We have a large number of homeowners in the Central Valley facing foreclosure. The following is the DRE published foreclosure process. One of the viable options to avoid foreclosure. is a short sale.
The Foreclosure Procedure Includes Five Events
Event 1: Missing a Single Payment - The foreclosure procedure may begin when you miss a single monthly mortgage loan payment (delinquency). A lender or its servicing agent is required to contact the homeowner 30 days in advance if initiating foreclosure.
Event 2: Notice of Default ("NOD") - The recording of the NOD officially begins the foreclosure procedure. You will receive a copy of the NOD by certified postage prepaid mail. After the NOD is recorded, an initial minimum three month period is required to provide you with the
opportunity of curing the default and reinstating your mortgage loan.
Event 3: End of the Initial Three Month Reinstatement or Cure Period - Your lender can schedule the foreclosure sale of your home.
Event 4: Notice of Sale ("NOS") - The NOS is posted on your home and published in an authorized newspaper of general circulation in the jurisdiction where the foreclosure sale is to occur.
Event 5: Foreclosure Sale - When your home sells at the foreclosure sale, the lender may elect to accept the sale proceeds as payment in full.
Possible Alternatives or Options to Foreclosure
A. Modify or restructure the terms and payment schedule of your existing mortgage loan
B. Refinanance
C. Pursue a "short sale
D. Offer a "deed-in-lieu" of foreclosure to your lender
If You’ve Already Received a Notice of Default
Do not give up. The foreclosure process allows homeowners extra time to work with lenders to halt the process.
Pat Holkesvig & Your Home Team specialize in Stockton short sales, Lodi short sales, Lathrop short sales, Manteca short sales, Elk Grove short sales, Mountain House short sales, Tracy short sales, Ripon short sales and Tracy short sales.Do you need a If you have any questions or would like to discuss any real estate related issue please contact Pat Holkesvig at (209) 471-6516 or visit our blog at
www.StocktonRealEstateSpecialist.com.
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