To prevent or delay a foreclosure a borrower can do many things that don’t require spending money upfront for services especially since a specific outcome can never be guaranteed in advance. A borrower in financial distress needs help and assistance, not additional expenses that cause more stress. That’s what we believe at Right Home and that’s what we do everyday.  From direct negotiations, to loan modifications, loan restructuring or short sales, to legally challenging a lender, a borrower in distress has many options. But, the longer a borrower waits before taking action or consulting with a professional, the lower are the chances of success. Facing possible foreclosure is a major potential problem that should be taken very seriously. It pays to be proactive.

               The Ostrich Syndrome: Unfortunately, too many people today are trying to reduce their stress by simply trying to avoid the problem altogether. Denying the existence of the problem will not make it go away: it will only get worse with time. You either plan and select a course of action for you and your family or, the bank will make an unpleasant decision for you.

            Bad Luck or Opportunity? While most people treat their situation as a misfortune or bad luck it could also be an opportunity: an opportunity to possibly reduce the debt and renegotiate the terms of the loan, or to outright modify it. Loan modification is possible not only on residential properties like homes and condos, but on all real estate categories.

            Whom to Trust? There has been so much abuse of consumers in the loan modification field that borrowers have grown to distrust those who offer any kind of services for borrowers in distress. Furthermore, even lenders (banks) are misleading the consumers. For example, they give hope of impending loan modification and ask the borrower to start sending payments for a trial period only to deny the modification at the end and then proceed with the foreclosure.

            The Tick-Tock Bomb: Although the foreclosure bomb sometimes is put on hold during the loan modification process, often it is not! Other times, the foreclosure time bomb may have been put on hold just before exploding, just before the foreclosure sale, and as soon as the modification is denied they foreclose without further notice and serve the borrower the eviction notice. The foreclosure time-bomb does not stop ticking, and does not have to start all over again if it gets put on hold while the modification request is being considered. No, a lender does NOT have to re-file a foreclosure notice and start the foreclosure process all over again from scratch after denying a loan modification: they just continue from where they left off.

So, What Should a Property Owner do?

1. Do Not procrastinate, Do Not Delay and Do Not Ignore your situation! Do not avoid the problem hoping that it will go away, because it will Not! Your stress, inconvenience and damages will be less if you address them up-front. Choose a professional to evaluate your situation and give you options.  Search, investigate, question, ask for references. A little time spent up-front will go a long way and can not only save you thousands, prevent stress and give you a peace of mind, but it can ultimately save your property as well.

2. Be careful with your money. Try to find someone who will take on your case on a contingency basis, meaning they get paid only if they get you get the results that you are seeking.

3. Follow up constantly. Don’t hesitate to contact your lender direct to get updates or find out if your representative is in fact doing the work they are telling you they are.

4. Think logically, practically, rationally, be willing to face hard facts and reality. You may be trying to hold on to your property only because you have spent so much money on it or because you dislike moving. Don’t do the biggest mistake most investors do: don’t throw more good money after bad money emotionally. Your health, your sanity and a life without stress are worth more than any home. A house is nothing but sticks and stones.

5. Try to avoid bankruptcy or foreclosure if you can. Usually a bankruptcy will only temporarily put your foreclosure on hold and will not eliminate your secured debts.
   You may not get what you want because what you want may be unreasonable. Besides, what you want may not be the best thing for you anyway. Think long term. Although you may be facing a financial hardship today but there IS a tomorrow that is worth focusing on. The hardship you're facing will pass so you better focus on your future instead of holding on to your past.

The Right Home Difference: The policy at Right Home and Right Commercial has always been Not to collect any money up-front from our clients for our services and our business partners also abide by that policy. Our goal is to minimize risk and expect compensation only when we achieve a result that suits our clients.

Every situation is different. At the end of a free consultation we will give you an assessment of your situation based on our experience your circumstances, and we will recommend a strategy. 

Service Area: Our services are limited only to Southern California and specifically the Counties of Los Angeles, Orange, Riverside, San Bernardino, Ventura and Santa Barbara. We can handle any type of residential or commercial/industrial property. Call us now at 800-873-8373.