Pre foreclosure begins after you have fallen two or three months behind on your mortgage payments and the lender issues a notice of default (NOD). Usually, you will have 90 days to catch up on your payments before foreclosure is official.
Instead of losing hope, you should take advantage of pre foreclosure and try to avoid actual foreclosure. Here are a few tips to do that.
Pre Foreclosure Tip #1 – Learn What You Can
Look for foreclosure prevention tips on the Internet or seek advice from relatives and friends who have gone through pre foreclosure themselves. SDShortSalesASAP.com as well as HUD.gov and FDIC.gov provide information on how to handle pre foreclosure. The goal is to become educated and make smart decisions.
Pre Foreclosure Tip #2 – Refinance or Modify Your Loan
If you have enough equity in your home, you may be able to refinance your loan. Ordinarily, you will need about 10% to 25% equity as well as a good credit record to get refinancing. Your chances of getting refinancing are 
also dependent on how far behind you are on your payments.
Another thing you can think about is a do-it-yourself loan modification with your lender. This involves changing the terms of the loan so you can get back on schedule again.
Pre Foreclosure Tip #3 – Find the Right Agent and Consider a Short Sale
One of the most effective ways to deal with foreclosure is to short sell your home. Here at San Diego County Short Sales we can help you negotiate with your lender for permission to do a short sale and then we can help you complete the sale too.
FREE REPORT
Homeowners Per foreclosure is not the end of your home ownership. It’s only an opportunity to avoid a foreclosure, which is final
We at San Diego Short Sales ASAP realize you are in the information gathering stage of your purchase and we respect your privacy. Should you have any questions, please feel free to Contact us or call directly at 760-576-4357. If you or someone who you know could use are help contact us DRE Lic 01788274
