses mortgage companies will be paying to repossess are probably worth significantly less than the amount left outstanding on the loan. It follows, then, that the key to keeping the house is to make it less expensive for the lender to work with you than to foreclose.

How does one go about working out a plan to keep his or her home?

When you fall behind on payments, your chances of getting cooperation from the mortgage servicer are better if you follow these guidelines.

Step-by-step plan for seeking help:

Respond to the mortgage company's phone calls and letters.
Seek advice and negotiating help from a third party.
Figure out if your problem is short-term or long-term.
Decide what you want and ask for it.
Document income and expenses; keep all correspondence with the servicer.
Be persistent in your quest to talk to the right people at the mortgage company.

If you find that you would like to have someone to help you and work along side of you, we would be glad to guide you through this process. There are several areas to explore and avenues that are available to you. It can be confusing and scary to face this situation on your own. We have staff on-hand with experience in working with the various programs that have been established to assist homeowners such as yourself.

Please contact us (209) 383-8600, so that we can help you navigate through the various programs such as the following:

HAFA

The Home Affordable Foreclosure Alternatives Program, known as HAFA, is designed to help

homeowners who are unable to retain their home under the Home Affordable Modification Program

(HAMP). While the first priority is to keep families in their homes, where this is not possible with a

loan modification, they may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL) under HAFA.

HUD.GOV

U.S. Department of Housing and Urban Deleopment

http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

KEEP YOUR HOME CALIFORNIA PROGRAM

http://www.keepyourhomecalifornia.org/

Avoid Foreclosure

http://larksrealty.com/avoid-foreclosure

Foreclosure Pitfalls

http://larksrealty.com/foreclosure-pitfalls

Financial Institutions

http://larksrealty.com/financial-institutions

Foreclosure News

http://larksrealty.com/foreclosure-news

Foreclosure Scams

http://larksrealty.com/foreclosure-scams

Homeowner Tool Kit

http://larksrealty.com/homeowner-tool-kit

Loan Modification Help

http://larksrealty.com/loan-modification-help

Lender & Server Facts

http://larksrealty.com/lender-and-server-facts

Facing Foreclosure

http://larksrealty.com/facing-foreclosure