Serving Los Angeles and Orange County
Lately, you and your family have been struggling with finances. You’re having a difficult enough time paying for basic necessities, not to mention the bills. And then there are the mortgage payments you’ve missed. Now your home is in default and foreclosure seems inevitable, but it does not have to be. You may be able to stop the non-judicial foreclosure process by engaging in the reinstatement process. While avoiding foreclosure is not an easy task, it can be done, especially with help from a qualified Orange County foreclosure defense attorney.
A home represents security, becomes a place imbued with precious memories, and acts as a foundation for one’s position in the community. At McFarlin LLP, we understand how devastating the loss of a home can be to the whole family. That is why we have devoted ourselves to helping people all over the southern California region preserve the place that matters to them the most. With our guidance, you will have many options open up before you, so you don’t have to despair. To learn more about what we can do for you, please call us today at (888) 728-0044.
What is the Foreclosure Reinstatement Period in California?
When a homeowner misses multiple mortgage payments, he or she is eventually given notification from the bank that their house is in default, along with the demand that the entire mortgage balance be paid immediately, or else the foreclosure will proceed. This creates a stressful situation since struggling homeowners typically do not have the finances to be able to cover such a significant cost. In the worst case scenario, the homeowner feels he or she is powerless and can only watch the house go into foreclosure and either auctioned off or sold.
However, for a period of about three months after the notification of default has been received, reinstatement remains an option. During this time, the homeowner may work out a way to prevent foreclosure and have the bank cancel foreclosure proceedings.
How Do I Reinstate My Mortgage?
First, you should consult with an attorney who is knowledgeable about foreclosure procedures and policy. Together, you may speak with your lender and negotiate a peaceful resolution that is beneficial to the both of you. You will find that your lender is more than willing to work out a deal since eviction means no payments at all.
See if you can modify your loan to better fit the budget you’re working with. Also, it does not hurt to ask for a lower interest rate and a lower payment. Just show that you’re serious about sticking to some kind of payment plan, and chances are the lender will accommodate your needs. Your attorney can help you reach an optimal deal so you don’t have to worry about foreclosure again.
Helping Californians Keep Their Homes
Since the start of our practice, the legal team at McFarlin LLP has provided clients with invaluable legal advice during some of the hardest times of their lives, improving their situations vastly. Please let us do the same for you in your time of need. Contact our offices today.