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Giving My House Back To The Bank In Pomona, California

“I’m behind in payments…will I be giving my house back to the bank in Pomona?”

Nobody wants to lose their home. But sometimes financial circumstances turn against you and those financial commitments become simply too much to manage.

If your situation progresses too far, you may be forced into the unfortunate situation of having to give your house back to the bank in Pomona, California, leaving you temporarily without a place to stay. In addition, there may be long-term consequences, including a dramatic and long-lasting impact to your credit (and your ability to get a house in the future).

No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on location and the type of mortgage you have.

Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.

How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.

Fortunately, you have options!

If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure”.

This is when you hand over ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit rating.

You can also avoid foreclosure by selling your house before it’s lost at the auction. If the amount you sell your house for will cover the amount of your loan the process is easy. If your house is going to sell for less than you owe on your loan you will need to do a Short Sale. Local House Offers has Experienced Short Sale Agents that can help. Our Short Sale Agents will help you get approval from your bank for a Short Sale.

At Local House Offers, we’re professional real estate agents and investors. We believe in giving homeowners the best service possible for their needs.  Contact us today at 909-277-9381 to find out what we can offer you for your house — even if it needs repairs.

I want to avoid giving my house back to the bank in Pomona!

Why do people choose to sell their home instead of going through foreclosure? (After all, they still don’t live in their home anymore.)

Well, losing a home can be difficult but the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.

I want to Keep my house in, Pomona!

Want to know if there is a way you can keep your house in Pomona? Local House Offers supports the efforts of homeowners that are suffering from a temporary hardship. We recommend giving a call. They can help you work with your bank. If you want to try keeping your house first. Call Action Saves Homes at 657-229-2191.

Interested in learning more about a proactive option besides giving your house back to the bank in Pomona? Call us at 909-277-9381 or fill out the form to get more information

Monica Barrios

Born and raised in Southern California. She built a real estate investing team that buys houses in the communities they live in, we care about the people we buy houses from, which is why our team cares about your experience.

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