Hello! I want to officially introduce myself — I’m Nancy Celis, your real estate specialist in the San Gabriel Valley Area.
When we emerged from the pandemic, many homeowners have been left in challenging financial situations. Navigating the foreclosure process can prove stressful and identifying alternatives to foreclosure can be tricky.
Many homeowners have equity in their home still, what that means is your home can likely sell for higher than the judgement left on the home. If you leave your home to go into foreclosure you may not have claim to your equity.
You have several options that can help you make the best choice for you and your situation. Time is of the essence.
LET'S GET STARTED
What is the Foreclosure Process
Let’s start with the basics. You’ve heard the term and maybe received a notice that references the term. But what exactly is foreclosure?
Foreclosure is a process. It involves a lender taking a homeowner’s property because the homeowner failed to make agreed-upon payments or otherwise violated the mortgage contract.
How Long Does a Foreclosure Take?
The time it takes from missed payments to having a home foreclosed on and sold can vary significantly depending on the individual case and whether you opt to contest the foreclosure. Without contesting the foreclosure, it can take up to 15 months before the property is no longer yours.
What’s the Foreclosure Process and Timeline?
30-60 days late: missed payments prompt contact from the lender.
60-120 days late: automatic mortgage loan default.
90 -120 days late: lender provides a breach letter.
120-175 days late: homeowner receives service of a mortgage foreclosure summons. 230 days late: without a response, the court enters default judgment.
260 days late: right to reinstate the loan expires.
7 months after being served or 3 months after judgment (whichever is later): right to redemption expires.
10 days before sale: receive written notice.
15 days after property is sold: an eviction notice is entered.
30 days after property is sold: you may be forcibly evicted.
