Santa Ana California Foreclosure Help, Defense, Laws and Process

 


The threat of losing a house because of the inability to service mortgage repayments can be more than mildly disconcerting. You may have taken up the mortgage during times when you had a steady income only to lose your job or business later. If that happens, the next thing that hits you will be the inability to keep up with your mortgage repayments as per the initial agreement with the bank. Before long you will be staring foreclosure in the face. Foreclosure can be embarrassing and it is no surprise that many people choose to keep things to themselves. The problem is that some go to the extent of cutting off all communication with the lender. But all is not lost when you are faced with a foreclosure. Some people quit when in fact they still have many options on the table that they can make use of.

There are many ways to stop the process once you are issued with a notice. It all depends on how you want to approach it. An attorney or a foreclosure advice agency can always be of great help on how to handle foreclosure in accordance with the law. Government approved counselors are sometimes funded by the federal government in partnership with the HUD. Never forget your lender in the list of your sources of assistance. Keeping in touch with him or her could be the greatest thing you could do to save your property. You could modify the avenues available for paying the mortgage. You could also be given a grace period for redemption which could give you time to source for additional funds. All you have to do is accept you status and work on coming out of the mess.

Stop Foreclosure Santa Ana, California

For every real problem there is a real solution. Some of the methods used to stop foreclosure process are as below. You can’t help to ignore even the free government assistance and see your investment go to the dogs.

  • Engage your bank – among the various service offered by your bank there is always the loan modification process. It usually comes in very handy as you may use it to stop the immediate foreclosure.
  • Source for funds – Selling some of your “not so crucial items” could generate money that could be used in stopping the approaching foreclosure. You may not be in immediate use of them but you are in instant need of saving your property. Once you are on your feet again you can always buy others.
  • File for bankruptcy- According to your Attorney’s advice, this could be the next best deal if applicable. This would instantly stop the foreclosure. It should be noted that this could also have various adverse effects on your credit record; it could as well l prevent you from being granted such a mortgage for up to 7 years.
  • Negotiation with your lender –keeping in touch with your lender could also help stop the whole process. You could agree on low payments or even grace periods. It depends on how open and sincere you are with your particular creditor. Hence it is very healthy to shun avoidance in all circumstances.

Santa Ana, California Foreclosure Process

Policies differ according to states. In California the following is observed.

  • Judicial and non- judicial foreclosure processes are used.
  • The primary document is the deed of trust and to some instances the mortgage.
  • Upon the default by the debtor the lender gives him /her notice.
  • Once the due process of law is over he /she can always carry out the selling of the property as he / she deems fit.
  • The timeline is usually 3-6 months.