If you live in California and have been contacted by your mortgage lender – warning of imminent default on your loan – you could be considered in pre-foreclosure. Like the term suggests, this is the period of time prior to your lender filing for foreclosure on your property. Within that time, a lot can be done to salvage the situation and save your investment – but you’ll have to act quickly. By contacting McFarlin, LLP you are taking a step in the right direction. Our knowledgeable pre-foreclosure attorneys can help to formulate a plan, work directly with your lender or bank, and take every legal step necessary to bring about a positive outcome.
For more information on our services, our process and how our firm can best serve you give us a call at (888) 728-0044.
Options Prior to Foreclosure
Once you have been contacted by your lender, the clock is ticking. As a California home owner, once you have been informed of an impending default on your mortgage, you will have 30 days prior to the release of an official default notice, to take action. There are many options available to you in this time frame and a qualified foreclosure attorney can make sure you are right on track. McFarlin, LLP is well-versed in foreclosure law throughout the state and can help you rectify the situation through a number of avenues. Some of the various options that we can employ include:
While this particular option has seen better days in the state of California, it remains a viable option for underwater property owners looking to right the course. Loan modification, in short, alters the current monthly rate of repayment to something manageable within the borrower’s limit. This can include, but is not limited to, recapitalization, forbearance and rate or principal reduction. While state law has made it considerably more difficult to work with legal counsel on a loan modification program, McFarlin, LLP will assist in every way possible.
To avoid the harsh credit and financial ramifications that accompany a foreclosure, a home owner may be given the opportunity to put their property up for “short sale.” In essence, this option allows borrowers to sell the house for less than the amount of the present mortgage, which the bank accepts at a loss. While it does not preserve your residence, it does remove the continued financial burden of monthly mortgage payments and satisfies your outstanding debt.
When permitted by the lender, a default home owner can turn over the deed for the home without further repercussions or foreclosure. This process requires a delicate approach and negotiations are a thorough process that can extend for some time. Be sure to speak with a qualified foreclosure attorney before moving forward with such action.
No matter where you are in the foreclosure process, McFarlin, LLP can help. Give us a call today and discover your many legal options, with a free consultation and case evaluation. Our number is (888) 728-0044.