Understanding Riverside Foreclosure Options

No one wants their home, but sometimes foreclosure is the most sensible option a person has in order to regain solvency and financial freedom.  There are several options available to a creditor who is in this situation, and there are pros and cons for each option. Some of the major foreclosure options available to you in Riverside County are listed below. Your best choice will always be facilitated by a consultation with an experienced Riverside County Bankruptcy Attorney. If you are in the process of foreclosure, or are in danger of having your home foreclosed, please contact our firm right away. We have years of experience with helping our clients find the right solution to the foreclosure problem.

Riverside County Foreclosure: Loan Modifications

You may be able to work directly with your lender in order to modify the loan and take care of what you owe. Some lenders will be willing to lower your interest rate, move the payments you’ve missed to the end of the loan, or even forgive the missed payments entirely – it all depends upon the lender and the policies of the bank that holds your mortgage.

Pros:
You may have a more affordable home payment.
You will be able to remain in your home.
You may be able to avoid bankruptcy.

Cons:
Some lenders won’t modify the loan enough to make it affordable.
Once the loan is modified, if you run into trouble, it may be difficult to renegotiate.
Your lender may be unwilling to modify the loan.

Riverside County Foreclosure: Chapter 13 Bankruptcy

If you’ve only missed a few payments, and you have adequate income you may be able to get your arrears paid up through a Chapter 13 bankruptcy. You will have 3 to 5 years to bring the mortgage current, and the judge may even modify the loans terms to make them more affordable for you.

Pros:
You can pay off your arrears over time.
Your mortgage may be modified to make it more affordable.
You can still take advantage of any tax benefits your mortgage payments offer.
You get to remain in your home.

Cons:
You will have to stick to the Chapter 13 repayment plan, or you may be subject to foreclosure due to case dismissal.
Your finances will be under close scrutiny for the duration of the repayment plan.

Riverside County Foreclosure: Other Options

You may be able to take advantage of other options, such as a short sale or deed in lieu of foreclosure in order to prevent the Riverside bankruptcy from occurring. If this happens, you will have to leave your home, but your credit will not be impacted in the same way as a foreclosure would be.

Because there are so many options when it comes to foreclosure, you may find it difficult to decide which option suits your situation best. Having the solid legal advice of a professional who specializes in Riverside County Bankruptcy Law will help you make the best decision possible. Contact our office today and schedule a free case evaluation that will give you the best options available for dealing with your Riverside County Foreclosure.