You have a multitude of options
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Had income reductions, maybe a job loss or unexpected medical expenses - and now the bank is threatening to foreclose? What does that mean for you, your family - your children? Will you ever be able to buy a home? How badly will it affect your credit, your ability to rent a home, and is there an effect on job opportunities?
These are questions many homeowners are facing in this global economic disaster. Who can you count on? Where can you turn for accurate and trustworthy information? What resources, if any, are there to help you and your family through these challenging times? Coldwell Banker has a core team of California Association of Realtors who are Certified Short Sale and Foreclosure (SFR) resource specialists who have teamed up with experts in real estate law, tax solutions, credit repair solutions, bankruptcy law and more.
First thing you should do if you are in danger of missing, or have missed, a loan payment, is contact your lender: most lenders have programs in place that might be perfect to help you. Also, early on in the potential foreclosure process, all homeowners should not only contact an attorney, but also research all potential guidance and assistance available from the government, including the U.S. Department of Housing and Urban Development (HUD). HUD's Guide to Avoiding Foreclosure may be particularly helpful. HUD's toll-free telephone number is (800) 569-4287. Not all homeowners, however, can qualify for certain HUD programs.
In Default: What's Next:
30 days: Technically, after being more than 30 days late on a mortgage payment, the borrower is in default. Lenders may not contact you until a second payment is missed, but it is common that lenders report the first late payment and every subsequent delinquent payment to the credit bureaus.
45 - 60 days: Loan servicer notifies the borrower that they are in breach of the loan agreement and may file a "Notice Of Default" (NOD).
90 days to one year: Lender sends out a NOD and, after 60 days has elapsed, a "Notice Of Trustee Sale" (NOTS), which sets a sale date for the property (auction). Note that the lender does not have to wait any particular time period to foreclose on the home and sell it at a trustee sale (auction), but it is typical for there to be a 21-day period after receipt of the NOTS to allow the borrower to reinstate the loan.
>>> Click here for a chart showing the California Foreclosure Process.
Experience Makes All The Difference
We are very experienced in working with homeowners that are experiencing issues with regard to the payment of their home loan. If you are experiencing issues with regard to your mortgage, The Clark Group can help. Call us at 949-285-1207.
Saving Your Orange County Home:
We are very experienced in working with homeowners that are experiencing issues with regard to the payment of their home loan. If you, or anyone you know, have questions about the real estate or mortgage markets, or are experiencing issues with regard to your mortgage, the Clark Group can help. Call us at 877-224-3424. All information is held in the strictest of confidence. If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.