Riverside CA – First of all, if you’re reading this article because you find yourself facing foreclosure, I want you to know that you’re not alone. There are options that are available to you, and with the proper advice and guidance, you can get through this. It may not be nearly as bad as you think.

Unfortunately, I’ve found that there is a lot of misinformation, or just outright “bad” information, out there about what to do and where to go if you find yourself in foreclosure.

Below is a list of options, real options, that you may utilize when facing foreclosure:

1. Do nothing- Since you’re reading this right now, I’ll assume that this isn’t an option you want to consider, nor should you. Remember, just because you’re in the crosswalk doesn’t mean that bus that’s coming right at you isn’t going to hit you.

2. Contact the bank- Don’t ignore the lender’s calls. Talk to them. Explain your situation. See if you can work something out. Ask about a loan modification, forbearance plan, modified repayment plan, deed-in-lieu of foreclosure, or a short sale. All of the above are options that you can and should discuss with your lender.

3. Reinstate the loan- Simply put, this is coming up with the cash to make up all of your back payments plus any fees or costs that your lender has incurred. This may not be an option, however, if your situation is temporary it might be.

4. Get a new loan- You can do this by either refinancing your current loan, or getting an additional loan, a second mortgage, if you have the equity to allow this.

5. Declare bankruptcy- This will not eliminate your mortgage debt. It will only postpone the foreclosure, but not stop it. There are quite a few ads that market this as “the” solution to your foreclosure. However, the ramifications of this can be very significant to your financial future.

6. Let the property go to foreclosure- This may sound strange coming from me, but sometimes this can be the best option. Be sure to investigate all of your options before going this route, including getting legal and tax advice from appropriate professionals.

7. Rent the property- If the rental value of the property can cover your loan payment, or close to it, this is an option.

8. Sell the property- If you have equity in your property, this might be your best available option. In this case, please contact a licensed Realtor® that you trust, and is familiar with the foreclosure process, to assist you in determining the fair market value of your property and to get it sold in a quick timeframe. Don’t fall prey to the many solicitations that you may receive from people offering to buy your property immediately. As the old saying goes, “If it sounds too good to be true, it probably is.”

9. Short sell the property- If you owe more than your property is worth, you can still sell it through what is know as a “short sale”. This is when your lender agrees to allow the property to be sold and they accept less than a full payoff of the mortgage. There must be a financial hardship, and criteria that must be met in order for your lender to agree to this type of sale. Contact a Realtor®, like myself, who is very familiar with short sales, to see if you may qualify.

This site, Wally Drake, RiversideCAShortSaleAgent.com, Drake Realty Group and Westcoe Realtors do not provide legal and tax advice. It is recommended that sellers seek both legal and tax advice before making any decisions regarding short sale and foreclosure options.

We cover the city of Riverside and surround cities: Corona, Moreno Valley, Norco, Eastvale, Hemet, San Jacinto, Sun City, Perris, Temecula, Murrieta, Lake Elsinore, Beaumont, Banning all of which are in the county of Riverside. We also cover San Bernardino County cities: San Bernardino, Colton, Rialto, Grand Terrace, Bloomington, Fontana, Ontario, Rancho Cucamonga, Loma Linda, Redlands, Chino, Chino Hills.

This site, Wally Drake, RiversideCAShortSaleAgent.com, Drake Realty Group and Westcoe Realtors do not provide legal and tax advice. It is recommended that sellers seek both legal and tax advice before making any decisions regarding short sale and foreclosure options.