Everyone on this thread is correct about getting your place on the market ASAP. You have excellent equity and should reap the benefits of it. My office is the largest Real Estate office in the Los Feliz/Silverlake area and I am a top agent here. I'm available for questions and to help right away.
Keller Williams Realty
I'm guessing you currently have a hardship which is why you are having difficulties with your payment. You can definitely retain your equity. You need to get your property on the market as soon as possible.
Some banks will be willing to cooperate if you can show them you are taking steps to resolve your current situation.
An offer needs to be submitted to the bank to stop the foreclosure process.
Let me know if you need any assistance.
If you need help, I'll be glad to assist.
Keller Williams Realty Beverly Hills
The type of mortgage loan you have may determine what types of alternatives you may be eligible to pursue. Please contact your lender and a Housing Counseling Agency to discuss which alternatives you are eligible for, and which one is best for your situation.
Options To Retain Your Home:
The following options will result in you retaining ownership of your property.
Repayment Plan: This usually involves establishing a schedule with your Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.
Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.
Mortgage Modification: This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.
HUD Partial Claim: If your loan is an FHA insured loan, your lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring your mortgage loan current with payments.
Refinance: This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced. You can explore refinancing with your existing Lender as well as with any Lender of your choice.
Homeownersâ€™ Emergency Mortgage Assistance: This option provides special financial assistance to Pennsylvania residents who are facing the possibility of losing their primary residence through foreclosure. Depending on the Homeownerâ€™s situation, they may be eligible to receive a LOAN to bring their mortgage payments current. Homeowners, depending on their circumstances, may also be eligible to receive financial assistance with their monthly mortgage payment for up to 24 months from the date the mortgage became delinquent.
Options To DISPOSE Of Your Home:
In situations where you do not want to retain ownership of the home, the following disposition options may be available as an alternative to Foreclosure. These options affect your credit rating less than a Foreclosure will.
Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.
Assumption: With this option, you would sign over the property to another person. That person would then take possession of your home, and take over making the payments.
Pre-Foreclosure Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan.
Deed In Lieu Of Foreclosure: This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit.
PLS CONTACT ME IF YOU HAVE ANY QUESTIONS re Short Sale. I know of an outside Short Sale Negotiator who may be able to help you in case you decide to sell your home.
Keller Williams Realty
323 300 1143
I am very familiar with Silverlake/Echo Park, I live there :)
Short sales may help retain your credit and only take a 50 point hit on your score, depending
on the lender. Usually they will agree to negotiate how it is reported.
I am a certified distressed property expert, so I can go over it in much more detail.
Please call or email me.
I do this kind of deal all the time. Do you have family who would buy it and also qualify for the mortgage?Call or email me to hear my plan to get you to live in there for free until it sells and then get your score back up to buy again.
Broker, Preferred Realty and Loan
We have to be realistic about the real estate market today.
If you lost most of your equity and you need it now, than sell the property or try to refinance.
If you dont really need the money today than wait 1 year or 2 years until the market will come back up a little and then sell.
I am real estate agent in the Los Feliz/Silver Lake area. Give me a call and we can talk about your options.
You can reach me at 310.985.4238.
I look forward to hearing from you. I am very familiar with your street.
Prudential California Realty
1714 Hillhurst Ave.
Los Angeles, CA 90027
I am sorry that you are in this situation. I can't even imagine the pressure you must feel everyday and I hope things work out for you.
The others here are correct, if you do not have an agent, it might be a good idea to find one.
If you would like me to run professional comps for your neighborhood, I could let you know if $800,000 is indeed what your property will get on the market. If my research shows that you can get more than $500,000, you should definitely list with an agent and try to sell immediately. If for some reason you do owe more than the property is worth, there are still options I can discuss with you that can help you.
If you would like to email the property address to me, I can get this done pretty quickly.