- You May Have A Better Way Out -
There are countless hardships that can turn home ownership from a joy into a burden. The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable. But ignoring the bills will not make them go away, it will only make things worse.
If you need help, there are approaches that can help, but you may not be familiar with them. One of these is a “short sale.”
In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt. A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a foreclosure. And typically, a short sale does far less damage to the homeowner’s credit than a foreclosure does.
If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please complete the form below.
The trustee’s sale process:
1) Once there is a default the lender has the right to file a trustee’s sale and auction the property for sale.
2) Starts with a notice of trustee’s sale which is recorded with the County Recorder’s office.
3) The property owner receives a copy of the notice of sale by certified mail. The notice of sale is posted on the front door and published in a newspaper.
4) You still own the house until the sale (auction) is completed. You can rent the property and use the money as you need. You can remove items that belong to you. Do not remove any items that are fixed to the walls or will cause damage to the property.
5) The sale date is at least 90 days from the date that the notice of sale is recorded.
6) The lender has the right to postpone the sale to a date later than the original schedule sale date. The lender may elect to postpone for any reason.
7) Do not assume the lender will postpone even if they are in the process of working with you about a loan modification or short sale. There are thousands of reports of homeowners who are working with the lender but the trustee’s sale happens despite promises made by the lender.
8) Once the sale (auction) is complete then title conveys to the new owner (probably your lender).
9) A trustee’s deed will be recorded with the county recorder’s office. This deed transfers title to the new owner.
10) Do not remove any items from the house after title conveys to the new owner – that is theft.
11) You will receive a 5 day notice to vacate the house.
12) If you fail to vacate within the 5 days then the new owner can file a forcible entry and detainer.
13) There will be a hearing within 10-12 days. The court will enter an order for you to vacate the house within 5 business days after the court hearing.
14) Continue to pay the homeowners dues until the house changes title (a trustee’s deed is signed)
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