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1) Reinstate the loan. You should make every effort to pay all past due payments as soon as possible. This will avoid the application of default interest, late charges, foreclosure and other fees which may be applicable to your loan and added to the balance of your loan. 2) Restructure the loan. You may qualify for a loan restructure. Click here for a listing of documents required in order for us to explore this option with you. 3) Refinance all existing liens on the property with long term financing. There are numerous lenders which provide loans to borrowers who are facing foreclosure if there is sufficient equity in the property. Unfortunately, Pacific Western does not make such loans. 4) Sell the property. You may simply want to sell the property before the foreclosure sale date. Once a property is in escrow and the buyer has been approved for financing, we may agree to a short term postponement of the foreclosure sale (30-45 days) in order to allow the sale to be completed provided that there will be sufficient proceeds from the sale to payoff the Bank's lien in full. Click here for a listing of documents required. 5) Negotiate a short sale of the property. If you elect to sell the property, we may agree to a short sale which will allow the property to be sold before the foreclosure sale date. Any short sale agreement may be coupled with an agreement providing for repayment of any deficiency balance which remains after the sale on a short term basis. Click here for a listing of documents required in order for us to explore this option with you. 6) Bankruptcy. You may elect to explore bankruptcy protection with counsel of your own choosing. 7) Foreclosure. You may elect to allow the property to be sold at a foreclosure sale conducted by the Bank. You may also wish to consult with a lawyer, your local legal aid agency or housing counseling agency to discuss any other rights you may have. |
