Since the Real Estate market crashed in 2007 many homeowners in California and across the United States have wanted to know if their lender could still foreclose on them even if they had equity in their homes and the answer to this question is yes.
Let’s say that you’re behind on your mortgage payments; your bank is still going to foreclose on you because of all lenders, especially those in California, follow specific timelines from the moment a homeowner falls behind on their mortgage payments, to the date their home is sold on the courthouse steps.
Foreclosure Timelines in California
What are the specific timelines that lenders follow in California? From the moment that you miss three mortgage payments, or are 90 days behind on payments with your bank, you can expect a notice of default letter from your bank and this notice will basically tell the world that your home is now in the foreclosure process.
Once the notice of default has been filed, approximately 120 days later you can expect your lender to give you your foreclosure sale date, which is the date when your home will be sold on the courthouse steps, approximately 7 months after you missed your first mortgage payment.
Don’t Lose the Equity That You Have in Your Home!
As of January 2017, three home sales in Southern California were homes that were heading to foreclosure and each home had $50,000 or more equity.
Most homeowners who are in the foreclosure process doesn’t take steps to sell their homes because they become overwhelmed with the foreclosure and don’t realize that any equity that they have in their home can be saved and the foreclosure process can be averted once the home is sold.
If you are approaching foreclosure, or know someone who is getting close to foreclosure, there may still be time for the home to be sold, and the equity to be saved.
Let us help you save the equity in your home and avoid the damage that foreclosure will do to your credit score.
To learn more about how we can help you avoid foreclosure contact Fred Sed Realty today by calling us at (800) 921-9231 or connect with us online.