Going through the process of locating a buying a home can be a lengthy and overwhelming process; however, it is has the end result of providing a homebuyer with the house of their dreams. Sadly, some homeowners in San Diego and other cities across the nation experience financial hardships. These hardships can make it difficult to make timely mortgage payments. When this occurs, individuals and families could face the unfortunate fate of losing their home to the foreclosure process.
Owning a home is part of the American dream. Thus, when this goal is achieved, it is something that they do not want to lose. Unfortunately, life comes with its many ups and downs, causing some life challenges. And when these challenges are financial, it can make it difficult or impossible to pay a mortgage on time. Failing to keep up with payments could result in a foreclosure of your home; however, homeowners should understand they have options available to them.
Like other states in the West, California relies heavily on what are called deeds of trust when it comes to making sure a bank or other institution has collateral necessary to make a home loan. Although mortgages are also permitted in California, banks tend to prefer the deed of trust option.
Sometimes Americans just run into bad luck. Even people who make every effort to handle their finances responsibly on occasion find themselves over their head. Maybe it was bad investments, maybe you lost your job and have been struggling to find more work or maybe it was a catastrophic illness or injury that put you in substantial debt.
The American Dream can mean different things to different people. For some, starting a healthy and happy family is enough. For others, making money and having a successful career is all they want. No matter what your dreams and goals are, the unfortunate reality is that sometimes life happens. If you find yourself facing financial hardships, you are not alone. Millions of Americans throughout the country are in the same boat as you. But a sinking boat can still be saved.
When a family faces the threat and fear of foreclosure, it can be unsettling and stressful. The harm of losing a family home can seldom be overstated. Chapter 13 bankruptcy is one resource that may be useful to help avoid the foreclosure of a family home. Chapter 13 bankruptcy can provide foreclosure assistance to a family struggling to make their mortgage payments.
There are several foreclosure scams out there that can take advantage of any naivety or any bad decisions. Thus it is very important to keep informed about common foreclosure scams. These are some common forms of the said scams:
It's a bit of a cliché to say it, but your home is truly your castle. It's where you realize your biggest triumphs, live through your most heartbreaking moments and, most importantly, it's the place that holds your family. So the prospect of losing it can be devastating to those who are facing foreclosure. Perhaps that vulnerability is why people are more likely to fall victim to foreclosure scams.
When you buy a house, whether it's a starter home or your dream house, you do it with the intention of making all your payments, but sometimes life intervenes. Perhaps you lost a job or suffered the passing of a loved one who was the breadwinner of the household. However it happened, you find yourself behind on payments and stressed about the prospect of the bank foreclosing on your home.
This week, the nation's largest five mortgage lenders were officially required to comply with new rules set by the national mortgage settlement. For San Diego homeowners facing foreclosure or bankruptcy, this may be very good news.