Foreclosure is the process of a lender repossessing a home because the owner has been unable to make the payments. Repossession is a way for the lender to attempt to satisfy the debt for the property by selling it to people seeking to buy foreclosed homes. A San Diego foreclosure is in no way easier to experience than a foreclosure in any other part of the country. It can be utterly devastating to be faced with the prospect of losing your home, but you should know that you can fight for your home—by hiring an experienced San Diego foreclosure defense lawyer. A lawyer can help you avoid foreclosure, or at the worst, help you to rebuild your credit after a foreclosure.
When you start to feel that you can’t cope with your mortgage payments, it’s best to consult with a foreclosure attorney right away. Your best bet at any point is to speak with your lender. Many people are under the impression that a lender wants them to fall behind so that the house can be repossessed and sold. To be honest, most lenders want to avoid this type of situation at all costs. When the housing market is in the slums—as it is at the moment—it is very difficult for lenders to re-sell a home, especially when real estate value can drop so easily. You might be surprised what you can achieve by just asking your lender if they will be willing to work with you on a payment plan. Speak to your lawyer to see if any of the following options are suitable for your situation:
- Asking the lender to alter the repayment period so that you pay smaller monthly payments over a longer period of time
- Asking if the lender will write off the late penalties if you promise to pay on time in the future
- See if the lender will temporarily reduce or waive a few payments
- Add the unpaid balance to the principal of your loan and increasing your payments slightly to cover the extra amount
- Refinance your home
- Filing for bankruptcy
If you aren’t going through foreclosure yourself, perhaps you’re in the market to get a deal of a house? Buying a foreclosed home is a great way for you to get a cheaply-priced house while helping the lender/property owner to settle a debt.
Those of you who are going through the foreclosure process, don’t give up without a fight! There’s still a chance that you can save your home, but you have to seek out the help of a qualified foreclosure defense attorney to help you understand your legal rights.
