Christian Credit Counseling California
Pre-lock closure: What does this mean?
You enter the stage of pre-foreclosure for lack of their first mortgage payment. There is a window of opportunity to modify your loan at a lower interest rate, or cut his losses with a short sale.
You can see if you qualify for a modification loan on their own. Several organizations are available to help, and I encourage you strongly to his first test. In HUD.gov , you will find a list of organizations that can advise you on the pre-foreclosure free.
First, assess whether you may qualify for a loan modification. It will verify your income, expenses and monthly mortgage payments you can afford. The process is very detailed, and go to send a statement your list of options.
HUD and the federal government's hope for homeowners program, do a great job to offer all the work for free.
If HUD has determined that you are eligible, you can now make your loan modification. All HUD has received information that is ready to present your lender.
Modification on the masts of business loan at a national level, the fact of the possibility of fraud. In California, from November 2008 to January 2009, we saw 3000000-4000000 dollars in foreclosure rescue fraud – people taking the initial costs of the property, then disappear.
No person may claim a fee before your loan change. Check with your local real estate agent before accepting anything. Now more than ever, his agent of goods is the person to make confidence. We are regulated by the Department of State real estate, and any misconduct will have an impact on our licenses.
Even legitimate loan modifications, can cost between $ 2,500 to $ 5,000 – so you can do yourself.
If you are not eligible for a loan modification due to financial difficulties, you can make a short sale of your home. This means that your lender allows you to sell your home for less than the balance the loan and the lender has the loss.
From the moment you miss your first payment, the sale process can take 1-3 months. Meanwhile, you can re-insert your loan.
If you can not work, then the file will be transferred to the Department of foreclosure. The process depends on the state where you live in California, a payment is sent by Post, published and recorded in his property. At this point, you can not negotiate their loan. Your lender requires a down payment.
Our local board of realtors in Motnerey was recently discussed during a meeting with our state Commissioner Jeff Davi. He said 55% of loan modifications made prior to end up as short sales. Visit HUD.org and talk to your agent Real Estate to connect with an organization that can help you with this.
The loan modification window called "pre-crisis." What is the time during which to negotiate to change the terms of your loan. And YES, you can do yourself. If you are not eligible for a loan modification, you may be eligible for short selling.
At this point, I suggest you consult a tax adviser and attorney. You may be in a better position to declare bankruptcy to get rid of your debt so you can make your payment. Most of them give away a 20-minute consultation.
I have seen many short sales that are the owners of dumping their investment property – but is supposed to be for primary residences only. Be careful. Consult your tax adviser and a lawyer.
Now we are the foreclosure. This means that you can not reinstate your loan and you must pay.
How to pay the loan? Several options are available. The first is a short sale, if you are eligible. As we are selling more and more short, it seems that lenders and investors are dumping these loans with collection agencies, also known as debt collection.
Working with them can be very chaotic.
Your second option is to file for bankruptcy whether it intends to keep part of their property and, of course, your primary residence. It seems that one of Obama's plans would give the courts the power to reduce the amount of your loan. You can also assign a property to your lender.
And the last option is to let evicted.
It works! It is a time very difficult to pass, but for a better life. We have lived beyond our financial means for all these years and now is the time of his life. But you to talk and go through the council. Do not isolate yourself! Many homeowners are traumatized by the credit crunch.
I think difficult and painful decision of my own. Mistakes were made, and invigorate the will. Discount my house is not so difficult, because I have an interest free loan: It's like paying a rent of $ 4,300 when you can rent the same house for $ 1,700.
Is this the best loan modification short sale or foreclose on your home? Just look at this way: If you have a loan Interest-only is like paying the rent!
About the Author
Christian Viollaz, a real estate broker in Monterey, California, is experienced in dealing with short sales, foreclosures and loan modifications. In this article, he asks you to take FREE action on your own loan modification. Is it a real solution or temporary fix? Visit Christian’s website, and share your experiences.
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