The Huntington Beach real estate market has seen foreclosures become the norm as of late as individuals face financially distressed scenarios more often than every before. When individuals or families are distressed financially one of the first things they often lose is their home. Unable to pay a mortgage payment or stuck with a mortgage payment that they can no longer afford due to an adjustable-rate mortgage more people than ever before are losing their homes.
In these trying times however in the midst of losing one’s home, any individual facing the scenario should seriously consider working with the Huntington Beach real estate agent to help avoid foreclosure. More and more Huntington Beach real estate agents these days are being trained specifically in the business of foreclosures and short sales so that they can help families avoid foreclosure whenever possible and help them through a difficult and complex process when they cannot. This page has been specifically designed for homeowners facing difficult financial situations in foreclosures. It is our hope that the information here will encourage you to not only contact a Huntington Beach real estate agent for help but will give you hope and encourage you to fight to keep your the home you’ve worked so hard to obtain.
There are many different programs at both the state and federal level that can help homeowners stay in their homes. The following is a list of such programs and should you have any questions about these programs please don’t hesitate to contact a Huntington Beach real estate agent.
Forbearance or Repayment Plan
These days many banks/lenders are more willing to work with homeowners because it is cheaper to keep them in their homes than it is to foreclose and resell a home. In a forbearance or repayment plan scenario a lender will allow a homeowner to repay back payments over a long period of time in order to ease the burden of debt. This option won’t necessarily work for everybody who applies for it but it is indeed a very good and solid option that anyone facing a Huntington Beach foreclosures should seriously consider. Of course a lender must approve this plan and approval is done on a homeowner to homeowner basis.
Reinstatement
Reinstatement much like a forbearance and repayment plan aren’t going to be right for everybody nor will everybody who applies for reinstatement be approved. In a reinstatement home owners can simply request the total amount owed to the mortgage company and then pay off. Reinstatement’s like most other plans must first be approved by the lender in working with a Huntington Beach real estate agent who understands reinstatement’s can better your chances for approval and success.
Mortgage Modifications
If there is one program that every homeowners facing foreclosure should look into it’s definitely mortgage modification. Not only is this option one of the more common and most sought after options for those looking to avoid foreclosure but many basic become much more lenient these days and are willing to with homeowners to keep them in the home and will therefore allow a mortgage to be modified to some degree. This can include the reduction of interest rates, the amount owed alone or even the principal the loan. Other times it can include any of the following together as well. If you’re unsure of whether or not you’ll qualify for mortgage modification be sure to speak with a Huntington Beach real estate agent before you ever consider contacting your lender.
Property Rentals
Individuals and families looking to avoid foreclosure, should without a doubt, look into the possible rental of their property. Like all others this program must first be approved by a lender and you’ll definitely need the help of a Huntington Beach real estate agent but once approved renting your home out allows you keep your home while at the same time use the rental income as means to pay your mortgage.
Bankruptcy
One of the first things people consider when they’re staring down the barrel of foreclosure is bankruptcy. While it’s not always the best option or the first one homeowner should jump to, it can be a very useful tool in protecting your assets especially your home. Bankruptcy laws do vary from state to state however and not all states will allow homes to be protected into bankruptcy so be sure to speak with a Huntington Beach real estate agent if you’re homeowner facing foreclosure and considering bankruptcy.
Friendly Foreclosure
Deed in lieu of foreclosure will commonly known as “friendly foreclosures” basically allows a homeowner to return the property to their lender rather than go through the entire foreclosure process. A friendly foreclosure allows a homeowner to walk away as little damage done to them financially and saves the lender from having to spend exorbitant amounts of money on the foreclosure process as well. If you’re interested in a friendly foreclosure of course you’ll need permission from the lender would you’ll also want to have a reliable Huntington Beach real estate agent on your side who knows the complexities as well as the ins and outs of this process.
Refinancing a Home
In some cases a lender will allow a homeowner who has paid a sufficient amount of money into their home tto simply refinance or home. Though refinancing might sound simple it’s actually a very detailed and complex process one that will require you to work with a good Huntington Beach real estate agent.
Military Option
If a homeowner can prove that they entered into debts prior to military deployment they might qualify for relief under the Servicemembers Civil Relief Act. The Act is designed to help military personnel keep their home and deploy with a focused mind and with as little stress as possible. Military options can ensure that a veteran returns home to his/her home. A Huntington Beach real estate agent that specializes in foreclosures can assist military personnel with the options.
Selling the Home
Homeowners who have enough equity in their homes can approach a lender and request that they allow them to list their property with a qualified Huntington Beach real estate agent. This is perhaps the best option of all what all others have been exhausted because it will allow a homeowner to not only pay back the loan with the money made from the sale but perhaps walk away with a few dollars in their pocket as well and no damage done to their credit.
The Short Sale
A short sale is a fantastic option for an individual or family who is facing foreclosure and has no other options left. A short sale generally occurs when a homeowner owes more than their current property is worth. When this happens a lender may qualify them for a short sale and buy back the property allowing homeowners to walk away with very little damage done to their credit or at the very least less damage than a foreclosure would have brought. Not all homeowners going to qualify for short sale so be sure to speak with a qualified Huntington Beach real estate agent if you think short sale is right for you.
