Southern California Foreclosures

Written by Stephanie Dula
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Unfortunately, every year some people in southern California experience foreclosure for a variety of reasons. Sudden loss of income due to medical emergencies, layoffs, and divorce are a few of the common reasons many people find themselves no longer able to make their monthly mortgage payments. If a certain number of payments are missed, the mortgage lender can repossess the property.

Contrary to many borrowers' beliefs, lenders do not look forward to the repossession of property as a way to make up their losses. The hassles of property management and subsequent auction can result in a headache that lenders would prefer to avoid. Oftentimes they would much rather settle a payment in default before it results in foreclosure.

Foreclosure Avoidance

There are many ways for the borrower to make up for past due payments before it's too late. It's vital to the credit profile of the borrower to contact the lender as soon as possible to explain the situation, since there are alternatives available specifically to assist those in danger of foreclosure. Additionally, there are mortgage brokers who specialize in foreclosure avoidance that may prove valuable partners in the process of negotiating terms with the lender.

Unfortunately, borrowers facing foreclosure must be aware of scams involving agencies that prey on people in desperate situations. Like every other aspect of mortgage lending, people who know the facts are much better prepared to get what they need without getting ripped off. Before submitting to the demands of anyone making promises involving one's home, it's vital to carefully examine the fine print.

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