Facing Foreclosure ~ Distressed Homeowners Do's & Don'ts
Northridge Real Estate and Homes for Sale in Los Angeles County
Brought to you by your Relocation Specialists Jana Davis and Marcia Demerjian
Visit our website: www.jmteam.com
Distressed Homeowner’s do’s and don’ts
- Don't pay upfront fees to "foreclosure rescue" companies that promise to help you keep your property. Upfront fees are illegal in the California.
- Don't sign your deed over without consulting a lawyer you trust. Simply signing your deed over doesn't formally release you from your mortgage liability.
- Don't sign any contract to sell your home until you review the document with a lawyer. (Private sale)
- Don't work with anyone who discourages you from contacting your mortgage company, refuses to put promises in writing, pressures you to sign paperwork you haven't had a chance to read thoroughly or fills out paperwork for you.
- Do Something Now!
- Do Contact your lender at the first sign of financial trouble. See if the loan can be restructured or refinanced, or work out a repayment plan. Keep in mind that most lenders don't want to foreclose because it costs them money.
- Do Consider selling your home if you have any equity in it. If your value falls short, check into a Short Sale. If all other options fail, you also might consider deeding your property back to your mortgage company, also known as deed-in-lieu of foreclosure.
- Do Contact a reputable nonprofit credit and housing counselor if you are not able to work with your lender. For a list of approved housing counselors, call the U.S. Department of Housing and Urban Development at 800-569-4287 or go to http://www.hud.gov. Click on the foreclosure link.