We buy houses in Orange County California and we are well aware that while the housing market is rebounding, many people in Southern California are still struggling to make their mortgage payments.
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 your home.
Thankfully, there are a number of things that you can do to avoid foreclosure in Orange County CA. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.
As homebuyers in Orange County CA, we have some quick tips on possibly how to avoid foreclosure with your home.
The Keys Of How To Avoid Foreclosure In Orange County California
Don’t Abandon Ship
Many people simply give up and walk away from their homes. There are even areas of Orange County CA 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 a 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 the 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 you for the unpaid portion.
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 Orange County CA are struggling. If you haven’t missed a payment yet, then 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 currently on their mortgage payments to 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 Orange County CA 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. You could save both your credit rating and remain in your home.
It Might Be Best To Look For Orange County California Home Buyers
At Homesmith Group, we may be able to help you avoid foreclosure. Connect with us today and let’s discuss your situation. We don’t charge any fees, we’ll evaluate your situation, and we’ll present you with your options so you can move forward and get this foreclosure behind you.
If you want to sell fast, you can sell your house in Southern California directly to us. We are a local home buying company and we pay cash for houses in Orange County CA.