Don’t lose your Chico Home to Foreclosure
December 21st, 2007categories: Chico CA Foreclosure Listings, Chico CA Real Estate News
by guest writer, Mike Wiegert- broker, Chico Homes Real Estate
If you are worried about keeping up with your Chico CA house payments or you’ve received a letter from your mortgage lender, take a moment to read this article.
The problem won’t go away by itself!
1. Don’t ignore your lender. They want to help you and will discuss the problems you are having. They have options to help you through these financially hard times. They can offer great advice to prevent you from getting into foreclosure. “I didn’t get the mail” or “I didn’t read it” are not valid excuses in foreclosure court. Disregarded mail usually turns into notices of legal actions.
2. Read your mortgage documents. Remember all those papers you signed when you bought your house? Dig them out of whatever hole you put them in and read them. You need to understand what your rights are and the procedures your bank will take to protect their interest in your property. Research other valuable information about foreclosures besides the information offered to you by your lender. An excellent source? Try: www.fha.gov/foreclosure/index.cfm.
3. Get some credit counseling. The U.S. Department of Housing and Urban
Development (HUD) offers free or very low cost housing counseling and information. A HUD counselors will outline options for you, help you organize your finances and even assist you in negotiating with your lender.
For more information call (800)569-4287.
4. Watch out for foreclosure prevention companies and foreclosure recovery scams. Although there many legitimate companies that will offer to assist you for a fee ranging anywhere from two to three months mortgage payments, most of their information and assistance is available to you through HUD as mentioned above. Don’t waste your money at this critical time. NEVER sign your home over to an individual or company that claims it will act on your behalf. As always, enlist the help of an attorney or trusted real estate professional before signing any document conveying the title to your home.
Lastly, if you can’t continue to make your payments consistently, contact a local real estate professional to help determine the actual market value of your property in todays market. Engage the services of a competent and trusted Realtor. Don’t allow yourself to be lured into a listing agreement by an exuberant agent or broker claiming he can get you much more than the others simply because of his extraordinary talents. Ask the agent to provide you a detailed Competitive Market Analysis showing actual, recently sold properties in your neighborhood with similar features and in like condition to your home. The California Department of Real Estate not only allows agents and Brokers to negotiate their commission, but encourages it. Share your extenuating circumstances with your agent. Trusted friends and relatives can be a good source of recommending a Realtor that served them well.
Mike - The importance of this information for homeowners facing foreclosure can not be understated or presented often enough.
Thanks for helping educate consumers during this critical time. I don’t know how bad foreclosures are in Chico, but in areas like mine they are up, but not too much. I hope Chico home owners facing foreclosure contact a qualified real estate agent before they get scammed by investors looking to take advantage of an already bad situation.
Mike - There are many things that a home owner can do when bills overwhelm them…one thing that they should do is be pro-active - sticking their head in the sand will not help them - education will help. You are right on target!
Paula- I have to agree, no matter how many times we say it, it’s still not enough. People just don’t always realize they have options!
Karl- Chico foreclosures are on the rise, but don’t seem to be as prevalent as many of the surrounding areas. Sacramento, for instance, seems to be having an epidemic. I too hope that more folks will talk to a qualified Chico Realtor prior to the disaster of foreclosure or a scam artist.
Ann Marie- Thanks for stopping by, and your accurate comments. Sticking our heads in the sand does NOT make the problem go away.