Recently, the state of California adopted SB900, a Homeowner Bill of Rights aimed at preventing foreclosures and helping homeowners understand their options. This “HOBR” outlines several options that homeowners have to prevent foreclosure, or put a halt to it. These include loan modification, suing mortgage lenders for violations, forbearance agreements, and even refinancing your loan. Our foreclosure attorneys helps borrowers understand these rights more clearly and can assist in the process. Here is a brief description of each preventive step borrowers can take to stop foreclosure in California.
Loan Modification
A loan modification, in its simplest form, is a permanent alteration of the terms of a loan. A foreclosure lawyer will usually suggest that you apply for a loan modification as the first and foremost method for stopping foreclosure. This is primarily because loan modification does not involve litigation and is the easiest action one can take to avoid foreclosure.
Forbearance Agreements
Depending upon the situation, forbearance agreements are the preferable option for borrowers who are experiencing a temporary hardship. These individuals should consider working with their lender to come to an agreement regarding lower monthly payments. This can prevent foreclosure. Communication is vital to this process.
Loan Refinancing
Loan refinancing is an option only for individuals who are not yet late on their payments. Those that are struggling with their payments do well to contact their lender to prevent foreclosure down the road. The government also provides assistance through the Home Affordable Refinance Program (HARP) which should be considered in dire circumstances. A foreclosure attorney can assist borrowers in determining the appropriate action for their unique situation.
Consult with our California Foreclosure Attorney to Avoid Foreclosure
Our experienced foreclosure attorneys help individuals throughout southern California stop foreclosure on their property. We have consistently proven that we are the premiere firm when searching for a California foreclosure attorney. We have helped hundreds of our clients to successfully file their lawsuits and stop their foreclosure.
Take, for example, the case of Brandon V. Aurora Loan Services, LLC. The bank had proposed a three payment modification for our client’s loan so that he could retain his property and prevent foreclosure. Despite our client’s fulfillment of these three payments, the loan provider refused to modify the terms of his loan. Our foreclosure attorney argued the case in a clear and attainable manner resulting in a win for our client.
If you are in need of a foreclosure lawyer and want to know how to stop foreclosure in California, call us immediately. We consistently assist our clients in winning their cases and regaining stability in their lives. Call (818) 254-8413 and stop the foreclosure sale.
