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 »  FORECLOSURE: SELLING AND BUYING
Orange County distressed property, including short sales, foreclosure, bank repos, and bank-owned properties (REO). Call the Clark Group at 949-285-1207. Representing buyers and sellers of Orange County properties.

Facing Foreclosure?

You have a multitude of options

There Are Solutions

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? Keller Williams 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.

Foreclosure Process

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:

SaveYourOCHome.com: Don't let them foreclose on you.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.

THE ORANGE COUNTY REAL ESTATE MARKET:

Orange County homeowner options: Clark Group: Keller Williams: Preventing Foreclosure

As of April 2014, over 11.7% of Orange County homeowners are 'underwater' on their home: their loan balance(s) are greater than the value of their home. The Clark Group works with many homeowners on reviewing their options: with so many Orange County homeowners owing more on their home than it is currently valued at, we find that timely, accurate information is most important so that one can make an informed decision. Unfortuneately, for many, their choices become limited by the banks' lack of progress of a loan modification or principal reduction request - and the banks have begun foreclosure proceedings.
(Click here for a chart showing the California Foreclosure Process.)

There are many options available - over a dozen - but not every option may be right for you. We are very experienced at working with Orange County homeowners in distress. If you have missed, or anticipate missing, mortgage payments, the Clark Group can help. Call us at 949-285-1207: all information will be held in the strictest of confidence.

More Free Orange County Homeowner Solution Workshops Being Planned:

Not able to attend one of our workshops? Call Bruce Clark at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a private consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale, or modify a home loan. A real estate agent cannot give you legal or tax advice.

Reasons to Avoid Foreclosure:

  • Many current and prospective employers run credit checks: a foreclosure can put a current position in jeopardy. Also, foreclosure is one of the top items that will put a potential new hire in jeopardy.
  • Security clearances, government positions, military and law enforcement, banking, financial services: many employers reconsider security clearances and jobs positions should one be foreclosed on.
  • You could end up with a much higher tax liability in a foreclosure than could result in a properly negotiated short sale since, in most cases, cancelled debt will be higher.
  • Credit: it will be much tougher - and take much longer - to buy a home with a foreclosure on ones record.
  • You may end up with a Deficiency Judgment (the bank may pursue you for the amount you owe less what they received at auction).

Articles of Note:

Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:

Are you looking to buy a short sale or bank-owned (REO) home? The one thing we find consistent in speaking with real estate buyers is that everyone is looking for a "great deal." For some, it may be a property that needs major work; for others, it may be buying a property that is in pre-foreclosure (a property that has had a Notice of Default (NOD)/Notice of Trustee Sale (NOT) filed against it and is referred to as a short sale), or has been foreclosed on and is now a bank-owned property (REO). We are experienced in working with both buyers and sellers of distressed properties, plus those that need some 'TLC' before moving in.
If you are interested in receiving Orange County REO, pre-foreclosure, bank repo, and short sale property information, please either sign up for our free real estate newsletter, request our FREE printout of pre-foreclosure, foreclosed and REO properties, or call us at 949-285-1207 to speak with us directly.
The Clark Group has prepared a FREE list of Orange County distressed homes; have your printout faxed, emailed or mailed to you. Please indicate which price range and city you would like information on. To request your FREE printout, call our 24-hour hotline at 949-285-1207.

FREE Foreclosure Search:

Find one of hundreds of homes for sale in Southern California that are in a distressed situation, including any Orange County foreclosure, bank owned home or home going to auction by clicking here. To find a city specific property, click one of these links:

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