You may have read one of the many articles in the newspapers lately about increasing mortgage defaults. A foreclosure is a forced sale of property by the lender when the borrower has been unable to make payments on his or her loan. No one wants to be in this position. You may be feeling very stressed, worried, scared, anxious, concerned about the future. We are trying to do 2 things here: (1) Educate you regarding the whole process here in California (knowledge = power); (2) let you know that you do have options.
Usually in California, the lender uses a deed of trust that has a power-of-sale clause. You need to check your documents carefully. A power-of-sale clause gives the lender the right to sell the property if you, the borrower, default on the loan. Also, most CA foreclosures are done non-judicially. Non-judicial foreclosures do not require the court system, are much faster, and typically take only 120 days from the day that the NOD is recorded.
When you miss mortgage payments, the lender can decide to begin the foreclosure process. In California, this usually occurs between the 60th and 90th day after you have missed the first payment. The first step is the NOD. The lender records a document called an NOD with the county recorder in the county where the property is located. NOD stands for “notice of default,” and is the first public appearance that the foreclosure process has started. You will get a letter from the lender telling you that the NOD has been recorded. You may wonder how people knew that the loan was in default. The NOD filing is published in a newspaper under the legal notices heading. This is required by law, as this is public record.
From the date that the NOD is recorded, the borrower has 120 days (4 months) until the sheriff’s auction. You have approximately 4 months to pay the lender all the missed payments, late fees, attorney fees, and any other fees associated with the default. This is by far the easiest way to stop the foreclosure. This will cure or reinstate the loan on good terms again. Three months after the NOD is recorded, if the fees, back payments, and late fees are not paid in full, the lender will set a sale date for the sheriff’s auction. You have 5 days before the scheduled sheriff’s sale to pay the lender everything that is owed. (For example, if the sheriff’s sale is set for May 10 and you owe $6703, you could pay $6703 on May 5 and stop the foreclosure.) If the back payments and fees are not paid to the lender, the property will be sold at a sheriff’s sale. This means that the property will be auctioned off on the courthouse steps to the highest bidder.
WHAT WE DO
I’ll be that you are getting a lot of postcards, letters, calls, and visits from investors looking to buy your home. You may be wondering who these people are, whether you can trust them and what they have to offer. In fact, you may be overwhelmed by the sheer number of people who suddenly seem interested in helping you with your situation.
If you are trying to figure out what your options are, won’t you please call me first? I can help you even if you owe too much on your property (your loans are more than the property’s value). Each situation is different. Every person has unique needs. Just call or email me, and I’ll be happy to discuss your particular situation with you. I can suggest some things that you can do to work with your bank, delay the sale, salvage your credit, and move on with your life. If you are committed to staying in the property, we can help direct you to companies that help with that, too.
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You do have options besides selling. This is very important, though. The sooner you get started, the more options and the more power you will have. Put time to work in your favor and get started NOW. Do not delay! You don’t have to choose us or our company. That is fine. But please do something TODAY!
Once you consider all your options, if you decide to work with us, our company offers you 2 choices: (1) We will buy your property directly from you, all cash, and close within 30 days or less. OR (2) We will work with your bank (with your permission) to stop the foreclosure, salvage your credit, and give you a fresh start.
If you decide that selling is your best option, we’ll make a cash offer to you. If it works for you, we’ll close in 30 days or less. You can get on with your life. We can give you peace of mind. You will know exactly how much you will have from the sale and when you will have it. If you decide to work with our company, our other option involves working with the bank to try to stop the foreclosure, salvage your credit, and get on with your life. We will never make promises that we cannot keep. If you decide not to work with us, that is okay, too. Please work with somebody and take action today!
TAKE ACTION TODAY!!
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Please call or email us today! 909-972-1616; firstname.lastname@example.org