If selling your home is your best option in getting out from under a crushing mortgage, you need a Realtor who will aggressively promote your home and work with potential buyers and their agents. We appreciate an opportunity to meet with you, discuss your needs, and explain how we can assist you.
We are professional Realtors who aren't afraid to go head-to-head with lenders on behalf of our client. We explain your options at every step of the process and conduct an intensive marketing campaign to find a buyer for your property. Our clients are always our top priority and can call with questions at any time.
Whether you call us, or another Realtor, don't delay. Foreclosure timelines are very specific. You have a limited amount of time to sell during the foreclosure process.
What Happens When?
When you stop sending the monthly loan payments, the lender will give you a grace period, contact you to see what the problem is, and perhaps agree to reduce the in.terest rate or put you in a program that will allow you to keep your home. If that happens, all’s well that ends well. You don’t have to move and the lender gets paid. If you and your lender can’t agree and you can’t pay, the next steps are are set by law and timing is very important
If you want to negotiate with your lender directly, be proactive, and call the lender as soon as you know you cannot continue making payments. Don't just speak to whoever answers the phone. Insist on speaking to a supervisor. You want to discuss your situation with someone who is authorized to assist you in changing the terms of your loan - often this is the loan modification department.
Notice of Default: This legal notice that you have 90 days to bring the loan payments current is the start of the foreclosure process. You can stop the process by catching up or by selling your home. If you can't get as much as you owe, you (or your agent) must ask the lender to accept less than you owe. That is a "short" sale. Usually, lenders will not agree to a short sale until the Notice of Default (NOD) has been filed.
Short Sale: As your Realtors, we can negotiate a short sale agreement with your lender. We also know all the special rules that apply to short sales and can help you avoid unnecessary expenses.
Notice of Sale: On Day 90, the lender has the legal right to post a Notice of Sale on the property. The notice gives the date and time the trustee will offer the property for sale on the courthouse steps. If the property is in escrow, the lender may delay posting the notice. It’s the lender’s call. Once the Notice of Sale is posted, the homeowner has 21 days to pay off the loan and penalties in full. If the property is in escrow, it needs to close before the 21st day and the lender must be kept informed.
Advertising the Sale: After posting the Notice of Sale, the lender must advertise its intention to sell the home in a general circulation news paper once a week for three weeks (21 days).
Trustee’s Sale: The trustee’s sale is conducted on the courthouse steps by law. The buyer must pay cash and accept the property “as is,” along with any other liens, such as unpaid property tax, federal income tas, etc.
Notice to Vacate: If the homeowners have not moved prior to the sale, they will receive a notice to vacate from the new owners