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It never hurt to get a second opinion of what your home is worth. In fact, if you are facing foreclosure, then you need to know more than ever how much your home is worth or how much your home would be worth. Below is an instant, free home valuation without any obligation.
When you are facing foreclosure, it is more important than ever to find the right realtor to help you. Bear in mind that some realtors will have more experience with foreclosure situations than others. The more experienced realtors can better advice you on what to do to save your home from foreclosure or to avoid or get out of foreclosure.
In bad economy, it is useful to know how foreclosure works. However, if you may be facing foreclosure or have missed a mortgage payment, then it is very important that you learn how foreclosure works and what processes are involved.
Many foreclosed homeowners started out as being just slightly behind in their mortgage payments. Being behind in mortgage payments is stressful and as a result, most people push it out of their mind for as long as they could. Most people wait for far too long to ask for help. By the time they ask for behind in payment mortgage help, it is often too late and foreclosure is just around the corner.
Where are you in the countdown to Foreclosure?
There is a foreclosure timeline in common with most foreclosure situations in California. It can differ slightly, depending on a particular lender. For instance, this timeline can extend to much longer than the example given below if your lender decides to change the auction date, which it could do for various reasons.
Below is the timeline for foreclosure that you need to be familiar with and study in detail. The timeline for foreclosure starts at Day 0 which is the first day that you missed your mortgage payment. Note that the timeline for foreclosure may be slightly different for different lenders and in different states. The timeline for foreclosure below is similar to most foreclosure timelines in California and many other states.
The following options are listed in what is generally thought to be the order of worst to best, meaning that the higher up the option is on this list, the worse off your future will turn out for doing it.
Sadly, a surprisingly large number of people who get foreclosed on do so in either complete denial of the problems’ seriousness, or have actually been horribly advised to believe that Foreclosure isn’t that bad.
Assuming you don’t owe more for the property than what it’s worth, and you don’t have more than one loan on it, you usually have the option of calling your lender and offering them the deed, free & clear, while abandoning the house immediately, so they won’t foreclose on you.
Chapter seven Bankruptcy is the harder one of the two types that homeowners are eligible for, it is the one that does ‘wipe-out’ any and all unsecured debts, but most people won’t attempt it because it is severely limiting to their lifestyle.
What was the one thing you did in the past that is most responsible for your present situation? It was getting the home loan in the first place! Let’s face it; another loan is not the solution!
Consider credit card rates these days. Sure, they all have introductory periods of something like 2%. but eventually, especially with these large sums of money, like parts of your mortgage loan, you’ll be paying 15-24 percent on it before you know it!
The least drastic & more sensible of the two types of Bankruptcy for you to consider, Chapter 13 is suitable for those that are hard workers.
There are good-hearted investors, and there are greedy investors. Finding the wrong investor will mean losing your home & all your equity with nothing to show for it but being free of the loans.
Most people in foreclosure try valiantly to save their family home to the very last day, but the bottom line is that your home isn’t worth a cent to you if it gets foreclosed on. (In fact it could be a great DEBT to you if that happens!)
Many are too proud to ask friends & family for a loan, but if you’ve made it this far into the foreclosure process, the fact is that most of your alternatives are much worse for your future.
Before you decide what to do with your foreclosure situation, you can ask for help. There are government assistance for foreclosure as well as state assistance programs to help homeowners prevent and avoid foreclosure. There are even mortgage assistance grants and loans to help certain homeowners in foreclosure.