Free Workshop Assists Homeowners with Loan Modification Tips and Avoiding Foreclosure

Prudential California Realty’s Brea office is hosting a 1-hour workshop for homeowners who are either seeking a loan modification or waiting for a decision from the bank.

Contrary to 2009, lenders are expected to stick to foreclosure timelines in 2010. This will result in more homeowners losing their homes to foreclosure unless they educate themselves of their options when an upcoming Notice of Trustee sale is filed.

Short Sale Specialist Edwin Baloloy explains, “In 2009, it was common for a borrower to constantly miss payments and have the lender automatically stall the foreclosure process. This year, it seems lenders are following the timetables more strictly and unless you request a postponement correctly, the lender will proceed with foreclosure.” Almost all lenders have either a “loss mitigation” or “loan workout” department that is overwhelmed by the amount of calls and negotiation requests. As a result, inaccurate information is occasionally given about a borrower’s foreclosure status. This can lead to a homeowner losing their home unintentionally when they thought they were being reviewed for a modification of their loan.

Those who attend the workshop will be able to stay aware of any upcoming trustee sale (auction) on their home and how to confirm it has been postponed or cancelled. “It took me 4 phone calls and over 2 hours of being placed on hold to postpone the sale of a client’s home back in December. The first 3 bank representatives I spoke to insisted there wasn’t an active auction date. Luckily, I knew how to verify with the trustee whether or not a sale was scheduled. I finally reached a manager on the 4th call and they admitted I was correct that a sale needed to be cancelled. If I had taken the bank’s “word” on the matter, the home would most likely be repossessed now.”

The workshop will give a brief overview of the consequences of missing a payment, foreclosure alternatives, writing acceptable hardship letters, and loan modification tips. You can visit Edwin’s website www.WheresMyEquity.com for more information. Two workshop dates are available: Thursday, March 18th at 7:30 PM and Saturday, March 20th at 10:00 AM. They will be held at 2415 E. Imperial Highway in Brea 92821. Reservations are required.

Call Roberta at (714)990-1111 to reserve a seat. ZERO upselling: No obligation or service requiring a fee will be promoted.