Guide
Behind on your mortgage? Do this first.
The short answer
Don't isolate yourself, and don't stop communicating with the lender. The lender has a team of attorneys working to collect. Have someone on your side communicate for you, whether that's you or an advocate. That buys time, and time opens options like a loan modification, a short sale or a sale that protects your equity.
Joe Hall, Realtor · Ventura County · About Joe
Why silence costs you
"When you find yourself behind in mortgage payments, you have to understand one thing. The lender has a fleet of attorneys looking to collect the money that's due. The worst thing you can do is isolate yourself and not communicate."
What a consumer advocate does
Joe and his team communicate with the lender and its attorneys on your behalf. At worst it buys time. In many cases it leads to a remedy that saves the home. Where it can't, Joe works with attorneys and CPAs who handle these cases every day.
Your main options
Loan modification to keep the home. Short sale when you owe more than it is worth. A strategic sale, listed or off market, before the auction. And with legal partners, sales through bankruptcy and lien strips.
Questions
Quick answers.
What should I do first if I'm behind on my mortgage?
Keep communicating with the lender, or get an advocate to do it for you. Silence only shortens your options.
Can I still keep my house after falling behind?
Often, through a loan modification, if the hardship can be resolved. An advocate can help you approach the lender.
What if I can't keep the house?
A short sale or a sale before the auction can limit the damage and protect any equity you have.
Related guides
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A Notice of Default (NOD) is the lender's formal, recorded warning that you have broken your mortgage contract.
Read the answerGuideHow long does foreclosure take in California?
As a rule of thumb, about 210 days from your first missed payment.
Read the answerGuideCalifornia AB 2424, explained.
AB 2424 lets a California homeowner postpone a scheduled foreclosure sale in two steps.
Read the answerTalk to Joe.
Every situation is different. Tell Joe where things stand and he will walk you through your real options.