Understanding the pre-foreclosure and ultimately the foreclosure process can be very daunting.Let us help you navigate through the many different options.
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.
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
Search here for all short sale listings in Santa Cruz County or
Contact Us for a list of all REO foreclosures.
If you do not have the time or desire to pursue the respective options, you may want to hire someone to manage your challenge.
HOPE NOW applications available online
Troubled borrowers hoping to participate in the Obama administration's mortgage modification and refinancing programs now can apply online for help from their mortgage servicer. Borrowers can submit details about their financial situation at
Hope Now, the Web site operated by the coalition of mortgage servicers and nonprofit counselors.
The online application form supplements the existing HOPE NOW hotline, (888) 995-4673, and servicers are promising to respond to applications within five to seven business days to confirm the process has begun.
