Tips for Avoiding Foreclosure in Southern California

If you are facing losing your house due to late or missed mortgage payments, do not give up hope. Get in touch with the experienced Orange County foreclosure defense attorneys at McFarlin LLP today to receive the guidance you need to retain your property. We will help you explore all your options, negotiate better terms with your lender, and find peace and security for the future. For more information on our firm and the services we provide, dial (888) 728-0044.

Homeowners who cannot make their mortgage payments often feel overwhelmed to the point of inaction. It is understandable to feel lost in such a situation; however, the situation only worsens when steps are not taken towards a solution. Below are some valuable tips you should follow to avoid foreclosing on your house.

Be Open and Responsive with Your Lender

Most lenders are reasonable individuals who are willing to work with homeowners dealing with mortgage issues. After all, they prefer continuing payments over seizing your property. Speak with your lender about possible modifications to your payment plan. Open any mail they send you and respond when necessary. If you choose to just ignore the problem, you may find it harder down the line to reinstate your loan, which will likely lead you to losing your home.

Research Your Rights and Options

Locate your loan documents and read them thoroughly to get a clear idea of your mortgage rights. Contact the State Government Housing Office and ask any questions you may have about the foreclosure laws and time frames. Look up loss mitigation online and read any relevant articles. The more you know, the better.

Consult with a HUD-Sponsored Housing Counselor

The U.S. Department of Housing and Urban Development (HUD) offers housing counseling services nationwide for free or at a very low cost. A housing counselor can provide you with vital information about your options, help you with your finances, and work out beneficial agreements with your lender. Call (800) 569-4287 to find a HUD-sponsored housing counselor near you.

Improve Your Finances

Look over your budget and cut out any unnecessary expenses, such as magazine and TV subscriptions, memberships, and other luxuries. Get a second job if you have the energy and the time. Sell any assets you do not need. Paying your mortgage is your top priority next to healthcare. You will have to make some sacrifices.

Do Not Fall for Scams

Unfortunately, there are unscrupulous companies out there that seek out troubled homeowners and take advantage of them. Avoid companies that charge fees for “foreclosure prevention” services. They will only offer you the same advice you could receive from your lender or a HUD-approved housing counselor for free. Also, never, ever sign a document without reading it first. Victims of recovery scams unknowingly sign away the title to their properties to individuals and companies that make lofty promises. Don’t become one of them.

Talk to a Dependable Lawyer

Call McFarlin LLP today for premium legal services at an affordable rate. We are an internationally renowned real estate firm that has helped countless clients preserve their most valuable assets in the face of adversity. The number for our Irvine office is (949) 544-2640.