If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Stockton can expect during the foreclosure process.
Default
Lenders understand that homeowners in Stockton may go through temporary financial hardships, often having a grace period for these situations. However, suppose you’ve fallen behind and don’t see any options on the horizon. In that case, you can expect the lender to contact you in every way possible during the foreclosure process, attempting to work out a payment arrangement to avoid further action.
Notice of Default
Lenders will issue a notice of default to homeowners in Stockton, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Stockton who have entered the foreclosure process but can catch up with past due payments, including interest and any penalties, can stop the process at this point by working with the lender to reinstate the mortgage, then continue paying their mortgage as usual.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Stockton can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
During the foreclosure process, the final step for homeowners in Stockton is the auction, where the winning bidder must pay for the property immediately. Should the home not sell at auction, it will become what is known as an REO or real estate owned property, converting back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys to attain possession.
Another Option
For homeowners in Stockton facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Carisa Buys Houses. First, the professional buyers at Carisa Buys Houses will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Stockton real estate market. Then, professional buyers from Carisa Buys Houses provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. And we’ll provide you with a guaranteed closing date, often within days. We do this at Carisa Buys Houses for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Carisa Buys Houses, we are your neighbors here in Stockton, living and working alongside you, a part of the community; we want you to feel good about the deal long after you’ve left the closing table.
Carisa Buys Houses
Selling directly to Carisa Buys Houses can turn everything around for homeowners in Stockton facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Carisa Buys Houses is complete transparency and no pressure. And, to save you even more money, at Carisa Buys Houses, we buy houses as-is for cash in Stockton, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Carisa Buys Houses, talk to us about the arrangements that would work best for you. Call Carisa Buys Houses at (209) 624-0070.