Alternatives to Foreclosure in the Los Angeles Area
If you or someone you know in the Los Angeles area is having a difficult time with their home mortgage payments, it is especially important to know what the alternatives to foreclosure might be. Two of the most talked about alternatives are Loan Modification and Short Sale.
Loan Modification: The borrower works with their lender to change the terms of their mortgage loan. This is usually a change in the interest rate and your monthly mortgage payment for a period of time. Unfortunately, not everyone will qualify for a loan modification. Most homeowners will begin to make trial payments (temporary lowered monthly payments) to their lender while they are under review for a modification. Those who are fortunate may be offered a permanent loan modification. However, I have spoken to some people who have been on trial payments for a long while and unfortunately, the mortgage company will reject the loan modification.
Short Sale: If the homeowner has tried for a loan modification and does not qualify, their lender will suggest a short sale of the home. Note, a short sale may still be attempted even if the homeowner does not try the loan modification first. You do not have to apply for a loan modification before a short sale. What is a short sale? When the owner of the home is having difficulty or may be in trouble with their mortgage payments in the near future and the balance is higher than the current market value of the property, the lender will be asked to take less than the amount that they are owed when the house sells. It is important that you work with someone that has experience with short sales because it is a different process than the tradtional real estate transaction.
Feel free to contact me directly at 818-903-2040 to discuss alternatives to foreclosure in the Los Angeles area.
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Experience with Lenders: Bank of America, Chase, Wells Fargo, GMAC, Citimortgage, Citibank, Litton, Aurora Loan, SPS, SLS, etc
Sara Mehrpouyan, CDPE
Los Angeles Real Estate - Los Angeles, Ca Foreclosure & Short Sale Realtor Specialist