Foreclosure Help

Are you in a bad situation and can’t afford to make the payments on your home? If you are, we can help. As a free service, we offer to meet with you to review your individual situation to see if we can assist by coordinating either a loan modification or a short sale.

If after reviewing your situation it’s determined that you could qualify for a short sale, we can move quickly to help you complete the process. Conducting a short sale is a long and delicate process that you can’t trust to just anyone, so rest easy knowing we have extensive experience in this field.

A short sale takes place when a property is sold for less than what is owed on the mortgage and the lenders who own the underlying mortgage or mortgages, accept less than the full payoff as a settlement. This allows the property to transfer to the buyer even though the lenders did not receive the full amount that they were owed. The process starts with you signing a listing agreement at which time we  provide you a short sale package to complete.

We then list your property for sale in the Multiple Listing Service (MLS). Once we get a qualified offer, we negotiate & accept a reasonable offer the bank is likely to accept. We’ll submit the offer package, along with a financial package from you to a professional short sale negotiation firm for 3rd party approval from your lender. Once we receive 3rd party approval back from your bank, we can then proceed to closing.

We’ll coordinate all closing requirements so we can close on the property (*sellers can’t receive any proceeds from a short sale). After closing, you’ll need to consult with an accountant to properly file your taxes following a short sale.

The best part is there’s no cost to you!

The legal process by which an owners rights to a property is terminated, usually due to default. This typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.  After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.  The mortgage lender will file suit with the court system. You’ll receive a letter from the court demanding payment. Typically, you’ll have 30 days to respond with payment to avoid foreclosure. At the end of the payment period, a judgment will be entered and the lender can request sale of the property by auction. The auction is carried out by the sheriff’s office, usually several months after the judgment. Once the property is sold, you’re served with an eviction notice by the sheriff’s office, and you must vacate your former home immediately. The mortgage lender will serve you with papers demanding payment. After an established waiting period, a deed of trust is drawn up that temporarily conveys the property to a trustee. The trustee will sell the house at public auction for the lender. Many times, these foreclosures are subject to judicial review to make sure everything was carried out legally. There is usually a requirement for the lender to post a public notice of sale for the auction.