Notice of Default
If you've been given of a Notice of Default it is time to take action.
For many, the best option, when served a Notice of Default,
is a Short Sale.
If you have just received a notice of default now is the time to take action.
A Notice of Default is filed against one who has not made payments for a banks given length of time, usually 90 days, and for some, as long as one year.
You have approximately 111 days from the date of notice of default filing until they will come knocking to remove you and your belongings. Perhaps a week longer, but after the 111 days of being served your notice of default, you do
not want to be caught in the situation where your belongings are not
Now is the time to get motivated to do something about it. The clock is ticking. You have some options and the time to wait and put it off is over!
If you are served a notice of default, your first call should be to a
Real Estate Attorney and a CPA, prior to calling the bank,
You may be able to work out some sort of a deal, as long as you can
make a payment to them. You should ask for a Loan Modification.
Approximately 4% actually go through.
If you can now afford to make your payments, after you have been
served a notice of default, you can ask for a delay of payments but this
may not happen unless you have a great reason...
"I was laid off", or health reason and "NOW I AM BACK TO WORK".
If you have been served a notice of default, and you can not afford to
make your payments and you want out, you should list your home for sale
Real Estate Broker and have your Real Estate Broker negotiate with
your bank on your behalf in an effort to sell your home in a Short Sale.
For many a Short Sale is the best option.
It needs to be said that not all Short Sales go through. However, if you have tried the Loan Modification, and a short sale and neither worked, at least you, unlike many, have tried to save you and your family from financial ruin.
It is wise to consult with a Real Estate Attorney and a Financial planner as
well. You may want to save the "Bankruptcy Card" as a last result way down
the road when all else has failed.
Every Short Sale is different and no one can guaranty results.
Every bank handles Short Sales differently, and everyone's financial situation, and hardship is different.
SAVE YOUR CREDIT!!!
The Advantage of doing a Short Sale over a foreclosure is saving credit.
For many, your credit is also important to get or keep work, insurance, cars, anything. If you have a security clearance and you get foreclosed upon,
you will loose your security clearance.
Another advantage of selling your home as a short sale, as opposed to foreclosure is the public eye and the impact on you and your family.
In doing a Short Sale, the bank pays for much of the closing costs, property taxes, real estate brokers commission, etc.
If all of the people on title to your home are present and can qualify for
short sale it may be wise to short sell your home.
In order to Qualify for a Short Sale each must prove financial hardship
( "I cant afford it" ) to the existing lender(s) on the home. Usually within
4 or 5 months your home can be sold to a new family looking to buy a house.
This sale can be done quite discreetly as well.
It is wise to consult with a Real Estate Attorney and financial advisor.
Call on So Cal Homes Realty at (951) 821-8211
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CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE 01312992