How Does the Foreclosure Process Work?

What happens if you fall behind on your mortgage payments? I’ll go over the default and foreclosure process today.

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We are starting to see a shift in the market. As rates go up, prices come down. Some folks are starting to get a little behind on their mortgage payments, which could cause them to enter a default or foreclosure situation. 

This information mainly pertains to California, as each state is a little different. 

Come up with an action plan and find out if you can do a short sale.

In California, the lender can decide whether or not to start the foreclosure process. If you get behind on your payment, the first formal step the lender will take is to issue a notice of default, or N.O.D. The letter will let you know that you are behind on your payments and that they are starting the foreclosure process. 

If you cannot cooperate and make the current payment due to a life situation, such as loss of job or loss of a family member, then you have a justifiable hardship. In that case, you have 90 days to cure the notice of default. If you cannot do that, you will receive a notice of trustee sale. When that is recorded on your property, things get really serious. 

The trustee notice of sale is recorded at the county office, so the county knows that the foreclosure process has begun. If you cannot catch up on all of the payments, which include any penalties or attorney fees, within 21 days, then you really need to come up with an action plan to get out of that property or do a short sale. 

Hopefully, you won’t make it to this last step. However, if you are unable to make your payments current within 21 days, a sheriff will knock on your door to escort you and your family out of your property. 

Do not let it get to this step. If you are struggling with your mortgage payments or know someone who is, give us a call. We would be glad to help you come up with a plan that is best for you and your family. 

As always, please do not hesitate to reach out to us with any other real estate questions. I'd be happy to help.

A Few Things to Know About Me

 Today I wanted to take a brief moment to answer one of the most common questions I receive about myself and my career: “How long have you been in real estate?”

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I actually started in real estate when I was about 18 years old. I was a senior in high school and began taking night classes to become a real estate professional, and I’ve been a real estate broker for close to 20 years, and all-in-all, have spent about 30 years in real estate.

Time doesn’t necessarily justify experience.

Time doesn’t necessarily justify experience. However, I have thousands of transactions under my belt, from first-time buyers to multi-million dollar properties, apartment complexes, land, syndications, and fix-and-flips—you name it, I’ve worked with it. There is over $100 million worth of transactions in my real estate portfolio.

I have a proven track record in this field. Much of my business is referral-based, meaning that the reviews that you read online, the opinions of your neighbors, and the information you read when you Google my name is true and proven through my exceptional service to the community. 

If you’re looking to sell a home, I will help you get the most money out of the sale, and if you’re a buyer, you can be sure I can get you a great deal. 

If you have any real estate questions or you’re looking to buy or sell a home, please give me a call. I’m always happy to help.

3 Ways to Find a Great Real Estate Deal

 Your path to finding a great deal in real estate starts with doing one of these three key objectives.

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If you’re a buyer or an investor, there are three ways you can find a great real estate deal for yourself.

First, talk to homeowners and landlords. This includes folks who already invest in things like commercial property and apartment complexes. Talk to a lot of them.

You have to make offers to put together a great deal for yourself.

The second thing you can do is send mailers to existing homeowners, landlords, and anyone else who owns property notifying them that you’re interested in buying their property. 

Lastly, make a lot of offers. It doesn’t matter if the property is on the MLS, LoopNet, or not on the market at all. You have to make offers to put together a great deal for yourself. 

If all else fails, just contact me if you’re looking for a great real estate deal. Finding great deals is what I do for my buyers and investors. 

If you have any questions about this topic or anything else related to the world of real estate, don’t hesitate to give me a call or shoot me an email. I’d be glad to lend a hand.