While the housing market is continuing its rise, many people in San Bernardino, CA are struggling to make their mortgage payments. COVID-19 created a new set of challenges that no one expected or was prepared for.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. The mortgage provider will provide notices of default and will try to fix the situation in order to stop the foreclosure.
Thankfully, there are a number of things that you can do to avoid foreclosure in San Bernardino. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home. There are a variety of options you may not even be aware that you have if you find yourself in a situation like this.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in San Bernardino with your home.
The Keys of How To Avoid Foreclosure in San Bernardino – Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of San Bernardino that have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion. Neither the lender nor you want this to happen. In ideal circumstances, you and your lender can work out a solution which will benefit everyone.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of San Bernardino are struggling. The banks and lenders understand when people fall on hard times but it is up to you to communicate effectively with them so they are aware of your situation and your plan to deal with it. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over San Bernardino are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. Time is absolutely of the essence, the longer the delay, the less options you may have. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you. We have stopped foreclosures in the past and we are well equipped to do it again. We look forward to speaking with you soon.