Warmly lit single-family home at sunset
California Homeowners

Facing Foreclosure?

You May Have More Options Than You Think.

My goal is to help you understand all of your options, not simply sell your home.

Depending on your circumstances, you may have options to keep your home, address the delinquency, sell the property, or simply buy yourself time to make an informed decision.

Before You Consider Selling, Let's Look at All Your Options.

🏠 Keep the HomeLoan modification, forbearance, repayment plans and other possible loss-mitigation options.
⏳ Buy TimeUnderstand what may be available while you work through a temporary financial hardship.
💬 Explore AlternativesLearn about available programs and get the right professionals involved.
🏡 Sell If NecessaryIf selling becomes the best or only workable path, understand the real-estate options, including a short sale.

You don't have to decide today. The first step is understanding what's possible.

Your options may depend on your loan type, financial circumstances, hardship, property value, and ability to maintain or resume your mortgage payments.

The important thing is to understand your options before time and circumstances make the decision for you.

SCAM ALERT

Beware of anyone who promises to stop foreclosure, modify your loan, or save your home in exchange for upfront fees.

Be especially cautious of anyone who tells you to stop communicating with your mortgage company, stop making payments, or sign over the title to your home.

Legitimate HUD-approved housing counseling is available to homeowners at no cost. Verify who you are dealing with before providing personal information, signing documents, or paying money.

California requires foreclosure consultants who fall under the state's Foreclosure Consultant Law to register with the Department of Justice and maintain a $100,000 bond. If someone is presenting themselves as a foreclosure consultant, ask for their registration.

California Department of Justice

Your Options May Include

1. Loan Modification

A loan modification changes the terms of your existing mortgage to make the payments more manageable.

Depending on the circumstances, this may involve a lower interest rate, an extension of the loan term, or other changes to the loan.

A modification generally requires the homeowner to demonstrate financial hardship and provide financial documentation to the mortgage servicer.

2. Temporary Forbearance

If you're experiencing a temporary financial setback, your servicer may offer a forbearance arrangement that temporarily reduces or pauses your mortgage payments.

Keep in mind: missed payments generally do not simply disappear. You'll need to understand how those payments will be handled when the forbearance period ends.

3. Repayment Plan

If you've fallen behind but your financial situation has improved, a repayment plan may allow you to catch up over time.

Typically, you continue making your regular payment while paying an additional amount toward the past-due balance.

4. Other Loss-Mitigation Options

Depending on the type of loan you have, additional programs may be available.

Homeowners with FHA, VA, or USDA-backed loans may have specific loss-mitigation options through their respective programs.

HUD-approved housing counselors can also help homeowners understand available foreclosure-prevention alternatives.

Free HUD-Approved Housing Counseling

HUD-approved housing counseling is available to homeowners at no cost for foreclosure prevention counseling. Call 800-569-4287.

Find a HUD-approved housing counselor

And Then There's the Short Sale

A short sale may be considered when other options are unavailable, unsuccessful, or do not provide a workable solution, and selling the property for less than the amount owed becomes necessary.

In a short sale, the lender or mortgage servicer must approve accepting the sale proceeds as satisfaction of the transaction.

Assessing the situation
Understanding the property's current value, mortgage balance, financial hardship, and other circumstances.
Preparing the property for sale
The property is marketed to obtain a legitimate offer from a qualified buyer.
Submitting the offer to the lender
The lender reviews the proposed transaction and supporting documentation.
Lender valuation and review
The lender may obtain an appraisal, broker price opinion, or other valuation and evaluate the proposed sale.
Negotiation and approval
The lender may approve the offer, reject it, or request changes to the transaction.
Closing
Once all required approvals are obtained, the transaction can proceed to closing.

A short sale isn't necessarily the first answer.

But sometimes it is the only realistic exit.

Don't Wait Until You Have No Options

If you're struggling with your mortgage, have fallen behind on payments, or have received foreclosure-related notices, don't assume that foreclosure or a short sale is automatically your next step.

Start by finding out what options may be available to you.

With more than three decades of real estate experience, I have worked with REO, foreclosure, distressed-property, and short-sale transactions throughout Greater Los Angeles and the San Fernando Valley.

My role is to help you understand the real-estate side of the equation, including the property's value, marketability, and whether a sale may be a viable solution.

I can also help you understand the real-estate implications of your other options, whether your goal is to keep your home, sell it, or simply understand what paths may be available before making a decision.

If a short sale ultimately makes sense, I can help you understand the real estate process and coordinate the transaction. If another option makes more sense, that's important to know, too.

Talk With Crystal

If you'd like to discuss the real-estate side of your situation, I'm happy to have a conversation.

Crystal Lyons, Realtor®
CalDRE 01130622
Over 3 Decades of Real Estate Experience
REO • Short Sales • Distressed Properties • Foreclosure
Greater Los Angeles & San Fernando Valley

📞 818.641.8006 ✉ Crystal@AskLyons.com
You don't have to make a decision today. Start with a conversation about the real-estate side of your situation.
|Crystal Lyons, REALTOR®|
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