There are still many Californian homeowners trapped in the foreclosure crisis, struggling to save their home. If you have been unable to keep up with your mortgage payments your lender may not be willing to help, and you should consult with an experienced foreclosure attorney to know what your rights are. In the past, foreclosure was the worst possible situation for a homeowner. Fortunately, that’s no longer the case as California created legal protection for borrowers trying to save their home.
The inception of the California SB900 Homeowners Bill of Rights (HOBR) means that you are now protected by law if you fall behind on your mortgage payments. The bill even educates owners of mortgaged homes on their rights as home owners. By carefully studying HOBR, you will gain an insight into avenues for loan modification, your rights as a borrower, suing lenders who violate those rights, and even ways of refinancing your loan easily and comfortably.
For those who already know about the HOBR laws, one challenge is apparent; the document is very complex at best. Even professionals who’ve been in the real estate for several years cannot really tell how to stop a foreclosure.
As Per the HOBR Provisions, You Have 3 Avenues to Stop a Foreclosure;
- Apply for loan modifications
Everyone knows about the provisions for loan modifications, yet many have failed to initiate the modification process until it is too late. A foreclosure attorney Los Angeles will advise that you initiate the modification process at the earliest opportunity. Loan modifications don’t involve litigation and if done correctly can be an efficient and cost effective way to stop a foreclosure.
- Enter into a forbearance agreement
Another rather easy way of stopping a foreclosure is to enter a forbearance agreement. This basically involves engaging the lender in a negotiation leading to lower monthly payments. Interestingly, most lenders are very open to the idea and will be willing to listen to your story. As you can see, it is an excellent option for borrowers currently going through financial hardship. Before you visit the lender, talk to your foreclosure attorney to learn what you need to say to convince the lender to lower your rates.
Finally, you may also opt to refinance the loan. Note that refinancing is only an option when you’re not yet late on repayments. If you took a mortgage but have been struggling to repay the loan for a few months, contact your lender immediately to avoid foreclosure. The government has created a Home Affordable Refinance Program (HARP) which protects homeowners who choose to refinance.
Call Us Today and Learn How to Stop a Foreclosure Sale
We have a highly qualified and vastly experienced group of foreclosure attorneys waiting to help you understand your rights and to help you make the right decisions in the phase of trouble. Call (818) 254-8413 to speak to an expert.