While the Ventura County real estate market is at or near the all-time highs experienced before the crash of the late 2000’s, there are still Ventura County homeowners struggling to make their mortgage payments.
If you owe more than your home’s worth, or are having trouble making the monthly payments, you may be wondering if you are in danger of facing foreclosure
If this sounds like your situation, there are a number of things that you can do to help avoid foreclosure in Ventura County. Maybe the most important aspect is to act as quickly as possible. The longer you wait, the more difficult it will become to stop the foreclosure process.
So let’s dive in on a couple quick tips on possibly how to avoid foreclosure in Ventura County.
The Keys of How To Avoid Foreclosure in Ventura County
Some people give up and just let the bank take their home. The biggest mistake that we see being made by Ventura County homeowners is waiting too long before reaching out for help.
Facing foreclosure can be extremely stressful, but it’s important that you try to remain calm. Not only will a foreclosure negatively affect your credit score, but it could make it difficult to purchase a new home for several years.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Despite what many believe, most lenders don’t actually want to foreclosure on homeowners. They are not in the business of owning homes and it actually costs them thousands of dollars to go through the foreclosure process. If you haven’t missed a payment yet, you could be in a strong position to renegotiate the terms of your loan. Even if you have missed a payment or two, the bank may still be willing to work with you. You may be offered forbearance, or even a full loan modification.
•Look for government assistance. The federal government offers several programs intended to help homeowners struggling with their mortgage payments. The Home Affordable Modification Program (HAMP) allows homeowners to modify their loans and reduce their monthly payments. The Home Affordable Refinance Program (HARP) can help you refinance from an Adjustable Rate Mortgage (ARM) to a fixed-rate mortgage. Both of these programs are subject to eligibility requirements, so it is highly suggested you check their websites for more information.
We understand the amount of stress that an impending foreclosure can cause, but you are not alone. No matter what the real estate market in Ventura County is doing, there will always be homeowners who are facing the same situation. Foreclosures can harm your financial situation for a long time, so it’s important that you try to take advantage of any of the options available to you. Not only will this help your credit, but it will hopefully allow you to remain in your home.
At Dream Home Property Solutions, LLC, we may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.