Redondo Beach, California: Preventing Foreclosure

October 31, 2011 by  
Filed under California: Preventing Foreclosure

Redondo Beach homes are being foreclosed on at an epic rate.  Homeowners, affected by the economy, can no longer pay their steep mortgages, and they’re being forced into foreclosure.  But there’s a way to prevent the bank from foreclosing on your Redondo Beach home.  A short sale is a very simple act: it is a contract between a lender and a borrower in which the lender will agree to accept just half of the payment due. That means you—the borrower— can get a huge chunk of their mortgage dissipated. But what is there for the lender? Well, a few benefits: first, lenders will no longer have to hassle borrowers for overdue payment. They will also save money and energy because they don’t have to foreclose the property.

Most lenders will consider a short sale, and borrowers should always ask if it’s a viable option before agreeing to foreclose. If your lender agrees to a short sale, call a real estate lawyer and inquire about the legal process of the short sale. Then talk to an accountant and ask about possible short sale taxes.

But before procuring a short sale,  it’s best to contact for more information. With Housing Assist’s help, your Redondo Beach home own’t be foreclosed on — a realtor at Housing Assist can provide you a better solution.

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