Long Beach Foreclosure
The media has made it appear that the real estate market is about to be full of foreclosure properties. In order to decide if purchasing a Long Beach foreclosure property is right for you, it might be helpful to know a little bit more about the foreclosure process. Definitions of some of the words used here have been pulled from www.investorwords.com.
When you are looking into Long Beach foreclosure property you have to know what stage of foreclosure you want to look for as an investor. A stage where many investors get involved in the process is in the pre-foreclosure stage. This stage occurs before any public notice has been filed. If an individual goes beyond 30 days without making a payment there will be a record of it. Now this record is not publicly available in a record manner. This will be available
through a Realtor® with a relationship with a title officer or there are other websites available such as realist.com that will give investors the information ahead of time. In this stage many people may have just forgotten to make a payment, have had a tough time, or may be on the way to foreclosure. Investors can help individuals in these situations with short term loans or ideas on how they can help themselves.
Notice of Default
An owner of real estate is technically in default the minute they are late on a payment. Obviously, lenders don’t start filing notices of default for anyone who is 4 minutes late on a payment. In fact, most lenders charge a late fee after being 15 days late on a payment. Notice of Default is when a lender records publicly that an owner has not paid their mortgage for 90 days. This is the first public step that is taken to let the owner know that they should seek help or become current on their payments. Once a notice of default has been recorded the home owner is running out of time to make up the difference in payments.
They may now have to pay attorney fees and their back mortgage to keep their home. Throughout this process the majority of lenders are willing to work with home owners in order for them to keep their home. Banks don’t like to own homes. They enjoy lending on them but they don’t like to own them.
We want everyone to avoid foreclosure and as a result have created a whole section on ways to avoid foreclosure and some recommended steps to take before you receive your notice of default. Please click here to our section on how to avoid foreclosure.
Notice of Sale
After the notice of default has been recorded, the notice of sale will be filed for 90 days from the date the notice of default has been filed. This is the time where if the owner has not looked for help they are in serious need of assistance.
Right of Redemption
When the 90 day notice has been filed, there is a 21 day period beyond this before the property is sold at auction. The owner still has time within the 21 days to bring their mortgage current. This is a good time to do so as if they do not they will lose their home at auction.
Please don’t wait until you have received your notice of default to seek help. Everyone runs into trouble every now and then.
And it is best to seek help. In fact we have set up a special hotline for those who think they may have trouble making their payments. You can call 1-800-798-9084 ext. 7761. We give a free list of things to do so you can avoid foreclosure. You can also call 1-888-379-9944 and one of our foreclosure experts will speak with you so you can avoid losing your home.