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IN THIS ISSUE:
Foreclosure is not the Only Option
Foreclosures continue to be an issue for homeowners across the country as they find themselves in unexpected situations such as job loss, health emergencies and other unmanageable expenses that can cause them to be unable to pay for their mortgage on time.
Regardless of what is going on nationally, if you are facing the possibly of a foreclosure it is important to seek legal help, as foreclosure is not the only option. Avoiding foreclosure is a good idea, since losing a home means losing all the money invested in it. Foreclosures become public information that is handed over to credit reporting agencies, and are not erased from a credit report for up to seven years.
You may face foreclosure if you owe a large amount of debt on your home and can no longer afford making mortgage payments. If a foreclosure is a possibility, it is best to familiarize yourself with state foreclosure laws and hire legal assistance, especially when a second mortgage is involved.
Sometimes when a home is foreclosed or short sold, only the primary loan is taken into consideration. Sometimes, weeks or months after the home has been foreclosed on or short sold, the holder of the second mortgage will demand payment of the amount they are owed.
Most people don't think much about their homeowners insurance until they need it. Last week, wild fires damaged a number of homes in Kern County, California. In circumstances such as fires, earthquakes and flooding, insurance companies are responsible for financially compensating those homeowners per the terms of their agreement.
Using history as our guide, it is not uncommon for homeowners insurance companies to try escaping costly damages by denying or underpaying some claims. If you are a homeowner whose claim have been unjustly denied, you could use legal remedies to get what you are entitled to.