What Are The Stages Of Foreclosure
1. Missed payments
When you fall 30-60 days behind on your mortgage, you are at risk of foreclosure.
People fall behind on their mortgages for many reasons, for example, loss of employment, divorce or unexpected medical costs.
If you are in this tough situation, call your bank as soon as possible to talk about ways to get back on track with your mortgage. The earlier you reach out to your bank, the more options that will be available.
2. Pre-foreclosure notice
When you are about 30-60 days behind on your mortgage, the bank will send you a 90-day pre-foreclosure notice.
What is a 90-day pre-foreclosure notice?
It is a document that tells you the bank will open a foreclosure case against you in 90 days. The bank is required by state law to send you this notice.
What information will be included?
The bank is required to tell you how much you must pay to bring your loan current. It must also provide the names and telephone numbers of at least five housing counseling agencies that serve your county.
Why 90 days?
It is a grace period to allow you to work out an alternative solution with your bank.
3. Demand letter
When you are 45-60 days late on your payments, the bank will send you a Notice of Default and Intent to Accelerate letter. It is also called a Demand Letter.
What is a demand letter?
Im in the middle of working out a solution with my bank but I still got a demand letter. Why?
4. Summons and Complaint
What are a Summons and a Complaint?
5. You respond
1. An Answer
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Auction Dates
The date in which a property is scheduled for public auction of a foreclosure property, due to the fact that the homeowner did not pay what was owed on the property during the default period.
Opening Bids
When a property goes into auction, the foreclosing lender sets an amount, that is to be the opening bid of the property, which is usually equivalent to the outstanding loan amount interest and other fees associated with the property.
Trustee Details
A foreclosure trustee is a neutral party that handles the foreclosure process on a property.
Foreclosing Lenders
The lender of a property that attempts to recover the amount owned on a defaulted loan.
Servicer Details
Many lenders will contract out mortgage services which will assume the responsibility for handling transactions between the loan provider and the borrower.
Bank Owned
If a third party does not purchase the property at the public auction then it is repossessed by the foreclosing lender. These properties are called REOs and this includes property transferred to HUD / Fannie Mae / Freddie Mac, or other Government Sponsored Agencies , Government Corporations , or Government Backed Loans.
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Notice Of Trustee Sale
When you receive the Notice of Default, you have 180 days to get your loan current or the bank can take the next step in the foreclosure process. The next step, called the Notice of Trustees Sale, sets a date for a public foreclosure auction of your home. This can happen no earlier than 20 days after the Notice of Trustees Sale is recorded.
You must receive a Notice of Trustee Sale via certified mail and the notice must be published weekly in a general circulation newspaper in your county for at least 3 consecutive weeks before the sale date. The notice will also be posted in a public space and on your property.
Notice Of Default And The Foreclosure Process
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In a Nutshell
A Notice of Default is your mortgage lenderâs way of telling you that you have one last chance to address overdue mortgage payments before your lender will foreclose on your home. Once you’ve received a notice of default youâll want to act quickly to take advantage of options available to you. Below, we will explain how to understand the information contained within this notice and the steps you should take if/when you receive one.
If you’ve received a notice of default you shouldn’t ignore it. This is your mortgage lenderâs way of telling you that you have one last chance to address overdue mortgage payments before your lender will foreclose on your home. Through foreclosure proceedings, a mortgage company can eventually take ownership of your property and sell it.
Once you’ve received a notice of default youâll want to act quickly to take advantage of options available to you. Below, we will explain how to understand the information contained within this notice and the steps you should take if/when you receive one.
Read Also: Can You Get A Home Loan After Bankruptcy And Foreclosure
Contact A California Foreclosure Attorney
Facing foreclosure on your home? Dont delay because the clock is ticking. A Notice of Default attorney in California can help you explore your legal options to delay or stop foreclosure and help you bring your mortgage current again. Contact us to schedule a consultation with a foreclosure defense lawyer to learn more about your legal options.
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Notice Of Default And Foreclosure
Technically speaking, a notice of default is not a foreclosure. Instead, it serves as notice that you are behind in your payments and that your property may be sold as a result of foreclosure if you donât act soon. If you’ve received a notice of default, you should understand that the next step for your lender is to begin the foreclosure process. Depending on state law, you may have as little as a few weeks to resolve your outstanding balance in order to avoid foreclosure.
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If You Want To Avoid Foreclosure But Cant Keep Your Home
If youâve decided that it is best to walk away from your mortgage burden, you could work with a real estate agent to sell your property. But it’s important to understand that it may be more difficult to sell under the circumstances. Also, since time is of the essence, you might have to sell your home for less than what is owed â this is known as a short sale. It has its pros and cons.
You might also have the option of executing a deed in lieu of foreclosure, which signs over your rights in the property to the mortgage company. This would allow you to avoid the public record and negative impact on your credit resulting from a foreclosure.
Another alternative is to file for bankruptcy, which will temporarily stop foreclosure proceedings. Filing for bankruptcy initiates an automatic stay on any foreclosure proceeding. Itâs likely that the lender will ask the court to lift the stay, and they may be successful. Just filing bankruptcy doesnât relieve your responsibility to pay the mortgage, so the court might allow the lender to proceed. However, if you file for Chapter 13 bankruptcy, the lender may back down as youâll be able to pay off your delinquent debt over the life of your bankruptcy case.
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Preforeclosure Leads: 8 Ways To Find Preforeclosure Listings
REVIEWED BY:Gina Baker
Gina is a licensed real estate salesperson, experienced trainer, and former high school educator of 1,000+ learners. She writes for Fit Small Business with a focus on real estate content.
Kaylee specializes in real estate, B2B, and SaaS companies. You can find her expertise in sales and real estate content on Fit Small Business.
This article is part of a larger series on Real Estate Lead Generation and Marketing.
When homeowners default on their mortgage payments, their property goes into preforeclosure. At this stage, they have a choice to keep the property, sell it, or conduct a short sale. This makes preforeclosures a valuable opportunity for real estate agents to gain a listing or for buyers and investors to purchase a home below market value. To find preforeclosure listings, you can purchase leads, search through the MLS and local directories, or generate referrals.
One of the most effective and time-saving ways to find preforeclosure leads , and expired leads) is with REDX. For $39.99 per month, REDX provides up-to-date preforeclosure property information in your county. It will include difficult to attain homeowner contact information and organize it in a database to give you a head start on the competition.
To start finding preforeclosure homes, try these eight methods:
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It Is Important To Realize That Changes May Occur In This Area Of Law This Information Is Not Intended To Be Legal Advice Regarding Your Particular Problem And It Is Not Intended To Replace The Work Of An Attorney
A foreclosure is a procedure to remove a person’s rights to own and have possession of real property, also referred to as real estate. After foreclosure, the person will no longer own the property and will be required to remove all his or her belongings and move. A foreclosure is started by a person, or company, holding a lien on real property. An owner will normally give a lien upon his or her real property as collateral for repayment of a debt. Typically, a homeowner gives a lien on his or her house to the bank as collateral for payment of a loan to the bank. In some cases, a lien can be placed on real property without the owner’s consent where money is owed that has not been paid. For example, a carpenter can file a construction lien for work done on a house, the IRS can file a lien for unpaid taxes, and a creditor can file a lien for an unpaid judgment. There are four common types of liens on real property: a trust deed, a mortgage, a land sale contract and an involuntary lien. Foreclosure procedures differ depending on the type of lien involved.
Pros & Cons Of Preforeclosure Leads
Homes in foreclosure often cost less than market value, which presents an incredible opportunity for savvy real estate investors or agents. This profit potential is the most obvious reason to search for preforeclosures, but there are also many hurdles that come with foreclosures. Before investing your time and resources, consider all the pros and cons of preforeclosure listings.
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How Long Does Foreclosure Take In California
A non-judicial foreclosure usually takes a minimum of 121 days in California , or less than 4 months from start to finish, but the formal foreclosure process will not begin until you are in default for at least 3 months. It is possible for the process to take much longer, however, especially if your lender has a backlog of foreclosures. Across the country, the average time to foreclose reached more than 1,000 days in 2017, although you should not assume you have a long period of time to take action.
From your first missed payment, you are looking at approximately 201 days. This is broken down as 90 from the date of original missed payment, 90 days from the date of Notice of Default, and 21 days from the Notice of Sale to the actual auction date.
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What Happens After The Borrower Receives A Default Notice
Once a borrower receives a notice of default, they have 14 days to take action. If the buyer successfully negotiates a settlement plan with the lender or pays the amount stated in the default notice within 14 days, the lender will not take legal action against the borrower.
However, if the borrower does not repay the amount in default within 14 days of receiving the notice, the lender can cancel the mortgage agreement, and the default is registered with credit bureaus. The foreclosure process then proceeds to the next stage.
Initiation Of A Nonjudicial Foreclosure
When you take out a loan in a state that allows nonjudicial foreclosures, you will likely sign a deed of trust or a mortgage, which contains a power of sale clause. This clause gives the trusteea third party that manages the nonjudicial foreclosure process in certain statesthe right to sell the home though an out-of-court process if you stop making payments.
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