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Los Angeles Foreclosure Help
Life happens and sometimes you find yourself behind on your bills. There are a few options available to avoid foreclosure; Loan Modifications, Selling, Reinstatement, or Ch 13 Bankruptcy.
A loan modification is when they adjust the terms of your loan. They typically add the back due payment back inside of the loan and may adjust the maturity date or interest rate. It varies how they adjust it and it often comes down to investor guidelines and borrower income and expenses. A loan modification does not mean your payment will go down for sure.
Another way to catch up if it’s affordable is to do a court structured repayment plan ( ch 13 Bankruptcy ). Some attorneys or judges may allow you to apply for a loan modification through the bankruptcy as well, but you’d need to research this.
Selling is always an option whether it’s a traditional sale or a short sale ( no equity ). Another option would be a deed in lieu if the property has no equity. A less common option that is only a possible in rare circumstances is a first lien settlement and you’re able to settle out the account for less than full and keep it.
If you need Foreclosure help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.