Facing Foreclosure? Your Guide to Navigating Foreclosure Challenges
Empowering Homeowners in Los Angeles County: Your Guide to Navigating Foreclosure Challenges
Facing foreclosure in Los Angeles County and the San Gabriel Valley can be daunting. The Affinity Group is here with knowledgeable support to guide you through these challenging times.
RESOURCE:
CALFHA Mortgage Relief Program
The CALFHA Mortgage Relief program is a significant resource for eligible homeowners. If you're facing financial hardship, this program can offer assistance to prevent foreclosure. Determine your eligibility and learn how to apply for this supportive program here.
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The Affinity Group provide’s foreclosure help with getting out of the sticky situation you’re in right now. Let us be your Home Advocate, as we work together as a team to navigate through the foreclosure help process. We want to help you get the best outcome for your particular situation. There are absolutely NO UPFRONT FEES! (Don’t Ever Work With Anyone Requesting Money Up-front For This Service), We maintain Full Discretion/Privacy and we Only get compensated when we solve the problem.
The Affinity Group is fully committed to Helping out the San Gabriel Valley, Los Angeles and Surrounding Communities in getting through these hard times and invite everyone to take advantage of our 17+ years of experience handling Foreclosures in California.
The best thing you can do right now is to educate yourself on your options. For some people, selling your home is the best option. Sometimes we’re able to help homeowners STOP FORECLOSURE completely.
What are your options when facing foreclosure?
Though time is of the essence, you should carefully evaluate all your options before making a decision. Once you decide, you must act quickly to make sure you have enough time to complete the solution you choose. Many lenders require you to decide 21 days before your foreclosure date.
As you review the options listed below, try to look at your situation from a financial standpoint rather than an emotional standpoint. Try to analyze which option might best suit your needs and move toward resolving your financial difficulty. We are here to provide foreclosure help throughout the San Gabriel Valley and surrounding neighborhoods.
Nine Options When Facing Foreclosure
1. Do Nothing – If you do nothing, you will most likely lose your home at a foreclosure auction. Loan applications generally ask if you have ever been foreclosed upon. Credit reports also disclose this damaging information. Definitely not the best option.
2. Payoff/Refinance – Completely paying off your loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.
3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow you to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forbearance – Lender may be able to arrange a repayment plan based on your financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs, and fees.
7. Deed-in-Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained. Most loan applications will ask if you have ever had a Deed-in-Lieu of Foreclosure.
8. Bankruptcy – This option can liquidate debt and/or allow more time. We will refer you to a qualified bankruptcy attorney upon request.
Chapter 7 (Liquidation) To completely settle personal debt.
Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
Chapter 11 (Business Reorganization) A business debt solution.
9. Sell Your Home – If the property has equity (money left over after all loans and monetary encumbrances are paid). You may sell the home without lender approval through a conventional home sale. In this case, you will receive cash from the sale. On the other hand, a short sale may be negotiated with your lender if you owe more than the property is worth. Consider doing a Short Sale if you have made a decision to move on in your life. Talk to an Advisor today!
In the end, foreclosure is never fun and doesn’t always end well. But, when you’re armed with the right information, know all of your options, and can make a well educated plan… your odds of coming out of this foreclosure situation with as little long-term damage as possible increase a lot.
Ready to Take the Next Step?
Contact The Affinity Group Today!
Don’t let foreclosure uncertainty linger. Reach out to The Affinity Group now for personalized guidance and support in navigating your homeownership challenges in Los Angeles County and the San Gabriel Valley. Our team is ready to provide you with the resources and solutions you need.
📞 Call Us: 213-317-3122 – Speak directly with our experienced real estate professionals who are eager to assist you.
📧 Email Us: info@affinityequitygroup.com – Send us your queries and concerns, and we'll get back to you with the answers and support you need.
Take the first step towards securing your home's future with The Affinity Group – your trusted partner in real estate solutions.
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