Have you missed a few payments in the last few months?  Are you thinking about selling your house short (Short Sale) or applying for a loan modification? Are you worried about losing your home?  If you are losing your home, is it going to be foreclosed properly?  Only time will tell.

As a full time Realtor in the San Diego County area, I receive at least 10 calls a week from San Diego homeowners who owe more than they can sell their house for who ask me what they should do.  "Do I keep making payments, do I sell my Chula Vista home short, should I let my Bonita house go into foreclosure, what should I do?"  A lot of people I know are in the same boat.  The good news is that California is doing it's best (I know it can be slow and painful) to protect the homeowners the best it can.

The California Homeowner Bill of Rights is a law designed to protect homeowners and borrowers during the mortgage and foreclosure process (which for most homeowners is a very stressful time in their lives).  The law, which goes into effect on January 1, 2013 allows borrowers access to courts to enforce their rights under this legislation.

Do you know a friend, family member, co-workers or neighbors who have been in the middle of a short sale or loan modification, only to find out the next day their home had been foreclosed and they had no idea??  The law restricts dual-track foreclosures, which is when a lender forecloses on a borrower despite the borrower being in discussions with the bank about a loan modification or short sale to save the home.

It also guarantees struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to the individual who can actually make decisions.  In addition, homeowners may require loan servicers to document their right to foreclose.  The law also requires banks to clearly explain to those borrowers who are rejected for a loan modification, specifically why.

If you own home and are thinking about selling your San Diego area home, please contact me immediately so I can walk you through the process of how to Short Sale your home or apply for a loan modification.

Just a quick not to all potential San Diego County Buyers - Mortgage rates are under 4%,.  Hurry, now is the time to buy.  The market is begging you to buy.  Most San Diego homes for sale are at a great price and interest rates will NOT stay this low forever!