Currently, according to Zillow, there are owners of over 1,200 homes that have failed to avoid foreclosure in Ventura County. Foreclosure doesn’t just arrive like a baby on the doorstep. There are signs of approaching trouble. You are having difficulty paying the mortgage. You have very little savings for emergencies. You use credit cards to get to the next pay day. Each month you are only paying the minimum on your cards. You are neglecting doctor and dental visits.
The first step to avoid foreclosure: Don’t Ignore the problem. If you are experiencing any of the approaching troubles, and not doing anything about it, you are ignoring the problem.
Fourth Know the Process of Foreclosure – In most California foreclosure sales, the process begins with a recorded Notice of Default by the lender. You have three (3) months from the date that Notice is recorded before the secured creditor (usually a mortgage holder) can publish a foreclosure sale date. You then have an additional 21 days after the foreclosure sale notice goes out before the actual sale.
Do not ignore your mail – When you ignore the problem or hide from your mail you will miss a letter from the lender called “the first a notice of default,” which is a letter telling you that you have missed a number of mortgage payments. I was there in your shoes once. The first thing I did when I got the mail was throw the bills in a box. The first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring these notices can cause you to lose everything.
Know Your Rights – You can participate in pre-foreclosure mediation with your lender to discuss options to avoid foreclosure. Also, once the foreclosure has started, you have the right to cure the mortgage default by paying the past-due amounts, although you must do so within a certain period of time before the sale.
You can fight the foreclosure by challenging the technical rules or you can seek bankruptcy. Credit.com says, “A bankruptcy filed before the foreclosure sale will “stay” or temporarily stop a foreclosure…”
Contact Professionals – Your banker may be able to refinance the loan or your creditors may be able to give you repayment options. Contact a credit counselor. Sure you will feel like a failure or worse, but take responsibility for your actions. Seek legal advice from a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions. If you seek legal advice when the notice of default you may be able to delay or avoid foreclosure.
Contact a professional real estate investor – Coal to Cash Homebuyers Inc. is here to help homeowners out of any kind of stressful situation, such as foreclosure. As investors, we can move fast. Generally, the process of selling can take 30 to 45 days. In many cases Coal to Cash Homebuyers Inc. can close in as little as a week. We can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
In summary, recognize approaching trouble, don’t procrastinate, do something, and seek professional help.