Foreclosure is a legal process in which a lender takes possession of a property from a borrower who has defaulted on their mortgage payments. In California, there are several alternatives to foreclosure that borrowers may consider:
- Loan modification: This involves renegotiating the terms of the mortgage with the lender, such as reducing the interest rate, extending the repayment period, or lowering the monthly payments.
- Short sale: This involves selling the property for less than the amount owed on the mortgage, with the lender agreeing to accept the sale proceeds as full satisfaction of the debt.
- Deed in lieu of foreclosure: This involves the borrower voluntarily giving the property back to the lender in exchange for a release from the debt.
- Forbearance: This involves the lender agreeing to temporarily suspend or reduce mortgage payments, giving the borrower time to get back on their feet.
- Refinance: This involves replacing the current mortgage with a new loan, potentially with a lower interest rate and/or longer repayment period.
It’s important for borrowers in California to explore all available options and seek professional guidance before making a decision.
short information form below or give us a call at 888-509-2313 to learn about the options we offer.
Interested In Learning More? Submit Your Info Below or give us a call today at 888-509-2313.