How to avoid foreclosure
If you have received a N.O.T. (Notice of Trustee’s Sale) you must act quickly if you want to stop the foreclosure sale.
The problem will not go away, it will not fix it’s self.
Consult a CPA and an Attorney first. There are complex decisions you will need to make, you need to get advice from true professionals. If you need free or very low cost advice call the Hope Hotline at 888 995-HOPE or go to their webite
Hopefully you have already been trying to get a loan modification from your lenders. This is sometimes a way to reduce your payments enough that you can get back on track. Keep calling them, don’t give up.
Be careful,
There are a lot of scams targeting people in various stages of foreclosure.
Never pay someone a fee to “save you” from foreclosure.
Never sign-over the deed to your house to someone in exchange for help.
One option is to attempt to sell your home, even if you owe more than it’s worth (short-sale). If you can get an offer into the bank before the foreclosure date they will sometimes cancel or delay the foreclosure auction. It’s important to understand that this will not “save your home”. You will need to move out if you sell it.
The advantage to you is that instead of the stain of foreclosure on your credit, you will have a short-sale or debt-forgiveness. Not good, but less harmful than a foreclosure at auction.
Your foreclosure notice will have a specific date for the auction. You need to have enough time to put the house on the market and get an offer before that date. Most of the time the offer will not be enough to pay-off what you owe. It will be necessary to negotiate with your lenders to accept the lesser amount (short payoff). If they refuse, the house will go to auction and any money received will be split between the various lenders. Most of the time only the 1st loan will get anything.
I am a Real Estate Agent, I help people buy and sell homes. If selling quick is a good (less bad) solution for you please call or email to see if I can help you. I help people almost anywhere in the San Francisco Bay Area, particularly in the East Bay.
If you need a great Realtor outside of my normal area, I will help you find one at no cost.
There is no up-front cost to you. No fees, no gimmicks.
I get paid only if I successfully list your home, find a buyer, stop the foreclosure, and complete the sale to the Buyer. In a short-sale the Realtors commission is a percentage of the final sales price.
If your CPA or Attorney tell you to try a short-sale, I would appreciate a chance to earn your business.
Eric Haggin
925 388-6462
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