Here are five ways that homeowners can avoid foreclosure:
- 1. Communicate with your lender: If you are having trouble making your home mortgage payments in Lake Elsinore, CA, or surrounding cities, the first thing you should do is contact your mortgage lender to explain your situation and try to work out a solution. Your lender may be willing to offer you a forbearance, which allows you to temporarily reduce or suspend your mortgage payments, or to modify your loan by changing the terms, such as the interest rate or length of the loan, to make the payments more affordable.
- 2. Explore government assistance programs: There are various government programs that can help homeowners in Lake Elsinore, CA who are at risk of foreclosure. For example, the Making Home Affordable program offers assistance with refinancing or modifying your mortgage to make it more affordable, while the Home Affordable Unemployment Program provides mortgage payment assistance to homeowners who have lost their job or experienced a reduction in income.
- 3. Sell your home: If you are unable to afford your mortgage payments and you are not able to work out a solution with your lender, selling your Lake Elsinore, CA home may be a way to avoid foreclosure. Time is not on your side, so the longer you wait the harder it will be to sell your home with equity and the home value can become upside down and make it difficult to sell as a traditional sale and end up in foreclosure.
- 4. Rent out your home: If you are unable to afford your Lake Elsinore, CA mortgage payments but you are not ready to sell your home, you may be able to avoid foreclosure by renting out your home. This can provide you with additional income to help cover your mortgage payments and other expenses.
- 5. Short Sale: If you’re upside down on your Lake Elsinore, CA home value and can’t sell it as a traditional sale due to no positive equity in the home to cover the selling costs then speak with a local short sale specialist who can guide you through the short sale process at no out of pocket cost to you. We’re also a Short Sale Certified Specialist and will be happy to assist. Read our other blog about What is Short Sale. If you want to find out what your Lake Elsinore, CA home is worth in today’s real estate market then CLICK HERE.
