Nationwide, the rate of foreclosures is decreasing. However, in Riverside, California, one in every 5,020 housing units is in foreclosure according to a new ATTOM April 2021 U.S. Foreclosure Market Report. This means Riverside has the third-highest rate of foreclosures in cities with populations over one million, despite being a relatively affluent metro area. Furthermore, foreclosure rates are expected to increase as the federal moratorium comes to an end. Sternberg Law Group has attorneys ready to work with you to work through or possibly even avoid foreclosure.
If buying a home is the American dream, foreclosure is the American nightmare. At Sternberg Law Group we know that the stress and anxiety that comes with losing your home to foreclosure is simply terrible. Our aim is to defend your case and keep you from bankruptcy, and we have a variety of ways to do that. However, in some cases, walking away is the best option. In circumstances where this is the case, our attorneys can work with you through what’s known as a strategic foreclosure. Unlike a standard foreclosure, where a lender repossesses a property because the borrower is unable to keep up with payments, a strategic foreclosure occurs when a borrower can afford to continue mortgage payments but decides it is more advantageous to stop them.
In other circumstances, it’s possible to avoid both a traditional foreclosure and a strategic foreclosure. For example, you might qualify for a loan modification, forbearance, or repayment agreement. State law often gives homeowners a specific amount of time to reinstate. Even if state law doesn’t give you the right to reinstate, many mortgages and deeds of trust provide this right as part of the agreement. In other cases, you may qualify for a repayment plan that would cover both current and overdue amounts. Additionally, forbearance agreements, when the lender gives you permission to make reduced mortgage payments, are increasingly common during the coronavirus pandemic. As a result of the current economic situation caused by COVID-19, the federal government is encouraging lenders to enter into forbearance agreements with their borrowers. The earlier you contact one of our knowledgeable attorneys, the better; this is because more options are available earlier on in the foreclosure process. A foreclosure is expensive, hiring an attorney is often more affordable than trying to navigate the foreclosure process alone and the associated risk and expenses of losing your home and being forced to relocate.
Sternberg Law Group offers an initial complimentary consultation to anyone attempting to learn more about their options. We serve Riverside and the surrounding Riverside county, and our expert attorneys are ready to work with you to ensure the best possible outcome. Our services are available in both English and Spanish, and it is our priority to communicate clearly and efficiently with all our clients. We know what a difficult time this can be and we are here to make sure you know all your options and have the best attorneys pursuing whichever course of action you choose. Each scenario is different but it’s never too early to reach out to our attorneys. Starting the process early always helps our clients obtain the most favorable results. For a free consultation, contact us here.