A California foreclosure specialist offers homeowner's advice on how to work with mortgage companies to help you save your home with low affordable fees.

Obviously the best way to prevent or avoid foreclosure for most California homeowners is to never fall behind on your mortgage. Unfortunately, there are many reasons for borrowers to become delinquent on their payments.

According to California foreclosure specialist Michael Carley (contact info below), last year there were a record number of California homeowners who received Notices of Default or lost their homes to foreclosure with many more expected this year.

The faltering real estate market and sub-prime mortgages are the two biggest factors for this disturbing development. Carley explains that an increasing number of homeowners now owe more on their property than its market value. This is a prelude to default if the owner experiences a financial setback or the need to move.

Another sad fact is that default notices currently are much more likely to turn into foreclosures. And although homeowners can resolve their defaults by catching up on payments, refinancing or selling the balance owed, one expert said that only 41 percent of homeowners in default are in a position to pursue these options this year-compared to 71 percent last year.

Once the foreclosure ball starts rolling, Carley says that unfortunately most California homeowners simply don't know how to stop foreclosure proceedings from escalating. Being armed with the proper knowledge, however, is exactly how you can prevent it.

So here are Carley's keys to quickly stopping or avoiding foreclosure in an affordable manner:

1) Foreclosure mediation is usually the best strategy.

Despite their loud bark, lenders generally don't want to foreclose on your home. They are already "up to their eyeballs" in dealing with their ever-growing portfolio of foreclosed properties in California. Lenders often don't help make the mediation process easy, because of communication difficulties and their initial insistence on you accepting either a repayment-in-full plan or a re-payment plan (favorable to them) that you can't afford.

A favorable resolution requires you to:

• Understand the situation both from your perspective and the lender's,


• Know all your options, including whether you really want to keep your home.


• Realistically assess how affordable your home is under your current situation.


• Document your current financial status and adequately explain to the lender why you became delinquent.


• Propose a payment plan that is satisfactory to your lender, while giving you the flexibility to meet all of your financial obligations

2) Make sure that you completely understand and choose the right option.

There are many options for you to consider when resolving your mortgage issues. Each one has its own advantages and disadvantages. Depending on each person's unique set of circumstances, some options that are right for you are completely wrong for someone else...and vice-versa.

Among the more common mortgage resolution options are:

• Reinstatement Option


• Repayment Option


• Loan Modification


• Loan Refinance


• Loan Forebearance


• Partial Claim (only for FHA loans)


• Short Sale / Pre-Foreclosure Sale


• Deed-in-Lieu of Foreclosure

3) Consider a qualified third party to handle your mediation.

Representing yourself in a mortgage mediation is somewhat analogous to a person who chooses to become their own lawyer in a legal proceeding. If you don't know exactly what you are doing, you might find out that you have a "fool for a client".

A qualified mortgage mediation professional already has the needed experience and established working relationships with mortgage lenders. They can help you avoid the common mistakes that many borrowers face while trying to iron out their mortgage issues with the lender.

It is always best for look for a licensed real estate professional, because their knowledge of the lending industry often enables them to resolve your mortgage situation in the most favorable possible terms for you.

It helps to look for a specialist who works primarily within your state. Since laws, rules and regulations vary greatly across each state, you will be in much better hands if you choose a top professional who focuses their work in your state-as opposed to those who scatter their work load across the country.

4) Beware of amateurs and con men who are trying to take advantage of you.

Any time a group of people find themselves in a vulnerable position, there are vultures swarming to take their bite. Unfortunately, the current foreclosure crisis is no exception. If you come across a mortgage mitigation company that is either charging an exorbitant fee or requiring you to pay a non-refundable deposit, then look elsewhere.

Always look for references, professionalism and other signs of credibility. An honest loss mitigation company will affordably offer you alternatives that can help save your home, as well as significantly reduce your debt. They might also minimize your credit damage.

In fact, a top loss mitigation company will not only perform their service for a fair, low fee, but will also understand that time is of the essence. During a foreclosure, homeowners require fast action and guidance because the clock is always working against them.

Michael Carley is the president of California Mortgage Saver, which is a mortgage mitigation consulting firm that specializes in helping California homeowners. Carley has an extensive real estate and mortgage lending background. California Mortgage Saver will work with California homeowners regardless of their credit and does not charge for an initial consultation. To Contact Michael Carley: Call 1-323-663-0436 http://www.california-mortgage-saver.com mcarley@california-mortgage-saver.com Al David has over 20 years experience in writing, journalism, sales and business. He specializes in writing humor articles and business articles, while often combining the two. Al is also a professional copywriter for small businesses.

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