• Our Guarantee to Our Clients

    We promise to represent your best interests and keep you fully informed.

    Read Our Guarantee
  • Bankruptcy eBook

    Get a FREE eBook to become more familiar with the bankruptcy process.

    Download It Here
  • Our Video Center

    Click here to access a list of our firm's videos.

    Get More Information
  • When You're Ready To Talk

    We're ready to listen. Contact us to receive a free initial consultation.

    Request a Consultation

Potential Options During a Foreclosure

Going through a foreclosure can be difficult. Not only are you losing your home, you will have to find a new place to live, with less than ideal credit. You may struggle for several years until you are able to get yourself back on track.

Because a foreclosure changes your life, you may want to talk to your mortgage company first. There are times when they will work with you through this process, instead of taking your home. You may wonder why they would do that but foreclosing on a home can be quite costly for a mortgage company. Some say that it can cost up to eighty thousand dollars toforeclose on a home.

So, what should you talk to your mortgage company about? Here are some potential options.

They may modify your loan so that you can afford your mortgage. Your mortgage company can change the terms of your mortgage. They may change your interest rate or the length of your loan so that your monthly payments are more affordable. Though it is not always in their best interest, it costs less than a foreclosure.

There are times when your mortgage will keep your interest rate the same. With adjustable interest rates, many people struggle to pay their mortgage as the rates continue to increase. By maintaining a regular interest rate, you might be able to afford to pay your mortgage, without worrying about an increase.

If a person doesn't want to stay in their home, the mortgage company may give them several options. They may allow them to sell their home for whatever they can get (even if it is less than it is worth). Rather than continue the foreclosure proceedings, they can forgive the rest of the balance. They may also let the owner give their home to someone else and have them take over the mortgage so that they won't have to foreclosure on the home.

Though you may be panicking when you get a foreclosure notice, it is not the end of the world. Lucky for you, mortgage companies don't want to foreclose on your home and they may work with you so that you can stay at home. If you don't want to stay in your home, talk to them anyway. You may be able to transfer your home to someone else so your credit doesn't suffer.

Contact us for all of your legal needs. We will help you through this difficult period so that you can get on with your life.

Categories: Foreclosure
  • Our Guarantee to Our Clients

    We promise to represent your best interests and keep you fully informed.

    Read Our Guarantee
  • Bankruptcy eBook

    Get a FREE eBook to become more familiar with the bankruptcy process.

    Download It Here
  • Our Video Center

    Click here to access a list of our firm's videos.

    Get More Information
  • When You're Ready To Talk

    We're ready to listen. Contact us to receive a free initial consultation.

    Request a Consultation

When You're

Ready to talk

Our firm is ready to listen. Call for a FREE case consultation.

Call Toll-Free 888.910.6652

"The Law Offices of James C. Shields is located in Torrance and proudly serves clients all throughout the South Bay including:

  • Long Beach
  • Carson
  • Irvine
  • Los Angeles
  • Palos Verdes Estates
  • Huntington Beach
  • Hermosa Beach
  • Redondo Beach
  • Manhattan Beach
  • Newport Beach
  • Costa Mesa
  • El Segundo
  • Rolling Hills
  • Hawthorne
  • Playa Del Rey and Culver City
Law Offices of James C. Shields - Torrance Bankruptcy & Estate Planning Attorney
Located at 21707 Hawthorne Blvd, Suite 204
Torrance, CA 90503.
View Map
Phone: (888) 910-6652
Local Phone: (310) 626-4404

Website:
© 2018 All Rights Reserved.