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Home Foreclosure
What is a Home Foreclosure?
Lenders can foreclose on mortgages (deeds of trust) using a nonjudicial or judicial foreclosure process. The nonjudicial foreclosure process is used most commonly. When a buyer fails to make a three payments due on the loan the lender can Foreclose, which means that the lender can Force a Sale of the Home to pay for the outstanding debt. Civil Code section 2924.
A foreclosure will hurt your credit and future ability to purchase a home. When you are facing foreclosure, time is of the essence.
If you want to Save Your Home you must take Action!
• Apply for Homeowner Assistance Programs. • Receive counseling services. • We use our Training and Experience to get your Home Saved. If you are unable to make your mortgage payments our counselors will go over Homeowner Assistance Programs provided by your lender as well as other options.
Home Foreclosure in California can be stopped
The Foreclosure Process
Notice of Default
A lender will file a Notice of Default once a homeowner misses 3 mortgage payments. This starts the foreclosure process. If the homeowner fails to come current on the default or come to a mutual agreement with the bank within 90 days then the bank can move to the next step and file a Notice of Trustee Sale. This is the best time to apply for a loan modification.
Notice of Trustee Sale
A Notice of Trustee Sale schedules the day the home will go to Auction. This date is no less than 21 days out. If the homeowner does not come current on the default or come to a mutual agreement with the lender the home will go to auction on the scheduled date. If you are in this stage we can request a postponement Call (657) 999-3545 to hear what will be required.
Auction Third Party or Bank Owned
When a home goes to Auction it could be bought by a third party or go back to the lender. If your home goes to Auction in California you will have renters right. * See Homeowner bill of rights for more info. https://oag.ca.gov/hbor
Loan Modification
Every lender has different requirements when it comes to loan modifications. Most lenders require a minimum of 35 day prior to your Auction Date to process a loan modification applications. If you want to Keep Your Home you must take Action Now! Call to get a loan modification.
Bankruptcy
When a homeowner files bankruptcy it puts an automatic stay on all debt collection. It does not solve the problem. You will still need to get approved from the Bankruptcy Court. In Bankruptcy Court the lender may request to not have the default included in the Bankruptcy. Regardless the default will still be due.
Beneficiary Request
A lender my postpone a sale for a number of reasons. They may not be ready to Auction the property or if the property is going through probate. When a homeowner passes away without a trust in California the property must go through probate. During this time the lender will work with the heirs believing they will get paid. Not all states required probate but you most be able to postpone the auction. Call for help.