Thomas F. Miles, Attorney and Counselor at Law
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Foreclosure Assistance Archives

What are the consequences associated with a foreclosure?

Many responsibilities come with home ownership. While this might mean maintaining it and fixing anything that breaks, it also means keeping up with mortgage payments. Failing to do so could compromise the ownership of the home, as a lender could pursue a foreclosure against the homeowner.

Understanding a pre-foreclosure sale

Owning a home is a dream that many families in San Diego entertain. Once they are able to save up enough money to make a down payment on the home of their wishes, it may seem as though their challenges related to homeownership are over. Although some people are able to keep up with their mortgage payments and retain the residences that they worked hard to purchase, others are unable to make their monthly payments and risk losing their homes to foreclosure.

What is foreclosure?

In order to understand what options a San Diego resident may have to work through the foreclosure process, it is important that they first understand what a foreclosure actually is. This post will provide a very basic overview of what foreclosure means and the types of foreclosures Californians may face if their financial health threatens their ownership of their homes.

Understanding mortgage forgiveness

Purchasing a home is a significant step for residents in the San Diego area; however, it is a major purchase, and most require financial assistance to complete the transaction. While obtaining a mortgage is a very common step to take, it is also expected that borrowers are able to make timely monthly payments. The failure to do so could land a homeowner is financial ruin, causing the foreclosure process to initiate. Losing a home because of missed mortgage payments is a reality that some homeowners face. However, homeowners facing foreclosure have options to delay or even stop the foreclosure process.

Ways to address the foreclosure process

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.

Helping you prevent 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.

What's the difference between a deed of trust and a mortgage?

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.

Facing foreclosure? Consider all your options

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.

Financial challenges? Reach out for help

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.

Chapter 13 bankruptcy can help with foreclosure concerns

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.


Thomas F. Miles, Attorney and Counselor at Law
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El Cajon, CA 92020

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