Foreclosures. A Guide for Homeowners

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.


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.


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!

Please call or email us today! 909-972-1616;

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28 Responses to Foreclosures. A Guide for Homeowners

  1. Latesha Hogarth

    As a web-site owner I believe the subject matter here is reallyexcellent. I thank you for your efforts. You should keep it up forever! Best of luck..

    • Holy Toledo, so glad I clciekd on this site first!

      • Remember there are a few refinance loan pogrrams that can still help underwater homeowners. Streamline’s IRRL require no appraisal and on Fannie Mae DuRefi plus, I do occasionally get appraisal waivers. There are a few other solutions, but I don’t want to go on and on. Short Sales will hurt your credit big time, BUT, sometimes that is all you can do.

  2. Great post with lots of imptorant stuff.

  3. Super jazzed about getintg that know-how.

    • Pin my tail and call me a donkey, that really hleepd.

      • Don’t hire an attorney to modify your loan. Stop paying your mortgage and your bank will automatically modify your loan and give you a great deal. There is no need to go through the aggravation process of applying for a loan modification. Just stop paying your mortgage and your bank will do it for you.

      • most local banks don’t deal with home loans any more just the larger moratge companies especially if you are a first time buyer.I think part of my problem is being rather young also because I went to a couple other banks after that and was basically told I probably didn’t have enough credit to get one because I was too young.I found a realtor that I knew (went to school with him so he was close to my age) and had him help me look for a house. He set me up with someone he knew that helped me with the financing and I had no problems!It may cost a lil money but maybe a realtor if you know one would be a good route because they know the whole deal about buying a house and are working for you and if they’ve been doing it a lil while may have “connections”. Also consider getting a home inspection before buying even though it is a realitive .the house may have faulty wiring or plumbing and know one knows it. It would be devastating to just buy a new house and then have to spend ALOT of $ fixing things you didn’t plan on.

      • At last! Someone with real expertise gives us the answer. Thanks!

  4. Very nice post. Ive really enjoyed visiting your blog posts. Whatever the case I’ll be subscribing to your feed and i also hope you write again soon! Thanks, I’ll try and visit often. Happy new year!

  5. cool story bro

  6. Generally I do not learn post on blogs, but I wish to say that this write-up very pressured me to take a look at and do so! Your writing style has been surprised me. Thanks, quite nice article.

    • Foreclosure actions would be filed at the ctuony land office of the ctuony in which the property is located. Understand that you DID owe the roughly $2,000 you paid, even if the actual foreclosure never got filed. Those costs represent attorney fees the lender paid to initiate the foreclosure and prepare all the necessary needed documents, etc. There is a considerable amount of attorney work involved before the foreclosure action is finally registered at the local ctuony level.References : Was this answer helpful?

      • stay dont pay save up. keep trying to get a job but also there is new grmnoevent assistance to help you stay out of foreclosure. talk to department of health and human services if it doesnt work at least you will have saved up for your next place. but go out and get a couple of part time jobs while you look for a job in your chosen feild its better to have some money coming in while you look get a temp job you can work full time normal hours just sucky pay ya know. if you can catch up on your own its for the best. but if not stop paying and work the rest out. hell when it goes into foreclosure offer them half what its worth and buy your own house back or offer it just b4 its expensive for a bank to foreclose you have a little leverage

      • Before you even look for a home, get pre-qualified for the loan. Find out how much a lender is winllig to loan. Then you’ll know how much house you will qualify for. If granny is selling her home for $200k and you only qualify for $150k, you’ll have to come up with another $50k or look elsewhere.Work with your regular bank. They have access to the same money that bigger banks do.You probably should work with a real estate agent or real estate attorney. There’s a lot of legal paperwork in transferring ownership between buyer and seller. Title searches, insurance, lien releases and more than I know about.If granny owns the house free and clear, maybe your bank can help in this area.

  7. It is in point of fact a nice and useful piece of info. I’m happy that you shared this helpful info with us. Please keep us informed like this. Thanks for sharing.

  8. Stephine Scobee

    Love your blog!

    • Too many variables. You may need to talk with a tax adviser for those scenarios. Keep working with your lender to keep the house, I wouldn’t do a short sale, most lenders take too long and you don’t have time to waste. Keep looking for work, no matter how menial. It’s possible your lender would work out a forbearance with you, or loan modification for a period of time. My best advise would be to concentrate on finding work to save the house. You have more to lose by losing the house in the long run. Maybe take in a renter to help, sell whatever you can to make the payments. Eat at mom’s

  9. thanks for share!

    • No. It was just the way things turned out. I doubt that this is a common problem. Your headline had me hoping for something with teeth in it. The owner was lucky to get a MOD anyway, though Ive seen mods that were not as good as the original loan! Mods were a GIANT SCAM anyway. OBummers plans were open ended. The only people who could qualify for a mod were those who had no income problems and had good credit. HAMP should have been called HEMP, because one had to be smoking pot to live through the whole stinking process only to be turned down after months and then owe a huge back due to the lender.

    • In order to foreclose on a petorrpy there are certain state requirements. One of those requirements is to notify the person that is on the mortgage loan docs and agreed to pay the monthly mortgage payment. The lender would mail you many copies as well as place notices on the door and other portions of the petorrpy to be foreclosed on.The lender would also have to file the foreclosure in the county in which the petorrpy is located.If you have paid the fees made up the back payments on the petorrpy, there would be no need or requirement for the lender to foreclose.Since this is the case you would find any documents at the county recorder’s office that would indicate you are in foreclosure.You should have gotten some type of receipt indicating that you paid an amount to stave off the foreclosure.I hope this has been of some benefit to you, good luck.”FIGHT ON”References : Was this answer helpful?

  10. Cristin Auckley

    Thank you so much regarding giving me personally an update on this issue on your web-site. Please realize that if a completely new post appears or when any variations occur to the current publication, I would be interested in reading a lot more and understanding how to make good usage of those tactics you share. Thanks for your time and consideration of other folks by making this website available.

    • There are some pretty good reading material reference sources. Start there and understand the process. Lenders are varied and not at all equal. However with the recent economic climate changes, almost all of the money comes from the government and all mortgage companies pretty much get their money from the same sources now. Investigate mortgage rates and also look at least one local Credit Union for comparisons. Credit Unions lend their own money (their “members” money actually) and don’t “sell” your mortgage to another company. You borrow and stay with them, usually at a good rate and usually with a more personal and realistic look at your credit history. They are subject to less credit requirements as it is their money. That means you too are less restriced as a borrowee. There are four parties involved with the sale of the house usually. The buyer, the seller, the mortgage company and an “underwriter”. The underwriter is the unbiased party that assures the deal is legal, meets federal and state requirements for home loans and also that the buyer and seller are fully aware of the contents of all that damn paperwork you have to sign. Find a local, independent, underwriter and pay for some of their time. Have a list of questions ready when you meet with them. They can be amazingly informative as they are trained to spot cloak and dagger paragraphs and alert you to what you are agreeing to in the written documents. Finally, always ask this question when the banker other lender starts talking all the mumbo jumbo of rates, points, APR versus actual percent of loan, etc. “How much will my payments be and for how many years”. That is the single question that should let you know if you have the best deal or not. Do not be put off or dissuaded from a plain answer in language you understand. Good luck and enjoy your new house!

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  12. Thanks for the new things you have revealed in your text. One thing I’d prefer to reply to is that FSBO associations are built over time. By presenting yourself to owners the first weekend their FSBO can be announced, ahead of masses commence calling on Thursday, you produce a good connection. By sending them resources, educational resources, free records, and forms, you become an ally. By taking a personal desire for them and their scenario, you build a solid link that, in many cases, pays off in the event the owners opt with an adviser they know as well as trust – preferably you actually. regards!

  13. It depends on how the current owner structures the deal. If he sets it up in ANY format in which title remains in his name, you will not qualify. (along the lines of a rent-to-own scheme)Title must pass into your name(s) during the time period specified by the $8000 tax credit bill in order for you to qualify for same credit.

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