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The Foreclosure Timeline

Judicial Foreclosure
The Judicial Foreclosure process is rarely used in California . It will only be done if there is no “power of sale” clause in the original loan documents, or if the lender wishes to pursue a deficiency judgment against the borrower. If this process is used, the lender sues the borrower to obtain a decree of foreclosure and order of sale; the court may give the borrower a right to redeem the property for up to one year.

Judicial Foreclosure
The Non-Judicial Foreclosure process is more common in California , and is used when there is a “power of sale” clause in the original loan documents. This clause authorizes the lender to sell the property in case of a default. If the loan documents specify the place, time, and terms of the sale, then those details must be adhered to. If they do not specify the time, place, and terms of the sale, then there are a series of guidelines that must be followed.

Notice of Default
A notice of default is recorded in the county that the property is located in, and a copy of the notice is sent to the borrower within ten (10) days of the notice being recorded. The borrower is given ninety (90) days from the date the notice is recorded to cure the default.

The first thing to do is decide if you want to keep your house. If you don’t want it, you could sell it the traditional way, if you put the house on the market soon after receiving the 'Notice of Default'. This enables you to avoid foreclosure and keep the equity. Alternatively, you could sell it to a foreclosure investor. Selling it to an investor won’t net you as much cash, but it will stop the foreclosure problem quickly and allow you to get on with your life.

Several options exist if you want to keep your home. The first option is Lender Mediation and involves negotiating a Forbearance Agreement. This option is successful 97% of the time and involves a Professional Forbearance Advisor to represent you to your Lender. The Advisor is able to offer the Lender several options that make sense for both you and the Lender.

Refinancing your home is a solution that's commonly used to stop a foreclosure. There are several specialty home loan products specifically designed to assist a homeowner get out of foreclosure trouble. You’ll want to work with a Loan Officer who is experienced with these types of home loans because they’re unique compared to traditional home loans.

Another option is ''Sale/Leaseback''. With this option an investor purchases your home (including all your late payments and legal fees) and then leases the house back to you. One to two years later you buy your house back from the investor. Your objective will be to fix the problems that caused you to be late with your mortgage payments, and work on fixing your credit, while you're leasing your home. That way you'll be able to qualify for a reasonable loan when it's time to buy your house back. Many people choose this option to avoid bankruptcy.

The next and second to last option is Bankruptcy. Chapter 13 is generally used to halt a foreclosure and can be done up to the minute before the Trustee sale. Chapter 13 enables you to formulate a reasonable personal budget and structure your debt so you’re able to continue paying your financial obligations while keeping your home. I can refinance your house after you're in the chapter 13, enabling you to pay off the bankruptcy plan and conclude the chapter 13 early.

Actually, there is one more option, if you don't like the idea of bankruptcy. It's called a 'short-sale' and consists of an Investor buying your house from the bank, paying all your arrearages and keeping a 'foreclosure' off your credit report.

The last option is the least desirable and that is to do nothing. Doing nothing guarantees your home will be taken away and your credit tarnished for 10 years. It would be better for you to offer a ''Deed In Lieu of Foreclosure'' to the Lender than it would be to be foreclosed upon because your credit wouldn’t be damaged quite as bad.

Notice of Sale
After the ninety days, if the borrower is unable to cure the default, a notice of sale is recorded. The notice states that the lender or trustee will auction the property within twenty-one (21) days of the notice. Copies of the notice are sent to the borrower by certified mail, as well as posted in a county newspaper for three consecutive weeks before the sale. The notice is also posted directly on the property, as well as in a public forum, such as the county courthouse.

Trustee Sale
The sale is conducted by the lender's representative at the scheduled time and date. The high bidder must immediately pay the full winning bid amount by cash or certified check and receives a trustee's deed once the sale is completed. The lender will usually bid on the property for the amount of the due loan balance plus costs. Ownership of the property reverts to the lender if there are no other bids.
The lender cannot sue the borrower for a deficiency judgment, and the borrower has no right of redemption after the sale of the property.

Whatever your situation or choice in the different options you have available to you Empire Realty is here to help you. We have confidentially helped hundreds of people and can help you!

Empire Realty is here to help you!

There are no fees, no signing away your home or rights and no scams. Just honest reliable help and information, we are here to confidentially help you navigate these hard times.

If you are in dire financial straits and can no longer make your house payments, don’t wait, E-Mail or call Empire Realty TODAY!

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