What is a Foreclosure?
Foreclosure is a legal process that occurs when a homeowner fails to make mortgage payments, and the lender seeks to repossess the property. In California, this process typically involves several stages, including pre-foreclosure, the issuance of a notice of default, and ultimately, an auction of the property. Common reasons for foreclosure include job loss, medical expenses, and financial hardship.
Understand the Foreclosure Timeline in California
If you are unable to negotiate an alternative with your lender, California has a relatively quick foreclosure timeline. After 3 months of missed payments, your lender can file a Notice of Default. If you don't repay the amount owed, the house is then scheduled for public auction within 4-5 months. Homeowners have no right of redemption after the foreclosure sale.
Understanding Your Rights and Responsibilities
As a homeowner facing foreclosure, you have legal rights and responsibilities. Open communication with your lender is vital. Additionally, California offers certain government programs and protections for homeowners, which you should be aware of to safeguard your interests.
Common Options for Homeowners in Foreclosure
When facing foreclosure, homeowners have several options, including:
Each option has its advantages and disadvantages, and the best choice depends on your unique circumstances.
Loan Modification:
Adjusting the terms of your existing mortgage.
Deed in Lieu of Foreclosure:
Voluntarily transferring the property to the lender.
Selling the Property:
Selling the home to pay off the debt.
Short Sale:
Selling your home for less than the outstanding loan balance.
Bankruptcy:
Using bankruptcy to temporarily halt the foreclosure process.
Refinancing:
Refinance another home to pay up-to-date.
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How Solve Lending & Realty Can Help?
At Solve Lending & Realty, we specialize in assisting homeowners facing foreclosure. We offer expert advice, guidance, and a range of services:
Here are some California laws that can help protect homeowners facing foreclosure:
Homeowner Bill of Rights - Provides protections for homeowners such as banning dual-tracking (processing foreclosure while negotiating loan modification) and requiring single point of contact at banks.
Tenant Protection Act - Prevents new owner after foreclosure from evicting tenants for no cause. Tenants receive 90 days notice to vacate.
Homestead Exemption - Protects equity in a primary residence up to $75,000 for an individual or $150,000 for married couples from creditors/foreclosure.
Right of Redemption - In judicial foreclosures, homeowners have right to redeem property by repaying full amount owed before auction. No such right exists in non-judicial foreclosures.
Restrictions on Deficiency Judgments - Limits lender's ability to pursue homeowner for loan balance remaining after foreclosure sale.
Mediation Requirement - Lender must attempt mediation first before proceeding with foreclosure if homeowner requests it.
Recording Timing Regulations - Strict guidelines on when and how notices of default and trustee's sales must be recorded.
Restrictions on Late Fees - Limits excessive late fees charged by lenders, which can accelerate foreclosure.
Consulting with a housing counselor or attorney can help you understand whether any of these protections may apply in your specific situation. But acting quickly is key to maximizing their benefit.
Consulting with a housing counselor or attorney can help you understand whether any of these protections may apply in your specific situation. But acting quickly is key to maximizing their benefit.
There are two main types of foreclosure in California
This is the most common type of foreclosure in California. It does not involve the court system. Here's a quick overview of the non-judicial foreclosure timeline:
Notice of Default is recorded after 90 days of missed payments. This starts the foreclosure process.
Notice of Trustee's Sale is recorded 90 days after Notice of Default. This schedules the public auction.
Public auction is held 20-120 days after Notice of Trustee's Sale. The property is sold to the highest bidder.
Former owner has no redemption period to reclaim the home after auction.
This type of foreclosure involves filing a lawsuit in court. Here is the judicial foreclosure timeline:
Lender files a foreclosure lawsuit after a notice of default.
If the owner contests, there may be a lengthy litigation process first.
Judge rules in favor of foreclosure if owner cannot repay debt.
Property is auctioned off via a sheriff's sale.
Former owner has a redemption period to reclaim the home.
In most cases, lenders will choose non-judicial foreclosure as it is typically faster and less expensive than going through the courts. But either type can result in the loss of the property if the mortgage default is not resolved.
Expect Your Credit Score to Take a Major Hit
Foreclosure will devastate your credit score, making it extremely difficult to qualify for future loans. Expect your score to plummet 100 points or more if your home is foreclosed. This negative impact can persist for up to 7 years. Selling before foreclosure will spare you this credit damage.
Beware of Foreclosure Scams
Distressed homeowners are often targeted by foreclosure scam artists falsely claiming to help while actually taking your money. Never pay an upfront fee to a so-called "foreclosure consultant." Carefully research any company offering foreclosure relief services before providing payment or signing documents.
Consult Legal Resources If Needed
Nonprofit legal aid organizations may be able to provide you with low-cost or pro bono legal assistance with foreclosure matters. Contact the California State Bar for referrals to legal aid resources in your county that assist with foreclosures.
Take Control of the Situation
While facing foreclosure is difficult, understanding your options and taking quick action can help you avoid losing your home. Consult an attorney, connect with housing counselors, and contact us if you need to sell your house fast. We buy properties in any condition and can make the process smooth and stress-free.
We Help Sell Homes In California Under Any Circumstance and Regardless Of The Properties Condition
We Specialize Selling Homes In Unique Situations That Unfamiliar Realtors Should Not
Beat the clock and save your home! Don’t let foreclosure ruin your credit. Now is the time to call us at 833-2-SOLVE-4 for a solution that can help you keep control of your future.
In times of great loss, you don't have to carry the burden alone. We can help make a difficult situation easier by quickly selling your family member's home for an equitable price.
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Selling your home during a divorce can be difficult. Our team has the experience and knowledge to get through this process quickly and for the best price possible.
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Your home has been sitting on the market and you're looking for a fresh approach. We offer a variety of services to get your property in front of as many potential buyers as possible.
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As property values continue to soar, especially in major metropolitan areas, homeowners may find themselves with higher taxes than they are able to afford. Are you feeling the impacts of rising property taxes?
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If you are a homeowner going through probate and looking to sell your home, you have likely already encountered numerous questions, decisions, and potentially stressful scenarios that we can help with.
Risk of Default?
At risk of defaulting on your mortgage? If so, selling your home before it gets to the point of foreclosure may be a viable option for you. It’s important, however, that you don’t wait until it’s too late, as procrastination can leave you in a financially difficult position.
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Looking to sell, but worried that potential water damage could be a roadblock? You're not alone! Water can cause costly repairs and even mold issues. We can take the necessary steps for assessing water damage on a home and selling it successfully.
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Recently been issued a code violation and are now looking to sell your home? If so, you may have questions about the impact that this violation might have on the sale of your house.
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How To Sell Your House Fast, Your Way
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With Investor Injection, we tap into our exclusive network of over 31,000 real estate investors ready to buy properties in any condition. We’ll develop a tailored plan to market your home directly to this pool of eager investors. Sell your house fast without open houses or showings and still get top dollar.
We are a family-owned & operated real estate company specializing in buying particular homes within California's major metropolitan areas. Our credit line is limited, so we'll be able to let you know if we have funds available to meet your timeline needs. Although, you can rest assured that you'll receive a competitive offer on your property within a timely manner.
Don't wait - take control of your situation today.
The sooner you can act, the more options will be available to you. At Solve Lending & Realty, we make it simple to get a fast, fair cash offer on your home facing foreclosure. Contact us now for a no obligation quote and start the straightforward process of selling your house to avoid foreclosure. Call (833) 276-5834. Our team of professionals is here to guide you and relieve your stress during this difficult time.
Learn How To Sell Your Home Before Foreclosure
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The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
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