5 Tips to Better Understand Your Options When Faced With Foreclosure

Understanding & Avoiding Foreclosure

If you have found yourself in the unfortunate situation of foreclosure, not all is lost.

You may be able to avoid the crippling damage to your credit history and financial future by contacting us immediately. We buy houses facing foreclosure, and we may be able to help you if you get in touch right away.

You need to be willing to take action while you still have time. You’d be surprised how many options you have available to you, and we’re here to provide you with those options. You don’t need to walk away with a banged-up financial record if you respond to the situation quickly.

Knowing the law is half the battle. Understanding the protections available for you will make it easy for you to move forward – but remember, time is of the essence when you’re dealing with foreclosures.

The sooner you make the decision to sell your house, the better off you’re going to be. 

1. What Should You Do When You Receive a Notice of Foreclosure?

What to Do About Your Notice of Foreclosure

 

Your foreclosure notice may feel like the worst piece of mail you’ve ever received in your life. While it’s definitely not good news, ignoring your notice won’t make the problem go away.

Failing to respond or take the appropriate action can create a situation that’s infinitely worse.

Different areas of the country have different foreclosure procedures, but many of the basic aspects of the foreclosure process remain the same across the board.

Learning to read and interpret your foreclosure notice may help you find hidden options you were previously unaware of.

The worst thing you can do is throw the notice away – this piece of paper contains everything you need to know about your financial future.


Learn More: What to Do When You Receive Your Foreclosure Notice


 

2. How Does Declaring Bankruptcy Affect Your Foreclosure?

Declaring Bankruptcy to Avoid Foreclosure

 

Bankruptcy is a slippery slope.

You may be under the impression that declaring bankruptcy is like pushing a magic button that will absolve you of your mortgage debt, but this is not the case!

By declaring bankruptcy you will only stall the process.

The act of declaring it alone can’t make the foreclosure problem go away.

Bankruptcy can however, be used as a critical part of a larger strategy, but it’s not a solution by itself!


Learn More: How Does Declaring Bankruptcy Affect Your Foreclosure?


 

3. How Badly Will Foreclosure Affect Your Credit Score?

How Bad Will Foreclosure Affect Your Credit Score?

 

Your credit score is probably one of your most pressing areas of concern at the moment.

It’s difficult to build a strong credit score, and every bad mark seems to hang around  forever.

A foreclosure can leave a big scar that will take a long time to heal, but you can’t wait that long to recover your financial freedom.

If you need to get set up in an apartment, you’ll need to meet a minimum credit score rating. You may not be able to erase a foreclosure from your credit score, but there are some things you can to do control the amount of points you’ll lose during the process.


Learn More: How Foreclosure Will Affect Your Credit Score


 

4. What Does California Law Mean for Your Foreclosure?

What Does California Law Mean for Foreclosure

 

There are some laws pertinent to foreclosures that afford special protections to California residents. The One-Action rule and the California Bill of Rights are the most important things to look at during a foreclosure.

The One-Action rule means that lenders can only choose one of two options when they're trying to settle their foreclosure debt: the less common judicial foreclosure, or the non-judicial foreclosure.

If you haven’t taken out a second or third mortgage on your home, you won’t have to worry about taking multiple hits on the same property.

The Bill of Rights addresses concerns that were born out of the tragic real estate collapse that occurred in the early 2000’s. This is a list of multiple laws that are designed to benefit homeowners in tough spots, rather than allowing big lenders to have the upper hand.

It provides lenders with a strict list of procedures to follow, and holds them accountable if they fail to do things by the books. Simply knowing what these rights are and how they work can prevent you from being taken advantage of.


Learn More: What Does California Law Mean for Your Foreclosure?


5. Can Your Safely Sell Your Home Before a Foreclosure?

Selling Your Home Before Foreclosure Hits

 

The second your property goes into foreclosure, you may be bombarded by investors and companies with big wallets who are willing to take your property off of your hands. Some of these companies are reputable, and they may be able to provide you with the help you need.

Others are scam artists looking to prey on homeowners while they’re at their lowest. You need to learn to distinguish between the two.

Selling your home is a viable option, and it could be the only option you have. Despite what you may think, this is the perfect thing to do in most cases.

It won’t make the problem go away, but it can certainly shrink your foreclosure debt. Researching potential investors and accepting a fair offer on your home can save you a whole lot of trouble later on.


Learn More: Can Your Safely Sell Your Home Before a Foreclosure?


Should I Accept Offers From Potential Lenders & Buyers?

You are in a touchy situation right now, and there are a lot of people who might want to kick you while you're down. Foreclosure scams are common in this day and age. If you think that an offer is too good to be true, then trust your instincts - don't sign anything!

If you'd like to receive a legitimate cash offer on your home now and avoid the threat of foreclosure and the damage it can do to your credit, we may be able to help you. You can request an all-cash, no-risk, no-obligation offer on your home, without any strings attached, below.

Can We Really Help You?

At Southern California Home Buyers, we know foreclosure can be complicated and stressful. We know what a confusing labyrinth foreclosure is, and we’re prepared to help you navigate the situation. We can use our years of experience to help you investigate your options.

Southern California Home Buyers can provide you with a fair cash offer on your foreclosure property. Simply click here to submit your information to us, and one of our experienced home investment experts will be able to assist you.

You can also call now and speak with us directly: 951-331-3844