There are options that may be available to you, if you are unable to afford your mortgage payments and wish to avoid foreclosure. Following are some of the options that may be available:
1.     Beneficiary may be willing to accept reduced payments that would fit within your budget;
2.     Beneficiary may be willing to accept a deed in lieu of foreclosure, whereby you would convey your home to the bank; in exchange, the bank would release you from all further liability under the promissory note;
3.     You may be able to file bankruptcy that will allow you to discharge debts that are not secured, thereby freeing up money that could be used to make payments on the promissory note;
4.     Selling the property, even if the sale price is less than the amount owed on the deed of trust, by requesting Beneficiary to do a “short sale” wherein it would accept less than the full amount due on the promissory note;
This list is not intended to be exclusive and there may be other options that are more appropriate for your particular circumstances. Further, your lender is not required to agree to any the foregoing options. The purpose of the list is simply to identify options that may be available to you.
If you desire to speak with this office to discuss what options may be available it is necessary that you collect and be prepared to give the following financial documents to our office:
1.     Personal financial statement, listing all assets and their fair-market value, and listing all debts and the balance due on each debt;
2.     If debts are secured, copies of security documents creating the security interest;
3.     Pay stubs or other information to show current monthly income;
4.     Federal income tax returns for the prior year;
5.     A budget showing all monies that are coming into your household each month, and all monthly expenses;
6.     Appraisals, market analyses, or any other information that will help our office analyze the value of your property.
The toll free number to speak with me about this matter is: 1-800-238-5437.
Housing counselors and legal assistance may be available at little or no cost to you. If you would like assistance in determining your rights and opportunities to keep your house, you may contact the following: