Let Shahla's over 20 years of experience work for you in this Real Estate Market
What does Foreclosure mean?
- Foreclosure is a process initiated by a creditor to repossess a property in which the owner failed to keep up with the mortgage payments.
- Foreclosure involves proceedings in which the lender legally terminates the owner's right to both the title and to paying off the remaining amount of the loan.
- Foreclosure occurs when a lender pursues its lien on a property. Foreclosure action generally begins after the owner has failed to pay the mortgage for a few months. Parties are then allowed to bid on the property as part of the foreclosure sale until the title is transferred to the successful bidder.
Your Rights and Options During Foreclosure:
There are several stages during the foreclosure process in which the property owner has the opportunity to avoid foreclosure.
After a few months -- usually between 3 and 6 -- of missed payments, the lender orders a trustee (the lender’s approved agent) to record a Notice of Default (NOD) at the County Recorder's Office. This puts the borrower on notice that he or she is facing foreclosure while initiating a period in which the borrower can be fully reinstated as the owner. This period typically lasts up to five days before the home is auctioned off.
If you are a homeowner who is in the process of a foreclosure, please call Shahla. In many cases, foreclosure can be avoided. Shahla will talk with you about your circumstances and provide a consultation apprising you of your options. The consultation is 100% confidential and FREE.
Going through a foreclosure can seem very difficult especially when you do not have an advocate skilled in serving your needs and wishes. Please contact 619-920-4136 or homes@newrealestatemarket.com for a free evaluation. Let Shahla's skill and experience work for you.
Definition of Shortsale:
A short sale occurs when the borrower asks the lender to accept a discounted amount -- instead of the full amount -- of the loan. In this case the lender agrees to release the property's lien upon receipt of less money than was previously owed.
Who is qualified to short sell his/her property:
Hardships occur when unexpected circumstances -- such as a sudden sickness or the death of a family member or the loss of employment -- make it difficult to pay your mortgage premiums. Hardships may qualify you to short sell your property.
- Is your home upside down?
If your home is worth less than what you owe on it, it is considered upside down. An upside down home may qualify you to short sell your property.
- Do you have any money to make your payments?
Not having enough money to use towards your mortgage payments may qualify you to sell your house at a shortsale price. Please contact Shahla at 619-920-4136 or email homes@newrealestatemarket.com for more information.
