Foreclosure Alternatives in Orange County
Protecting Your Family & Your Home
Countless Americans have received foreclosure notices and confront the prospect of losing their homes–if you find yourself in this position you are probably experiencing major anxiety. Foreclosure can be an intensely stressful, embarrassing and frustrating experience, but even when you are far behind on your mortgage payments you still have several alternatives available.
An experienced Orange County foreclosure attorney from our firm can discuss your unique situation and goals to find the best strategy for your family. At 1st California Law, we are here to help you take action. It is a good idea to work with an attorney who has extensive familiarity in this area, who can help you with avoiding scams and who will provide personal counsel.
The main options available in front of you include:
- Deed in Lieu of Foreclosure
- Short Sale
- Foreclosure Defense
- Strategic Default
- Mortgage Re-negotiations
- Mortgage Modifications or Refinancing
Most lenders will cooperate in order to keep things simple and when it appears that such negotiations will make it more likely that they will recover at least some of the debt, rather than being forced to write off a large portion.
Positive Alternatives to Foreclosure
One of the most direct solutions to preventing a foreclosure is deed in lieu of foreclosure. Once you have the agreement of your lender, you will turn over the deed to your house in order to satisfy the home loan, effectively putting an end to the foreclosure proceedings. It is a voluntary transaction, meaning that you can't simply abandon your home, and your attorney can help you persuade the bank to move forward.
Another approach is known as a short sale, which is particularly well suited for homes that are worth less on the current market than the value of the loan. Again, you will have to secure the cooperation of your bank, but when this can be done it is often easy to find someone eager to buy the home at a bargain.
The method that requires the most expertise and legal skill is outright foreclosure defense. This means your Santa foreclosure attorney will investigate the case to find any aspects of the home loan or the foreclosure proceedings that can be challenged, in order to delay or stop the action.
It is important to have skilled representation on your side in this case as there is extensive investigation that must be conducted, and legal proceedings will require skillful representation.
We are Here to Help You
A Santa Ana foreclosure lawyer from 1st California Law will take the time to fully explain your options and help you find the plan that works most to your advantage. You may also be eligible to file for bankruptcy, which will protect you with an automatic stay to prevent creditor action and relieve a large amount of your debt.
We genuinely care about our clients, and you can be sure that we will stand by you and work with you towards the results that you need when you hire us. Let us put our years of experience to work for you in your situation. Contact us to get started.
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