No homeowner ever plans on losing their house during a Stanislaus foreclosure. The process is a hard one for every individual that walks through it. If you are in the midst of a Stanislaus foreclosure and looking for a way out, you do have options. While it isn’t easy, there are ways that you can save yourself from a Stanislaus foreclosure even after it has already started.
Many Stanislaus homeowners are afraid of foreclosure. They worry that their first late payment will result in a notice of default and the start of the process. However, that isn’t the way that it works. The entire process can take months to complete, even up to an entire year. The start of the Stanislaus foreclosure process begins once you have missed four monthly payments.
It is easier to rectify late payments before you reach this point, but you still have options after the process has begun.
While your Stanislaus house is going through the process, it is in “pre-foreclosure.” The house technically still belongs to you, and you can sell the house right up until the auction happens or the bank takes possession back of the property.
If you are able to sell your Stanislaus house and payback everything that is owed to the lender, including late fees and penalties, you will stop the foreclosure process. The house will belong to the new owner, but you will save yourself a heavy hit on your credit.
If you notify your lender that you are trying to sell the house to pay back what you owe, they may be willing to work with you to postpone the foreclosure. The rules vary state by state on how long the process takes, so make sure to start the conversation early.
If you are looking to sell your Stanislaus house, call us today to see how we can help.
If you are not able to sell your Stanislaus house for the amount that you owe on it, and don’t have the excess cash to make up the difference, you can consider a short sale. This is when the lender agrees to accept less for the house than what it is worth. This does have an impact on your credit, but not to the same level as a foreclosure.
The Stanislaus foreclosure process costs lenders money. While they don’t want to agree to a short sale because they lose money, it can be worth it for them to get through the process quickly.
If these options aren’t going to work for you, there are a few others that you could consider. Talk to your lender to see if they are willing to restructure your loan. This could include things like reducing your interest rate or allowing you to make up your late payments over time.
If you are in a temporary situation where money is tight, you can try asking your lender for a forbearance. For example, if you are between jobs, you could ask to suspend your payments temporarily until your new job starts. This is a temporary solution, but something that could work for your situation.
Look for all the money you can. Do not lose your Stanislaus house without looking for money at every avenue. Look at your budget to see what you can cut out. Look for items in your house that you can sell to help pay your lender.
It can be tempting when you come into financial struggles to avoid your lender at all costs, but that is the wrong thing to do. Your lender knows when you have missed a payment, so there is no reason to try hiding. Instead, do the exact opposite.
Contact your lender right away and ask about your options. Lenders are generally more willing to work with homeowners that have shown they are trying to make their payment. Make partial payments to show you are making an effort. Look for every way to avoid a Stanislaus foreclosure before allowing it to happen.