How You Can Stop Foreclosure in Cupertino in 6 Simple Steps
If you are facing foreclosure and perhaps even bankruptcy in Cupertino, then it is time for you to do something about it. You probably do not want to lose your home because of your debt. In this case, you have to start being proactive with your lender. Legally, it is not possible to stop foreclosure unless you declare bankruptcy. However, you can be practical and negotiate with your mortgage lender how you can work your way out of the debt.
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With California law backing you up and those who are finding it difficult to pay their mortgage and other fees, here are the six things that you need to do:
- Know how much time is left on your loan.Once you have received the notice of default, there is a 90-day waiting period before foreclosure. The California law passed in 2009, which is of course applicable to your city, also gives you the right to add 90 more days into the timeframe so you can modify the loan according to your situation.
- Find out how much you still owe.You can ask for the outstanding balance statement or your mortgage payoff document. If you have already received the notice, do not hesitate to contact the trustee named in the letter. He or she is required by law to provide the statement to you.
- Save your mortgage.There are two ways in California that enable you to redeem your mortgage. First is that you refinance and you pay off everything from your outstanding balance. The other one is to have the mortgage reinstated after paying off your delinquent amount. California law supports homeowners who can pay for the redemption payment.
- Negotiate with the lender.As you can see, there are many parts of the law that backs you up as a California citizen. However, in this section, you are almost on your own. You are free to negotiate with your mortgage lender. You can even request for your repayment to be modified based on how much you think you can afford each month. Still, the lender is not required to agree with your terms. Thus, you have to come up with a clever and effective way to sway the lender.
- File a lawsuit.This will stop the foreclosure temporarily. However, this is only applicable if the lender has performed mistakes on the procedures. Perhaps they mistakenly gave you a notice even though you have already paid your dues. If this is the case, you can even nullify or at least stall the foreclosure sale. You can use the time to raise some money to finally pay for the mortgage.
- Sell your property.Finally, if all things do not work maybe your lender did not approve of any modification in the loan agreement it is time to think about selling your property. This may be hard since you do not want your house to go, but if this is the only feasible solution, I suggest you go along with it.
Selling your property to stop foreclosure may require permission from your lender. Once again, you are going to negotiate and hopefully things will turn out the way you planned it. If you are searching for a way to make a sale, I can help you with your problem. Get rid of foreclosure blues by checking out our offer here.
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Posted in Real Estate Post Date 12/24/2015