Can’t Afford Your Mortgage? Here’s What You Need to Know

One of a San Diego homeowner’s biggest fears is not being able to pay the mortgage. Your house provides you with security and a place for your family to live. When money gets tight and there isn’t enough to cover the mortgage it can be a stressful situation and one that no one wants to face.

Unfortunately there are many people that experience this situation. If you are in a place right now where you can’t afford your mortgage, here are some things that you need to keep in mind.

Honesty is the best policy

This is probably a lesson you have been taught since childhood and it applies to this situation as well. As soon as you realize you are not going to be able to pay your mortgage you need to call your lender.

It can feel much easier to avoid the issue and try to avoid the calls of your lender once you are late, but that is not going to do you any good. You will experience more stress and eliminate any chances that your lender will be able to work with you.

Admitting to your lender that you cannot pay your mortgage is the best thing that you can do.

Take action immediately

The sooner you act the more choices there will be for you to explore. The longer your loan is in default the fewer options you are going to have.

There is a chance that your lender will be able to modify your loan for you so you do not have to face foreclosure. However, the longer you wait the more expensive this option becomes and the less likely that you will be able to make it work at all.

Take advantage of dual tracking

As soon as you enter the process of seeking loan assistance you will be protected by the dual tracking rule. This means that your lender is unable to foreclose on your San Diego property while you are trying to obtain loan assistance to modify your loan.

You have 120 days from the day that you default to be protected by this rule. This is another reason why it’s important to take action quickly instead of waiting.

Leave no stone unturned

Foreclosure is a difficult process and one that you should avoid if at all possible. Explore all of your possibilities before giving in to the idea of foreclosure. Some areas offer special funding options to assist homeowners that are struggling. Do your homework to see if any options apply to you.

The most important thing for you to remember is that you need to stay in contact with your lender as you work to avoid foreclosure. It’s much easier to avoid those collection calls, but if you really want to try to find a way out of it you need to be proactive instead of reactive.

If you wait too long there will be limited options available to you.

If you need to sell your San Diego home asap, we can help. The Riazati Homes team specializes in assisting distressed San Diego homeowners get out of bad situations. In most cases we can make you a cash offer. Contact our team today to see how we can help.