There are many situations where individuals have bad credit scores due to various circumstances in the past. If you are seeking to purchase a home, and you have bad credit, then your lender may grant you what is called a subprime loan. You may also be given the same type of loan if you are unable to make a large down payment.
These loans have high interest rates and less-than-favorable terms in order to compensate for the financial risk to the lender. Sadly, this condition makes it more difficult for borrowers to keep up with the payments.
If you are one of the many home owners in Orange County who feels trapped in a mortgage you can't afford, and face the risk of losing your home to foreclosure, you should speak with an Orange County foreclosure attorney who can educate you about your options.
Facing foreclosure due to a subprime loan?
Home buyers who have the best credit scores and qualifications are offered interest rates as close as possible to the prime rate, based on the lender's estimate that the loan will be a good financial risk. If you bought your house as a first time home buyer, if you had poor credit or no credit, or if you didn't have enough money for a large down payment, you were probably given a subprime loan, with a higher interest rate.
Families who were forced to accept subprime interest rates in order to buy a home are often dismayed to see a notice of impending foreclosure when they have missed their monthly payments. Some of these borrowers were the victims of predatory lenders who did not disclose all the important information, such as adjustable interest rates that would cause the payment to spiral higher and higher over the years, or the possibility of negotiating the conditions of the loan.
Fighting Foreclosure in Orange County
If your interest rates go up while the value of your home goes down, it can be increasingly difficult to find a way out. An attorney can help you find a solution and represent you in negotiations to secure more favorable loan terms. If the lender violated federal or state laws in the loan process, you may even be able to file a lawsuit.
A Santa Ana foreclosure defense attorney from 1st California Law can work with you to find an answer to your present difficulties. With our focus on foreclosure, we have the knowledge and skill to successfully represent your case, and we will stand by you through the entire process. We know how stressful this experience may be for you, and we want to make it as easy as possible.
It is important to seek representation in your situation as soon as possible. Let us put our years of experience to work for you! We offer free consultations on evenings and weekends, and will even come to you. Call 1st California Law, Inc. to get started!
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"Kevin Kunde is an attorney licensed by the State Bar of California. Mr. Kunde graduated from Chapman University School of Law where he was a Senior Editor for the Nexus Law Journal, a Dean's Fellow/teaching assistant for Contracts course and served as a Judicial Extern for the Honorable John Rayburn for the U.S. District Court for the Central District of California"Read Full Bio