Stop Foreclosure in its Tracks

Foreclosure can be devastating to your credit.  The below list can
give you ideas as to how to handle the situation short of an auction
of your property at the courthouse steps by foreclosure sale.

#1.
Renegotiate with the lender by contacting the bank at the first
sign of trouble.  This may or may not work.  Many banks have a loan
modification process that only ends up significantly increasing costs
to the buyer over the long term.  You may actually end up paying for
the house three times or more.

#2.
Reinstate the loan by making up all overdue payments.  This is
great if you can afford it, but then again this may be unlikely or you
wouldn't be in this position in the first place.  Borrowers do have the
right to reinstate the loan up until the foreclosure sale.  This can be
very costly as the bank may legally request payment of bank fees,
trustee fees, and other fees in addition to the missed payments.

#3.
Forebearance.  This option allows you to stop paying for a
period of time while you are suffering a temporary loss of a job or
other circumstance that leads to an temporary inability to make your
payments. This option can add tens of thousands to your loan
balance and may end up contributing rather than leaving your
problems.

#4.   
Redemption.  In some cases you may be able to redeem the
loan after a judicial foreclosure.  If you have friends or family that
can help with your situation, this may be an option.

#5.
Sell.  If done in a prompt manner, this may be the best option for
those wishing to have the least affect on their credit.  If you would
like to sell your home in 14 days or less click
here.

#6.
Bankruptcy. This again is most likely only a temporary fix. This
will end up in possibly significant legal expenses and destroy your
credit, but this will give you more time to get your finances in order
and possibly put you in a position to continue paying the loan.

#7.
Deed in Lieu of Foreclosure.  This method is similar to the option
of selling your home but is giving the property back to the bank prior
to the foreclosure.

Please feel free to call us to discuss the above options in detail.
RENICK PROPERTIES
DRE License #01845452
About Us

7040 Avenida Encinas,
Suite 104-285
Carlsbad, CA 92011

Phone: 619-322-5695
Fax: 760-452-4420
Email Us
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