Your Experts in Pre-Foreclosures, Tax Support, Financial Relief, Reverse Mortgages and More.
Once a borrower goes three months without making a payment, the lender generally sends a demand letter (or notice to accelerate) stating the amount in delinquency and that the borrower has 30 days to bring the mortgage current.
A notice of default (NOD) is sent after the fourth month of missed payments (90 days past due). This public notice gives the borrower 30 days to remedy past due payments before formally starting the foreclosure process.
Once forms are filed with the court or necessary approval is met, the lender’s attorney or foreclosure trustee will schedule a sale of the property. A notice of trustee’s sale (also known as a notice of sale) is then recorded in the county where the property is located—stating the specific time and location for the sale, as well as the minimum opening bid for the property.
The property is now placed for public auction and will be awarded to the highest bidder who meets all of the requirements. The lender (or firm representing the lender) will calculate an opening bid based on the value of the outstanding loan and any liens, unpaid taxes, and costs associated with the sale.
If the property is not sold during the public auction, the lender will become the owner and attempt to sell the property through a broker or with the assistance of a real estate-owned (REO) asset manager. These properties are often referred to as “bank-owned”.
As soon as the auction ends and a new owner is named—either the auction winner or the bank if the property is not sold—the borrowers are issued an order to evacuate if they are still living in the property. This eviction notice demands that any persons living in the house vacate the premises immediately
With a combined experience of over 25 years, our short sales agents will be able to help you through the process and make letting go of your property less of a burden. Our network of highly skilled professionals is intimately familiar with the short sale and foreclosure process, and able to help see through the process to completion.
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The foreclosure process can be a difficult one to manage and process with all of the other stresses that come with falling behind on your mortgage. We have created a short sale packet that outlines all of the steps and required documents needed to help shorten the process.
The process can take anywhere from 90 days to 12 months depending on the situation. In the event, there are multiple liens and judgments associated with the property it can take longer than 90 days because we need to reach out to creditors and get releases from all of the Trustees. Don’t worry. We take care of all of that.
A mortgage in default can have three outcomes—return to good standing, be modified, or the property is repossessed or sold via foreclosure or voluntary surrender.
We also offer short sales which allow us to settle with the creditors on your behalf and DOES NOT expose you to a deficiency, meaning you will not be taxed on the difference between what you owe and what you settle for.
Approved and Verified Specialists
American National Realty
Su Familia Realty
Alexander and Associates
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