Let Us Be Your Advocates!

Salt Lake City: 801-658-9296 San Diego: 619-330-1183

Stop Foreclosure in San Diego, CA

Stop Foreclosure in San Diego, CASan Diego, CA, Foreclosure Help

Housing prices in California can be pretty wild. It’s not uncommon for mortgages that were once great to turn into trouble over time. If you’re facing foreclosure in San Diego, you’re not the first person to go through this. It happens to a lot of people, and it’s important to know that help is available. 

At Foreclosure Advocates, we have the resources available to help you prevent foreclosure of your San Diego home. We can discuss your options with you and connect you to a loan modification specialist, bankruptcy attorney, or cash home buyer. Contact us today to get started.

The Foreclosure Process in San Diego

Once you miss a payment, the lender can start the foreclosure process, but this isn’t quite as ominous as it sounds. There are many steps in this process, and regulations are designed to protect you from unjust foreclosure. You have time to figure things out.

After the missed payment, your lender will notify you of the problem. No sooner than 30 days after that contact, the lender can file an official notice of default. This is where the formal foreclosure process begins.

After the notice of default has been filed, there is a 90-day grace period. You get this time to try and settle the debt or come to an arrangement. If no arrangement is made within those three months, the lender can move on to the next step.

At this point, the lender can involve a trustee to sell the house. From this point, you get 20 more days to try to right the loan. If you can’t, the trustee will auction the house and distribute the funds to settle the debts.

In California, you have until five business days before the auction to come to an arrangement with your lender. That’s a lot of time, and you can use it to pursue the various options available for avoiding foreclosure.

How to Stop Foreclosure

Knowing how foreclosure works is a good start, but you need tools to combat it. There are three methods that are more popular than any other when it comes to avoiding foreclosure in San Diego. At Foreclosure Advocates, we can help you learn about these foreclosure avoidance methods and determine which one is right for you.

Obtain a Loan Modification

A loan modification does what the title describes: it modifies your loan. While this can technically be done with any loan, it’s a fairly common practice when it comes to preventing foreclosure. The idea is that foreclosure results because the borrower can’t keep up with the payments. A loan modification literally changes the terms of the loan in order to make it manageable for the borrower.

This is great when it works, but it’s important to understand two drawbacks. First, not everyone will qualify for a mortgage modification. It’s a case-by-case treatment.

Second, even if you do qualify, it’s likely to hurt your credit score. That can be worth it since it means you get to keep your house, but it’s important to understand the drawbacks.

Declare Bankruptcy

Bankruptcy is a complicated legal procedure. Actually, it’s a number of different procedures. There are two different bankruptcies to choose from, and picking the right one will depend on your situation.

With any bankruptcy, you can pursue a stay on debt collections. Basically a judge will tell any debt collectors to leave you alone until the bankruptcy gets fully settled in court. That stay is sometimes the sole reason to declare bankruptcy. It can buy you time, and that time can help you get back above water.

Aside from granting stays, bankruptcy can also introduce new payment plans. With a Chapter 13 bankruptcy, you can create a plan for back payment on any late mortgage checks. For some people, that’s enough to completely catch up and get out of foreclosure danger.

Sell Your House Fast for Cash

Selling your house is sometimes the best way to go. When you sell your house for cash, you can streamline the process. You don’t have to wait for a bank to approve a loan. You don’t have to worry about as many contingencies and additional issues. Cash buyers tend to know what they’re doing, so they can make you an offer. If you like it, you take it. It’s as easy as that.

If you can get enough cash for your house, you can completely pay off your mortgage. Depending on how far along you are in the mortgage, you might even have enough to get you started on a new house. At Foreclosure Advocates, we have a team of real estate investors in San Diego who can help you out if this is the route you choose to pursue.

Contact Us to Discuss Your Options

It’s OK to need help, and help is available right now. Contact Foreclosure Advocates and we’ll go over your options. We’ll make sure you know the ins and outs of each. Armed with that knowledge, you’ll be able to make informed decisions that are best for you, your home, and your loved ones. Once you decide which route to take, we can connect you with a professional to aid you with your loan modification, declaration of bankruptcy, or home-selling process. Contact us today to get started.