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Having clothes, food, and shelter are necessities in life. For older adults, who may be on a fixed income or have other financial obstacles, meeting these basic needs can be a challenge when emergencies or surprise expenses arise.
While there are programs to assist with food and clothing, it becomes a lot more complicated when shelter is at risk. Due to the large expense of housing, including mortgage payments, taxes, insurance, and maintenance, many older adults simply risk losing their homes when they have financial troubles.
If you are concerned about losing your home, the team at Lawyers Realty Group can work with you to get the best possible solution. We offer foreclosure alternatives for seniors and there is never a cost for our services. Reach out to our dedicated Attorney/Realtor® today for a free consultation.
Seniors and Foreclosures
The American Association of Retired Persons (AARP) researched and found that more older adults are facing foreclosure than ever before. During the Great Recession, more than 1.5 million adults over the age of 50 lost their homes due to foreclosure. The risk to seniors was independent of race or marital status, they were all equally at risk.
Additional research from AARP found that more than three million older adults were at risk of losing their homes. As part of that statistic, around 600,000 mortgages were officially in foreclosure and 625,000 were considered “delinquent” (behind payment by more than 90 days).
What Lawyers Realty Group Can Do for Seniors Concerned About Foreclosure
At Lawyers Realty Group, we have implemented a Senior Homeowner Protection Plan to help seniors find solutions to their financial struggles and avoid foreclosure. Our knowledgeable legal team is ready to help you in any way possible. If you are facing foreclosure, we can help by exploring the following potential options:
Reinstatement
In California, you have the legal right to cure your default and stop foreclosure. Your lending institution must stop foreclosure proceedings if you can catch up on all missed payments (plus accrued interest and late fees) at least 5 days before a scheduled foreclosure sale. Once the default is cured, your mortgage agreement resumes as if nothing had happened.
We can assist in facilitating the notification and payment process and help you understand how reinstatement works.
Refinancing
Refinancing involves replacing your existing mortgage with a new loan. In order for refinancing to be a viable and beneficial option, you will need to have substantial equity in your home. Current interest rates must also generally be lower than the rate currently associated with your loan agreement.
We can help assess whether refinancing is cost-effective and assist you throughout the process.
Repayment Plan
Lending institutions will sometimes allow you to negotiate repayment plans.
Forbearance
Forbearance allows homeowners experiencing hardship to pause or temporarily reduce mortgage payments. Forbearance does not erase or lower the total amount owed on your mortgage. You will eventually have to repay whatever payments were deferred, so it is important to have a plan for safely exiting a mortgage forbearance.
We can help you understand your options and develop a strategy that will help you keep your home.
Modification
A loan modification will adjust the terms of your mortgage agreement going forward. The process is designed to allow a homeowner to recover from default and resume making payments more sustainably at the revised rate.
Steps You Can Take Now to Stay in Your Home
Being without a safe and secure home is frightening. When you work with Lawyers Realty Group we do everything we can to not only keep you in your home but to get you back on financial track. Our team is ready to help you in any way possible. Contact us today online or by phone. (949) 264-0966
