Avoiding Foreclosure in Southern California
Are you late on your mortgage payment? Have you fallen behind on bills? There are many reasons why you may be in this position. Whether you lost your job, lost a family member, going through a divorce, or you made a bad investment decision, we can help you. If you are facing foreclosure on your house in Southern California, allow Winn-Winn Homebuyers to guide you through this difficult situation. We have been successful in helping many other homeowners avoid losing their house to foreclosure.
Understanding the Foreclosure Process
If you are facing foreclosure, the most important part is understanding time frames. Foreclosures can sneak up on you and if you wait too long, you could run out of options. You do not want to ignore it as there are many different ways we can help you avoid foreclosure.
Here is what the foreclosure process looks like with typical timeframes:
- Day 1- First Missed Payment
- You can make up the payment, but there will likely be late fees and additional interest
- Day 90- Notice of Default
- Most loans “default” 90 days after a missed payment
- The lender will file a Notice of Default with the court, and you will be sent an official document informing you that you are in default
- You can still make up the payments and fees to get out of default
- Day 180- Notice of Trustee Sale
- After 3 months since your Notice of Default, the bank can officially set an auction date for the sale of your home
- You will be sent a Notice of Trustee Sale
- The bank can auction off your house within 20 days of this notice
- Once an auction date is set we can still help you avoid foreclosure, but it becomes more difficult as the sale date approaches
Consequences of Losing Your House to Foreclosure
It is important for you to understand how a foreclosure will affect you.
- Once your property is sold at auction, you will be evicted
- A foreclosure is referred to as a “derogatory credit event”
- Your credit score will drop as much as 200-300 points
- Must wait 5-7 years to qualify for another mortgage
- Will make it difficult to qualify for a rental
- Depending if you have a recourse or non-recourse loan, you may be responsible for paying income taxes on the canceled or forgiven debt
Your Options to Avoid Foreclosure in Southern California
No matter what situation you are in, what condition your house is in, if you have equity or not, we can help you avoid foreclosure.
- Make up the payments in full
- We know- easier said than done
- Negotiate with your lender to modify your loan terms
- This usually is not a permanent solution, it just pushes your payments and additional interest further down the road
- Sell your house before the Trustee sale
- Traditional real estate transactions typically take 30-90 days, so be aware of your timeline
- Sell to investors in as little as 7 days
How Do You Plan to Avoid Foreclosure on Your Southern California Property?
“Keep My Home”
- Find Government-Sponsored Programs
- Renegotiate the loan terms with your lender
- See if your situation qualifies
“Sell My House”
- Let us know about your situation
- We’ll evaluate it quickly
- You’ll receive a fair cash offer
Want To Learn How To Stop Foreclosure Now?
So, are you in foreclosure and want to learn how to stop foreclosure now? We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.
You aren’t the first person to go through a foreclosure… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is educate yourself on your options. For some people selling your home is the best option (we’ll make a fair all cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click one of the buttons above to get your free foreclosure guide.