If you’re facing foreclosure in San Diego, California, it’s important to understand the process and know what to expect. Foreclosure is a legal process that occurs when a borrower is unable to make their mortgage payments and the lender takes possession of the property. In this blog post, we’ll explain what happens during foreclosure and provide tips on how to navigate the process.
The Foreclosure Process in San Diego
In California, foreclosure is a non-judicial process, which means that the lender does not need to go through the court system to foreclose on a property. The process begins when the borrower misses a mortgage payment and the lender sends a notice of default. The notice of default gives the borrower a certain amount of time (usually 90 days) to catch up on their payments or work out a payment plan with the lender.
If the borrower is unable to catch up on their payments or work out a plan with the lender, the lender will then send a notice of sale. The notice of sale gives the borrower a certain amount of time (usually 21 days) to redeem the property by paying off the outstanding mortgage balance. If the borrower is unable to redeem the property, the lender will then schedule a public auction for the property.
At the public auction, the property will be sold to the highest bidder. If the property does not sell at the auction, it will then be sold to the lender. Once the property is sold, the borrower will no longer have any rights to the property and will be required to vacate the property.
Navigating the Foreclosure Process in San Diego
If you’re facing foreclosure in San Diego, it’s important to take action as soon as possible. The first step is to contact your lender and explain your situation. Many lenders are willing to work with borrowers to find a solution, such as a loan modification or a repayment plan.
If you’re unable to find a solution with your lender, you may want to consider hiring a foreclosure attorney. An attorney can help you understand your rights and may be able to negotiate a better outcome for you.
It’s also important to keep in mind that there are programs available to help homeowners avoid foreclosure. The U.S. Department of Housing and Urban Development (HUD) offers counseling and assistance to homeowners who are at risk of foreclosure. You can also contact the California Housing Finance Agency (CalHFA) for information on programs and resources available to help you keep your home.
In conclusion, Foreclosure is a difficult and stressful process, but it is possible to navigate it with the right knowledge, resources, and support. If you’re facing foreclosure in San Diego, California, it’s important to take action as soon as possible and explore all of your options. Contact your lender, consider hiring an attorney, and take advantage of the programs and resources available to help you keep your home.
Contact Pacific Escapes Real Estate Inc today to help walk you through all your options. We will help you navigate this difficult challenge. We can get you to the right resources and if you choose to sell, we can provide you with all of your selling options as well.
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