“Do You Need to Stop Foreclosure? In Some Cases we Can Help You Avoid Foreclosure Altogether?
Westbrook REI Specializes In helping Families that live in Stockton, Sacramento, Lodi, Manteca, Modesto and Tracy, Stop Foreclosure Now. We are Foreclosure Specialists and we focus on the individual needs of each homeowner professionally, confidentially and expediently.
If you are reading this, chances are that you are or someone you know is facing a Foreclosure. Being behind on your mortgage payments can be a terrifying experience and you are most likely very unsure about what can happen, what you should do, what steps to take and what you can do about it. Sometime knowing your options is the only way to develop a workable “Stop Foreclosure” plan, but you may need assistance.
Did you know that Nearly 4 million Americans are more than 60 days behind on their mortgage, and countless others are only a paycheck away from missing a mortgage payment. You’re not alone. ” That’s why we’re here, to help home owners like you when you need it most.
If it’s getting more difficult to make payments and stay current on your mortgage or equity line of credit, we’re here to help.
To Stop Foreclosure or Avoid a Foreclosure, the first thing you need to realize is that TIME IS NOT ON YOUR SIDE.
Most Homeowners work really hard to cut spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love, but for most homeowners on the verge of foreclosure, that option may already be gone.
Fist some basic questions:
How Does Foreclosure Work in California?
A foreclosure is the process that a bank or mortgage company has to go through to take possession of your home. They do this when you get 90 days behind on your mortgage payments. In California the first thing that happens is a document called a NOTICE OF DEFAULT AND ELECTION TO SELL UNDER DEED OF TRUST and it is filed with the county recorder’s office.
You are sent several copies of this in the mail (both regular mail and certified mail). The Notice of Default starts a 90 day reinstatement period. After the 90 days are up, the mortgage company then files a NOTICE OF TRUSTEE’S SALE. You will also receive several copies of this as well and one will be attached to your home. The Trustee’s Sale notice will have a date and time on it. This is the date and time of your trustee’s sale or auction. After this date and time the home will no longer be yours.
The sale is publicized in the newspaper and the public is invited to show up and bid on your property. If there are no successful bidders, the bank will then take the property back and it will own it at that time. The result is that you end up living in property you no longer own. Normally, the new owner will then begin eviction proceedings against you immediately. When they obtain a judgment, the Sheriff will come to the house and remove you and and have you your possessions.
All Foreclosures have options that may allow you to avoid the foreclosure process and there are several things you can do to delay it too.
The Only Way to Permanently Stop Foreclosure is to pay what is owed. (Attorney’s Fees, Reinstatement Fees, Penalties & Interest)
If you are not able to get caught up and stay current with your mortgage payments then your lender has the right to take your property and sell it at a public auction. Some people do not realize they already agreed to pay on time or forfeit their property in the original mortgage documents when the loan was first made.
If you are having trouble making your payments, do not ignore the situation. It is best to contact your lender, tell them about your situation and work out some arrangement. They are required by law and likely by their internal policy to make attempts to contact you when payments become irregular. Most lenders are more interested in receiving the payments and resort to taking the collateral (your property) only as a last resort.
If your situation is temporary, just call and make temporary arrangements like:
- Reduction or Suspension Plan to work out a temporary plan with your lender
- Refinance if your property has equity and your credit and income are stable
- Loan Modification may work if your property is underwater but the Banks have not made this an easy process and you must be able to PROVE a hardship and qualify based on income, credit score and debt ratios.
If you simply cannot afford to keep your home here are a few ways to make your departure less painful than a foreclosure:
- Short Sale prior to auction date, selling your house for less than you owe. The Short Sale process can be long one and your Bank or Mortgage Company Must Agree to the short sale price and terms. Short sales, while common just a few years ago, are less common today as property values have risen. The truth is that there may not be time.
- Deed-in-Lieu and voluntarily give your house back to your lender. While this is an option it does not Stop Foreclosure, it merely speeds it up and you walk away with nothing and your credit is ruined for at least 7 years.
- Mortgage Assignment prior to the auction date, selling or assigning your mortgage to a new buyer for what is owed to the mortgage company, plus any foreclosure fees, legal fees and reinstatement fees to bring the Mortgage Current. This option allows the home-owner to save their credit, Avoid and Stop the foreclosure immediately and NO cost to the Home-owner.
What Happens if the Foreclosure is NOT Stopped ?
If the foreclosure is allowed to run its course, the bank will either sell the house at auction for the outstanding balance or the bank will take it back. In either case the house will no longer belong to you. But THAT IS NOT THE END OF IT. In a California Foreclosure, if the house sells for less than the amount owed to all mortgage companies, those companies may have the right to come after you for the remaining balance owed to them. YOU COULD STILL OWE A LOT OF MONEY ON A HOUSE YOU NO LONGER OWN. Also, the mortgage company may report the amount of their loss to the IRS as income to you. YOU COULD OWE INCOME TAXES BECAUSE YOU LOST YOUR HOME IN FORECLOSURE.
The worst possible outcome for borrowers in financial trouble is to simply do nothing and allow your lender to take your house in a foreclosure process and sell it on the open market in a public auction. You will loose all of your equity and the Foreclosure will remain on your credit for at least 7 years, preventing you from returning to home ownership until then. Even if you have NO Equity do not lat the ban just take your house even if you dont want to keep it.
What if you don’t want to keep your home?
Sometimes the debt is just too much and the value of the house is so low and the payments are so high that trying to keep your house is NOT a viable OPTION. Owning a House that is underwater can feel like a noose around your neck with its large monthly payments and no foreseeable value.
Selling your house a way to Avoid Foreclosure?
One way to prevent home foreclosure is to Sell the House to pay your house loan off.
You could probably be free from the financial and emotional hole you are in by selling your house for sufficient cash to pay the home loan off. And sometimes you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your house and avoid a disaster on your credit score at the same time.
You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.
Why not Sell your house to us?
- Remain in control of your situation, leave with dignity, on your terms
- Get your equity out
- No need to make repairs
- We pay all of the legal cost and fees
- We pay cash and can close quickly, in a few days if required to beat the auction
- Call us now to hear what our no-obligation offer would be for your house
What is the solution? Sell your house to us before it’s too late.
If you need to explore your Options, it is extremely important that you contact us immediately at (209)481-7780.
5 Ways To Stop or Avoid Foreclosure In Today’s Market – FREE Guide:
Need more information on the foreclosure process and How To Stop Foreclosure? Download our FREE Stop Foreclosure Guide here. Or, you can always feel free to Contact us anytime if you have questions, want a no hassle Situation Evaluation, or want to just learn more about how we can help homeowners avoid foreclosure or sell unwanted properties for cash.
We are Foreclosure Specialist and can help you Stop Foreclosure Now. If you live in Stockton, Sacramento, Lodi, Manteca, Modesto or Tracy and need to Avoid Foreclosure or sell your house fast, Call us … we’d love to help you formulate that plan. There are no Fees to pay. You’ve got nothing to lose 🙂