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Foreclosure
At CITYWIDE DYNAMIC REALTY, we understand how devastating and trying a foreclosure can be. That is why our focus is on helping property owners facing foreclosure or other financial difficulties find the best alternative solution there is. We provide them with multiple options to resolve their current financial situation including refinancing of the current mortgage or sale of the property. And, in the unfortunate event of a foreclosure, we can also assist them get a fresh start.
Some of the options available to the borrower might be:
- 1. REFINANCE - This is possible if there is a substantial equity on the property.
- 2. SELL FAST - The objective is to cash out the maximum amount possible.
- 3. SHORT SALE - This involves paying off the current mortgage at a discount as approved by the lender.
FORECLOSURE TIMELINE
Foreclosures in California are processed in a non-judicial manner. This means that once any monthly mortgage payments are missed, the lender may immediately commence foreclosure proceedings against the homeowner on the following timeline:
| Day 1 |
Record Notice of Default |
| Within 10 business days |
Mail Notice of Default |
| After 3 months |
Set sale date |
| 25 days before the sale date |
Send Notice of Sale to IRS |
| 20 days before the sale date |
Publish, post, mail Notice of Sale |
| 14 days before the sale date |
Record Notice of Sale |
| 7 days before sale date |
Trustee cannot sell for 7 days after expiration of court order |
| 5 business days before sale date |
Right of borrower to reinstate ends |
| Sale date |
Sold at Trustee's Sale |
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CONTACT INFO
