California Loans News

With millions of homeowners who have faced or are facing uncertainty about their ability to continue to be able to pay their mortgages, had had California mortgage modifications in the news for the last several months.

Many California homeowners have been saved by getting a mortgage modification and most likely many more will do so also. This is all due to the nose-diving home values, the skyrocketing unemployment, higher taxes and the ballooning payments which led many homeowners to possible foreclosure or bankruptcy. But is a mortgage modification your only option?

Before deciding if a California mortgage modification is right for you, you need to consider both your short-term and long-term goals before making any major financial and legal decision. Other options to consider if they are right for you are: foreclosure defense, bankruptcy, deed in lieu of foreclosure, refinance, reverse mortgage or a short sale.

For some homeowners you may have a legitimate foreclosure defense, or you may find that your best course of action is to sign the deed of your home over to the lender instead of trying to fight a foreclosure or you may seek a mortgage modification.  Whatever you decide to do, you need a licensed attorney in California who can explain these options and review the pros and cons to both your short-term and long-term goals.

Now depending upon your short-term and long-term goals, a bankruptcy may be a viable option.  For seniors a reverse mortgage may be a better option where you can start taking equity out of your home instead of trying to make payments for it.  If you decide on a short sale, which is when the bank agrees to let you sell the property for less than its value and then wipes out the rest of the debt owed.

Lenders will not tell you what your full options are because their primary object is do what is best for the bank, not for you. So it is very important that you know all of the options that are available.  So the only other person that will look out for your interests, besides yourself, is your attorney.

So please if you have any questions or want to know what the alternatives are to a California mortgage modification, you need to find a licensed attorney in California.

http://californialoanmodificationpros.com/

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