Hello everyone Derik Lewis with Lawyers Realty Group thank you for your time today. I work with Southern California area homeowners every day and use my blog to share valuable information on your options for avoiding foreclosure. If you are currently behind on your mortgage payments or have seen the value of your home greatly diminished please visit my website or contact me personally to learn how Lawyers Realty Group can help you.
For my blog today I wanted to talk with Southern California homeowners about a term that I use frequently when first meeting with a homeowner in regards to a trail payment modifications. In my letter that I send out to Southern California homeowners I refer to trial payments as a bank tactic and wanted to expand on that to better explain why they may not be a long term solution. Often times the trial payment is just a number that is pulled out of thin air in order to collect payments for a short amount time. This trial period is only suppose to last three months but I have spoke with many Southern California homeowners who have had trial extended to nine months. The servicer on your mortgage will always take their fee first when you make these trial payments and it is never truly clear if the homeowner is making the correct payment or not. Many times in this situation the homeowner will receive a debt validation notice informing them they are behind on their mortgage and need to bring their balance current as soon as possible. It’s reasons like this why I am often skeptical when a Southern California homeowner comes to me considering a trial modification.
If you can no longer afford your mortgage payments there are numerous options to consider and I am here to answer your questions and help you avoid foreclosure. Thank you for your time today and please contact me with all of your real estate questions. Just remember, your bank has a lawyer and so should you.