When thinking about Santa Clarita real estate and distressed property it is important to know some facts about foreclosures.  It is easy to be confused, just as it is easy to think you know what a foreclosure is, but if you are facing foreclosure you are much better off knowing the facts.  If you are worried about foreclosing on your Santa Clarita property here are a few things to know.

Paying your mortgage.  A lot of people think that they need to stop paying their mortgage in order to modify a mortgage.  This is not true.  Not paying your mortgage will send you into pre-foreclosure and therefore closer to foreclosure.  Not paying your mortgage will also put you in default and affect your credit.  You are much better off contacting your lender and researching how to reduce your payments than letting go of your home.

Don’t give up. Continue to research how you can avoid foreclosure and be your best advocate.  Talk with people who have knowledge of foreclosures and find a Santa Clarita Realtor who has the experience to help you.

If foreclosure does come your way it is not the end of the world.  There will be a day when you can acquire a mortgage again, just not for a few years (typically seven).  Knowing that you did all that you could do to save your Santa Clarita home should make you rest easier.  When facing foreclosure educate yourself, know what to expect and sit down with an experienced Santa Clarita Realtor, after all knowledge is always the best thing to have on your side.

Contact us at Remax Santa Clarita today to learn more about Santa Clarita real estate, as well as to have free access to the Santa Clarita MLS and all Santa Clarita properties that are currently listed for sale.