Homeowner Options

 Homeowners Facing Foreclosure

If you are one of the thousands of homeowners facing a foreclosure by a lender there may be options available for you.  Before you loose your home to foreclosure, consider us at SOS Equity Solutions as your one stop shop for all your real estate needs.  We want you to know that we are here for you and we can offer you some practical solutions for every type of situation. No issues is too difficult for us to solve.

At SOS Equity our years in the industry has taught us to deal with banks and mortgage lenders; if you try to negotiate a deal by yourself you may ultimately loose your home if you are not careful. A lender can put a foreclosure on your credit report which can negatively affect your future.

If you opt for a short sale–we will handle all correspondence with your bank and you should have NO further contact with them.  Leave the talking to us and you should be very cautious if the bank attempts to contact you. Avoid providing any information and call us immediately if you did speak to a bank representative. We will speak to them on your behalf and work to make the right decision for your particular situation; this will also give you time to stay in your home.

Here are some other options to consider:

1. Loan Modification – most lenders will want 60-70% of your arrears paid upfront then they will place 2 or 3 payments on the back of your loan.

2. Forbearance Agreement – Requires 40-50% arrears paid upfront then they will spread the remaining balance of the arrears over a 6-9 month period, on top of your regular payment. Be cautious, you are in foreclosure with this agreement and if you miss one payment, even by a day, they can sell your home.

3. Subject-To – This requires yo to find a buyer that will take over your payments and pay all arrears. This works when you have equity in your property that would attract an investor.

4. Short Sale – Please see Short Sale page for more information

5. Chapter 13 Bankruptcy – We can share promen strategies from other homeowners; this strategy is very helpful because banks dislike it. Most attorneys will only tell you how to go through the process, but will not tell you how to you can use the system in your favor.

6. Deed-in-lieu of foreclosure – This means you must relocate. If all else fails and you opt for this solution you are basically giving the property to the bank. They will place a foreclosure on your credit report and will attempt to collect the remaining balance from you. This option is not in your best interest as it will negatively affect your future.

Help can stop a foreclosure in California – Call 888-367-0896 today!