If you would like to speak to us regarding foreclosure help in Ventura California, call us today at 805-250-8335 for a FREE, no-obligation consultation. Your information will always be kept strictly confidential! Or if you prefer, you can also fill out one of the forms on this page or send us an email to Info@DreamHomePS.com.
Foreclosure Help In Ventura California
If you are facing foreclosure on your Ventura home, we understand that it can be a stressful time in your life. You may not know where to turn to get the foreclosure help you are looking for. One of the biggest issues is that everyone’s situation is unique, so there is no one-size-fits all approach for foreclosure help. The below information is very generic in nature, but will hopefully give you some ideas to consider. If you would like to speak to someone about your specific situation, we would be happy to help. Dream Home Property Solutions, LLC has provided assistance to Ventura County residents who have been in various stages of the foreclosure process. For a free, no-obligation consultation about foreclosure help for your Ventura home, contact us today at 805-250-8335, by email at Info@DreamHomePS.com, or by filling out one of the forms on this page.
As mentioned above, your unique situation will determine which options for foreclosure help are right for you. In most cases though, some best practices include:
- Make sure to open any and all notices that you receive from your lender
- Contact your mortgage lender as soon as you think you might have issues paying your mortgage and ask them for help
- Call a U.S. Department of Housing and Urban Development (HUD) approved housing counselor for information and/or assistance
- Determine your monthly budget by creating a list of your monthly income and your monthly expenses. This will most likely be needed for any loan modification discussions with your lender.
- After you’ve listed your monthly expenses, consider reducing your spending by eliminating any unnecessary expenses such as cable TV or expensive cell phone plans
- Look to see if there any additional assets you own that could be sold to help you bring you current on your mortgage, such as jewelry, stocks, or other investments
Loan Workout Arrangements
Communication with your lender is key during the foreclosure process. One of the first things you should do is to contact your lender and tell them that you want to discuss their workout process. Depending on your lender and the size of their company, you may be directed to a loss mitigation department. A good practice is to always make note of the date, time, and the name of the person you are talking to. We would also suggest getting the email address of that person so that you can send an email confirming everything you discussed in writing. Making workout arrangements is usually not a fast process, so don’t be surprised if it takes a few weeks or longer to hear back from your lender. You may want to check with them on a weekly basis to confirm the status and make sure your paperwork hasn’t been put on their back burner.
Below are some of the documents that may be needed when trying to make workout arrangements with your lender:
- Pay stubs verifying your income
- W-2s from the last year or two
- Budget showing your household income and expenses
- Hardship letter explaining your situation and any other information you think the lender should know
Frequently Asked Ventura Foreclosure Help Questions:
Q. What is foreclosure?
A. Foreclosure is a legal process that a lender can use to take back your home in order to satisfy the terms of your loan. Failure to make your mortgage payments can result in the lender starting the foreclosure process and ultimately taking your home. This can apply for a first mortgage, a second mortgage, reverse mortgage, or even a Home Equity Line of Credit (HELOC). Not paying your property taxes and/or HOA fees can also result in foreclosure.
Q. How many payments do I need to miss before I lose my home?
A. This answer can vary widely depending on your lender. After missing only one payment, the lender can contact you to inform you of your missed payment. They also have to contact you to perform a foreclosure avoidance assessment, which will be their attempt to explore any available options with you. They cannot start the official foreclosure process until at least 30 days after the foreclosure avoidance assessment has taken place. A Notice of Default (NOD) can then be filed with Ventura County after 30 days of contacting you about the foreclosure avoidance assessment. You will then have 90 more days before the lender can file a Notice of Sale. So the real answer is you only have to miss 1 payment to lose your home, but you have several months to rectify the situation before actually losing your home.
Q. What should I do if my lender has started the foreclosure process?
A. Immediately contact your lender and discuss your situation. Despite what you may hear, most lenders actually don’t like foreclosing on Ventura homeowners, as it takes them a considerable amount of time and money to do so. They are not in the business of owning real estate. Depending on the outcome of this discussion, you should then contact a Ventura HUD housing counseling agency. If all else fails, we have experience working with homeowners and their lenders for foreclosure help and would be more than happy to assist you with any questions you might have.
Ventura California Foreclosure Help
We know the foreclosure process can be confusing and stressful and that some people just don’t know where to start. We would be glad to help out in any way that we can. We gladly assist clients in Ventura, Oxnard, Camarillo, Ojai, and anywhere else in Ventura County. In dealing with lenders on a regular basis, we have an understanding of the type of information they are looking for and may be able to help you negotiate a win-win situation for both you and the bank. As mentioned above, we can be contacted by filling out one of the forms on this page, by email at Info@DreamHomePS.com, or by phone at 805-250-8335. Our goal is to make sure you have all the information you need to make the best decisions possible.