Stop Foreclosure in its Tracks

Foreclosure can be devastating to your credit.  The below
list can give you ideas as to how to handle the situation
short of an auction of your property at the courthouse
steps by foreclosure sale.

#1.
Renegotiate with the lender by contacting the bank at
the first sign of trouble.  This may or may not work.  Many
banks have a loan modification process that only ends up
significantly increasing costs to the buyer over the long
term.  You may actually end up paying for the house three
times or more.

#2.
Reinstate the loan by making up all overdue payments.  
This is great if you can afford it, but then again this may be
unlikely or you wouldn't be in this position in the first place.  
Borrowers do have the right to reinstate the loan up until
the foreclosure sale.  This can be very costly as the bank
may legally request payment of bank fees, trustee fees,
and other fees in addition to the missed payments.

#3.
Forebearance.  This option allows you to stop paying
for a period of time while you are suffering a temporary loss
of a job or other circumstance that leads to an temporary
inability to make your payments. This option can add tens
of thousands to your loan balance and may end up
contributing rather than leaving your problems.

#4.   
Redemption.  In some cases you may be able to
redeem the loan after a judicial foreclosure.  If you have
friends or family that can help with your situation, this may
be an option.

#5.
Sell.  If done in a prompt manner, this may be the best
option for those wishing to have the least affect on their
credit.  If you would like to sell your home in 14 days or less
click
here.

#6.
Bankruptcy. This again is most likely only a temporary
fix. This will end up in possibly significant legal expenses
and destroy your credit, but this will give you more time to
get your finances in order and possibly put you in a
position to continue paying the loan.

#7.
Deed in Lieu of Foreclosure.  This method is similar to
the option of selling your home but is giving the property
back to the bank prior to the foreclosure.

Please feel free to call us
760-456-9357 to discuss the
above options in detail.
RENICK PROPERTIES
DRE License #01845452
About Us

7040 Avenida Encinas,
Suite 104-285
Carlsbad, CA 92011

Phone: 760-456-9357
Fax: 760-452-4420
Email Us
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