The mortgage and foreclosure crisis both in San Diego and all over the United States is one of the most pervasive in recent history. Aside from bodily health and nourishment, the viability of one’s home is at the top of anyone’s priority list. This fact remains especially true for families desperately seeking to provide a stable environment for their children.
When people are faced with the prospect of losing their home, fear is the first emotion to strike, and that’s completely normal. Another common response is to ignore and avoid the situation in hopes that the problem will simply go away. In truth, the worst thing you can do is nothing.
Kerry Steigerwalt’s Pacific Law Center has successfully helped many San Diegans modify their loans and save their homes. Below are a few stories of people who have been faced with unaffordable and overwhelming mortgages. We’d like to invite you to share your story below. Please remember that you’re far from alone in this situation.
Lenders, like thousands of homeowners, are struggling with delinquent home loans (loans 60 to 90 days past due). The lenders may be a on what some refer to as the “evil” side; however, this does not negate the fact that they too need to come up with a solution to help their homeowners get back on track with paying their monthly house payments. This is where loss mitigation or a home loan modification enters the picture.
Loss mitigation is a third party that tries to create a scenario where both the lender and the borrower will gain. Loss mitigation can provide a borrower with three different options to help you stay out of foreclosure:
First is a short refinance. This is a refinance of a home loan where the amount of the loan is usually less than the total of the outstanding debt.
Read the rest of this entry »
