San Diego’s How To Prevent Foreclosure Guide
San Diego Homeowners-How To Prevent Foreclosure
Being involved in a foreclosure is not a pleasant experience for anyone. However, with the right knowledge you will be better prepared to protect your interests and save your home from the foreclosure process. I must also emphasize that I am not an attorney and any advice or information that is provided from this blog should not be construed, relied upon as legal advice. Foreclosure attorneys charge on average $150-$200 dollars per hour and it may be the best money you could spend.Now that the disclaimer is out of the way. We should take a look at the various types of foreclosures there are and depending upon your state and the type of foreclosure you may face.
The first type of foreclosure is a Judicial Foreclosure-
When you purchase a home you are signing a security instrument. This legal document is between you and your lender. If you default on this type of agreement, the lender will have to appear before a judge. The judge will order your home sold, unless you can convince the judge that your home should not be sold. One way would be that you could show the judge that a loan modification San Diego homeowners program would allow you a means to make good with your current loan and that you could afford the new loan workout payment program.
The second type of foreclosure is a Non-Judicial Foreclosure-
The security instrument in this type of foreclosure is usually a deed of trust. A trust consists of 3 parties, the trustor is the borrower, the trustee is the third party who looks after the lenders interests of the bank, and the beneficiary is the lender. The trustee handles the entire foreclosure process, or they use a substitute trustee to handle the process on a county or state level.
After the foreclosure process has concluded a number of states allow:
“Redemption.” The redemption period allows you to pay all past due payments, penalties, legal fees to re acquire your home. Check your local and state laws for the time allowed to redem your home.
If your home sells in after the foreclosure and the home sales proceeds are for less than what was owed on the original mortgage or loan. The lender can sue you for a deficiency judgement for lenders loss-the difference of what was owed and the funds received from the sale. The judgement will be recorded in your county’s public records . You will have difficulty purchasing another home until this judgement is paid off or settled.
Do you have ANY idea what to do next?
Being in foreclosure is scary ordeal for anyone to go through. If you would like a free report that will guide you with how- to-stop-the-foreclosure process you can click here to get it: Free Guide To Prevent Foreclosure.
