Preventing Foreclosure in California

Homeowners in California who face financial hardship may be forced into foreclosure.

Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to make up for its losses.

When you are facing foreclosure, you might wonder if there is anything you can do.

This blog post explains a few ways you can prevent foreclosure in California.

Foreclosure prevention measures in California

We’re providing you with information about these foreclosure prevention measures so you can make your own decision:

1. Sell your property fast and pay off your mortgage. You can end the foreclosure process quickly and easily by paying off your mortgage. The banks wouldn’t mind letting you remain in your home provided that they get their money back in the end. This is not always possible, which is perhaps why you are in foreclosure to begin with.

2. Make a deal with your bank. A mortgage or foreclosure specialist can sometimes help you by sitting down with you and discussing the possibility of restructured mortgage. You may pay less each month, for example, if your payments are spread out. You don’t want to just repeat the process if the deal doesn’t work for you.

3. Do a short sale. In a short sale, the property is sold and the proceeds are used to pay off the outstanding amount with the bank. You won’t be negatively impacted by a foreclosure, and the bank will be off your back!

4. Give your deed in lieu. A deed-in-lieu-of-foreclosure is also an option, in which you give the bank your house deed in exchange for them agreeing not to foreclose. The mortgage repayment plan works only if the mortgage balance is slightly higher than the house’s value. In that case, the bank may pursue the difference.

5. File for bankruptcy. The impact of bankruptcy on your whole life is greater than that of a foreclosure in some ways. In any case, filing for bankruptcy will stop the foreclosure process so it’s still an effective foreclosure prevention measure.

Consider this: If you can afford payments and you want to stay in the house, then a foreclosure workout arrangement (#2) may be your best option.

This guide preventing foreclosure in California applies to all cities in California State including, Lodi, Modesto, Stockton, Sacramento, Turlock, Valley Springs, Salida, and Oakdale.

If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.

Considering selling your California home?

We buy houses in California for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Sell Your Stockton House Fast For Cash Today 💰

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us!