Many people have questions about foreclosure and the entire process. There are a lot of conflicting reports. One of the main reasons is that foreclosure is different in California then in most other states.
The process begins when a home owner misses payments. Typically the number that will start the process is 3 missed payments. When that happens a specific process begins.
1. Notice of Default is filed with County Recorder
2. Within 10 days a copy of the Notice of Default is mailed to the home owner
3. 3 month waiting period
4. A date for the Trustee Sale is set
5. 20+ days before the date a series of 3 weekly notices are published in a local newspaper
6. 5 days prior to the date the right of reinstatement expired
7. The trustee sale occurs and is sold to the highest bidder or reverts to the lender
As you can see the process is straight forward. One good thing is that there is time built into the process for a resolution other then foreclosure. A Certified Default Resolution Specialist (CDRS) like me can help out a person.
If a person sees that they might be heading into financial trouble they should not ignore it. I know seeing a looming financial crisis is frustrating, embarrassing, and tough situation to be in. They do not need to go at it alone. A real estate agent like me is ready to stand by their side, give them options, and help them though the tough time.
Before a person receive a Notice of Default or even if they have received one already we can take action. A foreclosure will seriously hurt their financial condition. There are different ways we can try to prevent that from happening. But doing nothing will not help.
If you know someone facing this difficult time please do them a favor and point them to this site. I want to help. I can help. I have a page called “Hope 4 You” and it is found here. They can fill out the contact form. What I will do is discuss all the options available to them and help them out in this time of need.
The California Association of Realtors has developed several legal briefs about foreclosure, deficiency judgments, and how it affects your credit scores. If you would like I can send you these forms. Fill out the contact form on the right side of the page, check which briefs you want, and I will be happy to send them to you.
A blog entry I made about foreclosure can be found here.
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