Stephanie Hoops at The Ventura County Star writes, “Driven by an uptick in bank repossessions and auction sales, foreclosure filings in Ventura County jumped nearly 20 percent in April from where they were a year ago, market researcher RealtyTrac reported Thursday.”
Whatever the reason for the increase in foreclosures, there are over 1200 Ventura County homeowners currently facing the risk of losing their homes. Ventura County is lucky in one way. Detroit has over 29,000 homes in peril. Each foreclosure indicated by a blue and red dot is another family’s financial dream scattered like dust. Some going through the pain will say, what could I have done differently to prevent losing my home to foreclosure?
You don’t just wake up one morning and lose your house through foreclosure. There are signs of approaching trouble.
Here are 8 Tips to Avoid Foreclosure:
First, You must acknowledge the problem. If you are experiencing any of these approaching troubles identified above, and not doing anything about it, you are ignoring the problem.
Second, Don’t procrastinate. The sooner you begin to take corrective action; the better chances you have for resolving your situation in a positive way. Waiting will only make your predicament worsen. You may feel paralyzed by recognizing the depth of your dilemma, so you must act early while you still have viable options.
Third, Contact your lender and level with them. They may be aghast at the extent of your problem, but they have seen this before and will demand you take steps to fix it, such as selling your toys and identifying places to make major cuts in your spending.
Fourth, Do not ignore your mail. The first instinct is to throw the bills in a drawer. If you deny there’s a problem, you tell yourself, maybe it will go away or you will win the lottery. The mail will contain helpful suggestions to get things under control. Next thing you know, you’re receiving legal notices. Ignoring these notices can actually be one of the first steps to losing everything!
Fifth, Contact Professionals – Your banker may be able to refinance the loan or your creditors may be able to give you repayment options. Contact a credit counselor. You need to put aside any feelings of personal failure and take responsibility for your current condition. Contact a bankruptcy attorney. That may sound contrary to taking responsibility, but you need to know your options so you can make informed decisions.
Sixth, Know your rights. Read your loan documents to understand what powers the bank has and what powers you have. Be clear on your obligations as well as your options for resolution. Identify your timeline requirements for taking action.
Seventh, Contact a professional real estate investor. Good real estate investors can help solve almost any real estate problem by helping the homeowner in distress alleviate their perilous financial situation!
Eighth, Beware of foreclosure scammers. Do not sign over your deed to them and then rent it back. Real professionals do not charge up-front fees for their services or ask you to make mortgage payments to them.
In summary, recognize approaching trouble, don’t procrastinate, take positive corrective action early, and seek professional help.
Coal to Cash Homebuyers, Inc. is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 805-426-9988 to let us know what YOU need help with!