Tag: stop foreclosure
The Start of the Foreclosure Process in Redding CA-Short Sale Options to Stop Foreclosure
When a homeowner is unable to continue making the mortgage payments, the lender begins foreclosure proceedings.
Many lenders do not begin foreclosure until you’ve missed two or more payments. In most states the minimum number of payments that can be missed is controlled by statute.
If a homeowner is unable to pay the property taxes this also will also trigger a default situation.
There are several things that may occur in the event of default. The lender may “call” the loan by invoking the acceleration clause , making the entire loan amount immediately due and payable.
And or the lender can add late charges, penalties and other fees.
The bank is required to give borrowers notice that they have began charging you a penalty for making a late payment.
If you don’t immediately catch up on your mortgage payments, or make contact with the mortgage bank you receive a Notice of Default.
The Notice of Default or NOD.
A Notice of Default is a notice to a borrower declaring the borrower has breached material terms of a promissory note.
This notice is recorded at the Shasta County Recorder
Meet The Redding HAFA Short Sale Team
The Redding HAFA Short Sale Team was created because we are concerned with the foreclosure crisis affecting Redding, California.
Rather than just sit by and do nothing, we decided to take the team approach. That’s how we got started. We want to help families in Redding keep their wits in this difficult times.
Foreclosure is a difficult but very very real thing and devastates many families in Redding each year. However, you are not alone.
You may want to get a reduced payment thru a loan modification or do a Redding HAFA short sale.
We are here to help. Our goal is to educate you on your options.
When you have the right knowledge and the right team you will be communicate more effectively with the banks and mortgage lenders.