Get Foreclosed on–Forget about your Equity

Posted by on May 22, 2016 in Distressed homes, Uncategorized

Get Foreclosed on–Forget about your Equity
Buying a home in San Diego?  Chris Spade @ Keller Williams Realty Specializes in helping first time buyers get the home of their dreams.

Buying a home in San Diego? Chris Spade @ Keller Williams Realty Specializes in helping first time buyers get the home of their dreams.

Chances are you are in a situation where you aren’t upside down on your mortgage but you are behind.  Do you see any end in sight?  Will you be able to make up the payments you’re behind?  If not, then you need to keep reading.  There are many people in your exact same situation right now and the truth is, it’s not a good place to be in.

Here’s the deal, even though you might have equity in your home, your lender is going to treat you just like anyone else who is behind on their mortgage.  In fact, they have an incentive to foreclose on you first.  Why?  Because once they take back your home, they’ve made a profit and they don’t have to give you the money or equity back.  At all.  Go back and read that last sentence because if this applies to you, it’s important that you know your rights.

There is a timeline that lenders must follow when they are going to foreclose on your home here in California.  It works like this:  After you’ve missed three payments or 90-days, the lender has the right to file a notice of default.  You’ll know if it’s filed because for the previous 90 days you will have gotten plenty of calls and letters from your bank.  On the day they file the NOD you will get a copy of it taped to your front door, your name and address will appear in the paper and it will be online.  It’s made public.  If you do nothing to resolve the NOD on day 180 that’s when the lender files a Notice of Trustee Sale or NOT for short.  That’s when they put you on notice that your home will either be taken back by the bank or sold to an investor on the court house steps.  If an investor purchases your home, then they do have to pay back the difference that is owed to your lender and the equity to you.  If you are having challenges paying your mortgage you must talk to a qualified realtor today.  Find out the value of your home now.

If you’re in distress and you think you don’t have enough money to pull equity after the sale.  The government is offering assistance.  In most cases, they will offer you money to do a short sale on your home.  For more information on the government’s HAFA or Home Affordable Foreclosure Alternatives check out the website and what you can do now to avoid a foreclosure on your record.  For questions on your options call 1-844-900-0294 ext 1013.

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