If you are facing foreclosure, you must act fast. Time is of the essence. Depending on your circumstances, you may not have many options available to you. Contact the Thomas Hogan Law Office. Our Stockton foreclosure attorneys can review your circumstances and advice you of your options.
Let us help you stop foreclosure. Speak with one of our Stockton Foreclosure attorneys and avail a free 15-minute consultation. Call us at (209) 266-0316.
Stockton Foreclosure: Loan Modification
Loan modification is possibly the most workable option for homeowners looking to prevent foreclosure. In a loan modification, the lender will agree to modify the terms of the mortgage in order to enable you to make the payments. The exact nature of the new terms will depend on your circumstances. The lender can extend the term of repayment but lower your monthly payments. If your financial crisis is temporary, the lender may allow you to not make the monthly payments for 2-3 months on the condition that you will subsequently pay them later on.
Stockton Foreclosure Process: Short Sale
The requirements for a short sale vary from lender to lender. However, the procedure is more or less the same with every lender. You begin by contacting your lender. This could involve making at least five or six phone calls to the lender’s office before you can locate the person in charge of short sales. Once you know who is in charge, you must submit a letter of authorization – lenders will generally not disclose any of your personal information without prior written authorization. In the authorization letter, be sure to include your name, your property address and loan details – loan number, amount, etc. There is no guarantee that if the lender agrees to a short sale, he will not pursue you legally for the balance amount – deficiency. Using the services of a professional like a Stockton foreclosure attorney of the Thomas Hogan Law Office can be of tremendous help to you in such situations.
A twist on a short sale is something called a lease back. If you are working with an investor, what he can do is buy your house from you and lease it back to you and give you a couple of years to repair your credit, then buy it back. This is great for those people who have had a hardship and now have a steady income. Sometimes family members are willing to purchase the house and sell it back. In this case, it is a smart thing to go ahead and negotiate down the debt so that they are in a safe equity position.
Consider Filing Bankruptcy in Stockton, CA
If all your options fail, you can file for bankruptcy. You should file a Chapter 13 bankruptcy and include your mortgage payments under your repayment plan. If you make all the payments under the plan, you can retain your home. However, you should seek the advice of a foreclosure attorney before you file for bankruptcy. Sometimes, it may be better to let go of the home than file for bankruptcy.
WE OFFER FREE CONSULTATIONS!
You can avail a free fifteen-minute consultation with our Stockton foreclosure attorneys. Give us a call at (209) 266-0316 and we will schedule a consultation at your most convenient time.
Thomas Hogan Law Office Stockton, CA
85 W March Ln Stockton, CA 95207
Phone: (209) 266-0316
Business Hours: Monday – Saturday 9am – 6pm