Beverly Hills banker explains how to stop foreclosures

BEVERLY HILLS
June 7, 2007 12:01am

Foreclosure is a homeowner's worst nightmare but veteran mortgage banker and author Lloyd Segal says it doesn’t have to end on the courthouse steps. There are many ways homeowners can stave off foreclosure, he says.

Mr. Segal, who is based in Beverly Hills, has distilled his experience in the mortgage industry into a new book, "Stop Foreclosure Now: Save Your House if You Can, Save Your Credit if You Can't." He says it’s one of the few books written to help the hard-pressed homeowner.

"There are hundreds of books showing investors how to purchase foreclosure properties, but until now, there has not been a book to help people in foreclosure," he says.

(Mr. Segal offers suggestions in how to stop foreclosure as well as how he views his industry in today’s CVBT Audio Interview. Please click on the link at the end of this story to listen or to download the MP3 file to your iPod or PC.)

"Foreclosure is not the end of the world - or even the end of your home, necessarily," he says. "First, know that you're not alone. Foreclosures affect all kinds of people and all kinds of properties. You actually have some good, solid options to take control of the situation, avoid foreclosure proceedings and even protect your credit."

A mortgage banker and senior loan officer with more than 25 years of professional real estate experience, Mr. Segal specializes in residential and commercial financing. He is also a member of the California Association of Mortgage Brokers.