Sandy Flores broker


Award Winning Realtor

International Real Estate
  Contributor @TELEVISAUNIVISION               KMEX 34  Los Angeles,              El Gordo y La Flaca, Santa Ana College               

Award Winning Realtor *   International Real Estate
Los Angeles, El Gordo y La Flaca, Santa Ana College

More Help For Homeowner’s Who Are Having Difficulties With Their Mortgage Payments

By Sandy Flores

Special to Excelsior

Many homeowners facing financial hardship are struggling to keep their property, but need help to maintain and continue with their mortgage payments. Month face this same situation and suddenly affected by the inability to make a payment and are meeting more than one, but much can be done to catch up on the backlog.

 Unfortunately there have been opportunistic companies known as “specialists Foreclosure Rescue”, “Specializing in Loan Modifications,” etc., That promise to help homeowners who are facing foreclosure to save their property, refinance or modify their mortgage, and improve your credit to buy time.

They are companies that promise to pay your mortgage in arrears, improve your credit and even debt consolidation. In some cases you are told to do so you must pass “temporarily” writing home to a “third person or entity.” They allow you to continue living at home as a renter with option to buy back her home after a certain period of time.

The problem once you transfer their rights of living to another person, when he has no option to recover your home or suggest to perform a bankruptcy occurs. In other cases they say they need to sell the property to them and then they sell the property back to you at market price today. These are some of the tactics to which homeowners who are struggling to make mortgage payments face.

It is important to know that all homeowners who are facing very difficult financial situations have alternatives and options to retain their property and avoid foreclosure, here are some of the most common:

Repayment plan, known as “Forbearence”. Under this option, the bank may allow a reduction or suspension of your payments for a short period of time. This option will allow you to remain on your property at reduced or temporarily suspended to allow economically stabilize payments.

Loan modifications. This is another option if you do not have enough income to make your payments current. The Bank will examine the option of changing the terms of your original loan to suit a payment that is more accessible to their financial situation.

HAFA – Short Sale or “short sale”, the bank will allow you to sell your property at current market value, even if your balance is higher than the selling price. Under the terms of a short sale, your lender may forgive your mortgage debt in full under the terms described in the Law on Mortgage Debt Help 2007.

Deed in Lieu of Foreclosure – In this option, your lender may accept voluntary transfer of title to the property and avoid the impact of foreclosure, as well as expenses related to the embargo.

Research the different options available to you. One alternative may be more feasible and beneficial for you. Do not wait until the last minute to get all the necessary information.

Take action immediately if this is happening and is in a similar situation. Time goes so fast! Not only have less time to react, but also fewer alternatives and solutions to work with them and avoid repossession. Remember that banks do not want the property back and will do everything possible to help.


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