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Lot Size
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Home Size1,258 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built1977
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Days on Market2
Mortgage Forclosure Information
- Real Estate Tips
- Coldwell banker Encinitas, department of housing and urban development, encinitas homeowners, Linda Moore, mortgage forclosure information, mortgage forclosures, national association of consumer advocates, real estate tips
- September 22, 2010
Continuing with my series of blog posts dealing with real estate tips I would like to discuss the topic of mortgage foreclosures. Though difficult times persist people are subject to being taken advantage of by mortgage scam artists seeking financial gain at the expense of the homeowner.
Many mortgage modification programs, if instituted correctly and by the originating lender can be effective at preserving home ownership, however an increasing number of mortgage counseling services are springing up and unsuspecting homeowners are being preyed upon. Although some of theses services are legitimate and have a sustained track record of helping avoid foreclosure the following list of Do’s and Dont’s is a helpful guide should you find yourself in the process.
Do make sure that you are actually in foreclosure. If you are simply behind in payments, you will receive what is typically called a deficiency notice. These notifications are intended to inform of any delinquency and give you a opportunity to resolve the amount owed..
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- Do speak with your lender. Try to work with your lender to restructure the payments or refinance the loan. As I have mentioned in my previous short sale blog most lenders are willing to assist as long as you are relatively current and can provide documentation to justify a hardship.
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- Do not make payments to any party other than your current lender.
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- Do learn the laws regarding foreclosure for your state. It is critical to know how much time you have to resolve the issue.
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- Do seek out an attorney. There are a number of resources you can use to find one including the National Association of Consumer Advocates.
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- Do consider working with a counseling agency. This process of foreclosure can be quite overwhelming for a person take on by themselves. Make sure that the counselor and agency has been certified by the Department of Housing and Urban Development (HUD).
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- Do not sign a home-sale contract with anyone promising foreclosure bailout where you are not specifically released from your existing mortgage.
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- Do not sign a quit claim deed without being specifically instructed by your attorney or representative to do so.
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- Do try to sell your home but only after you have explored other options. It is not always possible to resolve delinquent mortgage payments. Carefully choose a Realtor who has long standing expertise in dealing with short sale and foreclosure situations.
Coldwell Banker Encinitas Realtor Linda Moore has been successfully working with clients whose home ownership position has been affected by delinquencies on their existing mortgage. Her understanding of the personal hardships affecting many Encinitas homeowners and changing mortgage industry trends puts her in a unique position of providing assistance to those who face this challenge.