Foreclosure

What is a short sale? Can it save my Irvine Home?
A short sale is when you successfully sell your home to another buyer, even though you owe more on your mortgage than what your home is worth. This occurs when your lender forgives the higher owed balance on your mortgage and therefore absorbs a [...]

My Irvine Home, Loan Modification can it help?
Question: Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?
Answer: Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses [...]

Loan Modification, can it save my Irvine home from Foreclosure?
Question: Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?
Answer: It depends upon when the closing date occurred. For assets closed:
After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee [...]

Another common question on Loan Modifications on your Irvine Home
Question: Can a mortgagee include late charges in the Loan Modification?
Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.
If you have more questions on this topic you might want to [...]

Another common question on Loan Modifications on your Irvine Home
A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Question: May a mortgagee perform an interior inspection of the property if they [...]

I Want to Avoid Foreclosure Scams on my Irvine Home
There are many unscrupulous people who are looking to take advantage of your temporary misfortune. They will try and convince you that they can provide a quick and easy solution to your mortgage problem.
Here are some examples of the scams you may come across:

Sell quick [...]

Can I avoid Foreclosure on my Irvine home by using a Forbearance Agreement?
Is Using a Forbearance Agreement To Avoid foreclosure An Option I Can Use?
Yes, you should look at a Forbearance Agreement as an option to avoid Foreclosure on your Irvine home.
FORBEARANCE AGREEMENT – An agreement between a mortgage company and a borrower in [...]

What’s a Notice of Default on my Irvine Home?
Notice of Default means your lender has begun the formal foreclosure process. This occurs once the borrower has been two months delinquent, in Irvine California.
During this time the borrower has over three months from the recording of the Notice of Default to find a solution to [...]

What will happen with my credit with a foreclosure on my Irvine home?
One of the most damaging things that could happen to your credit record would be to have a foreclosure. Having a foreclosure on your credit record will impact your ability to borrow money for years, even more so than if you had [...]

To Avoid Foreclosure Can I Just Deed My Property To Someone Else?
You can but when you deed your property to a third party it does not eliminate you are still obligated to pay the loan. So if the lender did eventually foreclose, it is your credit record that will be effected. The exception would [...]