Facing Foreclosure? You have options!
Certified Distressed Property Expert
Short Sales and Foreclosure Certified!
What is Foreclosure?
When banks say your home is in foreclosure, they mean, they transfer your loan file to their internal department. The department's job is to determine if and when to send your loan documents to a Lawyer. And most lenders usually use an outside law firm.
Want to find out where in the process your file is?
What is Delinquency?
Delinquency technically starts the day after your loan payment is due, but you have a 15-day grace period to catch up with the payment. On the 16th day you're considered delinquent and interest will begin to accrue.
We can help you talk to the bank and negotiate different terms.
What is Default?
Default is when you are 30+ days past due. Now is the time to strategize and figure out which path to take. We can give you advice on how and what to talk to the bank about to put you in the best position possible for what you want for your future.
What is Deficiency Judgment?
Deficiency Judgment is if the debt on the property is higher than what the Lender thinks your property is worth. This amount difference is called the ‘Deficiency Judgment’. Even if you lose the property, you might still owe the Deficiency Judgment amount. To avoid this, we need to convince the court that when we list the property in a public auction, the amount you receive for the property “is in Good Faith”. If the court is convinced you might be able to avoid the Deficiency Judgment.
Public Auction
Public Auction is when the Lender’s Attorney has sent notice to the Public Trustee of the Foreclosure. The Public Trustee will then send out an NED (Notice of Election and Demand), with this notice they have set a sale date for the property typically between 110-125 days out. This is when many people feel it's “over” and there are no options, but that’s NOT TRUE!
There are plenty of options and strategies that the bank doesn't want you to know about, we can help you with strategies to protect your credit and equity.
Redemption Period for Junior Leans
If a home is sold at Public Auction, it’s followed by a short redemption period. This means, whoever is the Junior Lean Holder will have the opportunity to pay off any fees. The Intent to Redeem must be filed with the county office within 8 business days after the sale.
Note, only Junior Lean Holders who were recorded prior to the NED will have the opportunity to take advantage of this.
Legal work
After the Lender transfers the loan file to an Attorney, the borrower becomes responsible for all legal fees accrued during the process. Foreclosure costs and legal fees must be paid in addition to back payments in order to cure the loan and bring it back current. The foreclosure attorneys usually take 2-4 weeks to process all paperwork, they’ll send all this paperwork to the county where the property is located.
During this process you still have TIME and OPTIONS!