Almost 8,000 new San Diego foreclosures were filed just in March of 2009 alone. New foreclosure filings in all of California for the year to date have been over 265,000. What if you are among these numbers and are facing a foreclosure in San Diego? The good news is that there is free help available if you are proactive and seek assistance before it is too late.
San Diego Foreclosure Laws
Foreclosure laws vary across the country depending on which state the foreclosure takes place. San Diego foreclosure procedures are similar to other cities in California since the state creates and enforces foreclosure laws.
Here are some consistent San Diego foreclosure guidelines seen across California:
| Judicial |
Yes |
|
| Non Judicial |
Yes
|
|
| Primary Security |
Deed of Trust, Mortgage |
|
| Timeline |
120 days usually
|
|
| Redemption |
Varies |
|
| Notice |
Notice of Default
|
|
| Deficiency Judgment |
Varies
|
|
Loan Modification
To be able to stop foreclosure in San Diego, it is important to know what your options are. One option is to negotiate with your mortgage lender to modify the terms of your current loan document, also known as a Loan Modification. A loan modification begins with you, the borrower, requesting the lender to make a certain change in the loan.
Changes that may help cure and stop foreclosure are:
Ask for a lower interest rate – A lower interest rate can save you money on every monthly payment. Current interest rates as of the end of April are at historical lows, and therefore, it is possible, if the lender is willing, to lower the interest to get a more affordable payment plan.
Request a longer term – By extending the term of your mortgage, you increase the length of time you must pay, but reduce the amount each month.
Ask for forgiveness – Sometimes, in order to avoid an expensive foreclosure process, lenders may be willing to forgive part or even all of the past-due amounts.
There are other potential ways to modify loan terms in order to avoid going into foreclosure in San Diego and keep you home. All it takes is the gumption to ask.
Getting Foreclosure Help in San Diego
There is help available to avoid foreclosure in San Diego. As mentioned, always try to resolve a defaulted mortgage with your lender directly. When that is unfruitful or at a dead end, it may be time to contact a certified San Diego foreclosure lawyer who is trained to help solve mortgage problems and stop foreclosure. You can get a free consultation and receive the information you need to save your San Diego home.
- If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified
Foreclosure Attorney in San Diego to see your best options you have available to avoid Foreclosure.
