How to Avoid Foreclosure in Tracy CA

Foreclosure sign, how to avoid foreclosure in Tracy CA

Many homeowners in Tracy, CA and other communities throughout the San Joaquin Valley are finding it harder and harder to afford their houses. They are locked into mortgage loans. Meanwhile the costs of living continue to rise with an inflated economy, and the job market is a mixed bag in this area. Unfortunately, some Tracy homeowners are facing the threat of foreclosure. Here are some tips to help you avoid foreclosure if you live in Tracy, Modesto, Stockton, Merced or any Central Valley location.

Talk to Your Bank

It can be intimidating to reach out to your bank when you are in a tough financial situation. You worry that they may take advantage or do something else to make the situation worse. In most cases, they are actually very understanding and may be willing to work with you to find a solution. Banks and lenders generally lose money when they have to force a foreclosure. They want to avoid foreclosure as much as you do. Contact the bank behind your mortgage loan and see what your options may be. This is a good first step to take as a Tracy homeowner dealing with financial distress.

Review Your Finances

If your priority is to keep your home, then you may have to make some tough decisions. You may need to tighten up your spending elsewhere, sell some things, or look for a new/better source of income. Don’t wait for a foreclosure to happen. Be proactive and take every step you can to stay current with your mortgage and property tax payments. Review your finances and make adjustments where you can. If you have equity in your house, look at ways to leverage that with a home equity loan or refinanced loan with lower payments you can afford.

Sell Your House

If you are really worried about foreclosure on your Tracy house, you may want to sell it while you still can. Your bank may offer a short sale option if you are upside-down on your loan (meaning the house is worth less than you owe). Or, you always have the option to sell your property before a foreclosure takes place. Time may not be on your side, however, so hiring a real estate agent and going through a normal home selling process may be a difficult proposition. Consider a cash home sale to a real estate investor. At PropertyLark, we buy houses in Tracy CA. We’ll make a cash offer on your property. We buy houses in as-is condition and can close quickly. We also cover all the closing costs. You can get out from under the burden of your pre-foreclosure property and move onto a more affordable living situation.

The threat of foreclosure is scary. It’s important to remember that you may have more options than you realize. Talk with your lender, take more control of your financial situation or take the necessary steps to sell your house quickly before the actual foreclosure process begins.

Contact PropertyLark today to get a fair and fast cash offer for your Tracy house within 24 hours. Simply fill out the form to the right to get started.