How to Avoid Default and Foreclosure
Being at risk of losing your house is stressful. But you’re not alone. We’re here with some information on how to avoid default and foreclosure.
Your situation may seem bleak. And it is serious.
How serious depends on what stage of the process you’re in.
Notice of Default
You’re officially in default when you haven’t made a mortgage payment in 90 days. When this happens, your lender files a notice of default with the courts, and you receive a statement notifying you of this filing. This notice will include what you must do and how much you need to pay in missed payments and fees to get out of default and avoid foreclosure.
If you can come up with the money to get out of default, you avoid the next steps in the process.
Notice of Sale
You have three months after getting the official notice of default to pay your missed payments and fees and get your mortgage out of default and back to current status. If you don’t, the lender will set a date to auction your home to recoup their investment. That date must be at least 110 days after you received your initial official notice of default (this includes the three months you’ve had to get your mortgage current plus an extra 20 days).
You still have time (at least 15 days) to make things right even if you’ve received a notice of sale. You can prevent the sale by paying off the missed payments and any other fees to bring your loan current up until five days before the sale.
If you can’t make the payments, the only other option to stop the foreclosure process is filing bankruptcy.
Avoiding Foreclosure
You must pay the missed payments and all fees — or file bankruptcy — to avoid foreclosure. But how do you get the money to get caught up?
At this point, you’re out of time. And you have few options.
You can try to ask a family member for a loan. You could try to quickly sell your car or other big-ticket item(s).
Or you could sell the house for cash and use the proceeds to pay off the loan and avoid the foreclosure.
Selling the house for cash is often the fastest and least stressful option. And that’s where we come in.
We are real estate investors, and we have cash. We will make you a fair offer to get you out of the whole stressful situation. And many of our deals close within 10 days of an accepted offer.
Time is running out. Call us at (559) 321-0905 to see how we can help.
