Sacramento’s home payments are exactly like everywhere else- which can be great if you’re looking to buy a home, but can also be the nail in the coffin if you’re facing foreclosure. Statistics say that 1 in every 200 homes will be foreclosed upon- and if that’s you, you’ll want all the facts about what you’re facing.
What Is Foreclosure?
In short terms, foreclosure is when you’ve missed too many payments on your mortgage, and the bank repossessed your home. If you were renting from a landlord, this would be akin to eviction- just in this scenario, you lose an entire house that you might have chipped some of your own money into, and you’ll still need to pay off part of the missing money.
What’s the Timeline of Foreclosure?
Foreclosure changes from lender to lender, but usually foreclosures begin 3 to 6 months after the first missed payment. If you’ve only missed one or two payments, though, and you’re ignoring calls and late fees from your bank, that’ll make the process speed up a lot. When the foreclosure begins, though, you’ll receive a summons and a complaint filed against you in court. You’ll typically have about a month to either fight this, or go with it.
The Act Of Foreclosure
Once you’ve appeared in court, the judge will make a ruling, and you’ll learn what’s going to happen. The property can either be denied foreclosure or allowed to foreclose, and if it’s allowed, the bank will take repossession of the property. You’ll get a notice saying when and where the sale will be.
Before Foreclosure
Before the sentence, though, you can always work something out with your lender. Restructuring your loan or applying for a short sale are both good options- so are selling to a cash buyer like Rapido Home Buyers and looking for a reputable real estate agent to help you sell your home.