• If you are a California homeowner receiving notices of default, you are not only at risk of losing your house, but also your hard earned equity as well
• By understanding the foreclosure timeline and foreclosure options in California, you are putting yourself in the best position to stop foreclosure
• If you are receiving home foreclosure notices in California, take action to stop foreclosure and contact Fair Sale Homes

If you’re in the unfortunate position of facing Foreclosure on your California home, it’s important to act swiftly. Foreclosure is a legal process that occurs when a homeowner fails to make their mortgage payments and the lender decides to take possession of the home. Every state has its own laws and regulations regarding foreclosure deadlines, so it’s essential to understand the specifics of your situation, how much time you have, the available options, and take prompt action.

Foreclosure Timeline for Homeowners

Although no one wants to go through foreclosure, understanding the timeline for home foreclosure can make the process easier to navigate if you find yourself in this situation. When is it too late to stop foreclosure? In the United States, there is a standard timeline for foreclosure, with various stages and notices sent out by the lender. Knowing this timeline can help you understand your options and avoid losing your home. Three years ago, the question was, “How do I stop foreclosure during COVID-19?” With COVID-19 no longer a major issue in the United States, you’ll still want your answer to the question, “When is it too late to stop foreclosure?”

The foreclosure timeline typically begins with missed or late mortgage payments. After three months without payment, the lender will send out a Notice of Default (NOD), which informs the you, the borrower, that they are in default on their loan and must repay what they owe within a given period of time (usually 30 days). If no action is taken by the borrower, then after 90 days the lender will issue an Acceleration Notice (AN). This notice states that the entire balance of the loan is due immediately, and that the foreclosure process will begin if it does not get paid.

The next step in the timeline is for the lender to file a Notice of Sale with the county courthouse. This document typically gives 21 days’ notice to all parties involved in the foreclosure proceedings before a sale date is set. On this date, an auction is held and the house can be sold to a third party. If no buyer is found at auction, then the property goes back to the lender.

Options for Homeowners To Avoid Foreclosure

At any point during the timeline, there are foreclosure options available for you, the homeowner, who is facing foreclosure. It’s important that you as a California homeowner are aware of your options during each stage of foreclosure so that you can take timely action to save your home from being lost forever. Below are some of the foreclosure options which include entering into a repayment plan with your lender or applying for a loan modification. You may also be able to file for bankruptcy, refinance their mortgage, or pursue a short sale.

How does refinancing a mortgage save a homeowner from foreclosure? Refinancing a mortgage may enable you to reduce their monthly payments and/or get lower interest rates, both of which will help you better manage your finances. Check with your lender for options on loans to stop foreclosure.

How does applying for a loan modification help a homeowner from foreclosure? A loan modification is when a lender agrees to permanently change the terms of your mortgage loan to make it more affordable. It can lower monthly payments, reduce interest rates, or extend the term of the loan. A loan modification is different from a repayment plan, which is short-term solution to get current on missed payments due to temporary borrower hardship.

How does filing for bankruptcy help a homeowner during home foreclosure? Bankruptcy can provide immediate protection against foreclosure and give you the time needed to catch up on your payments. It also prevents creditors from continuing their collection efforts until the bankruptcy is resolved.

How does a short sale save a homeowner from foreclosure? A short sale is when a home is sold for less than the amount owed on the mortgage. This allows a you to avoid foreclosure and the associated costs, fees, and stigma.

In addition to the options above, check with the State of California on foreclosure assistance grants, HUD foreclosure help, or other government help for you to stop foreclosure.

Do Not Ignore Notices of Home Foreclosure

No matter what stage of foreclosure you may be facing, it is important that you do not ignore notices from your lender or any collection attempts made by creditors. Instead, it is recommended that you review all documentation sent to you very carefully, keep copies, and speak with a housing counselor or lender about your foreclosure options to avoid losing your home.

Take Action. The sooner you take action, the more likely you are to be able to keep your home. It is important to explore all of these options and take action as soon as you can if you are facing foreclosure. Doing so will give you more options and potentially more time to save your home. If you are in danger of losing your home due to foreclosure and would like some advice before you call your lender, contact Fair Sale Homes right away. We’re here to provide information and assistance throughout the whole process.

Contact Fair Sale Homes For More Options

At Fair Sale Homes, we understand how important it is to protect your family and preserve your credit rating by avoiding foreclosure. We have experienced professionals in California who can help you navigate the complexities of the foreclosure timeline, explore all of your options for avoiding foreclosure. Get in touch with us today to learn more about our services and how we can work together to prevent unnecessary heartache and financial loss due to foreclosure.

Along with our partners at Mr. Property Buyer, specialists in negotiating with lenders and helping you get the best outcome from your foreclosure situation, we’ll work with you to exhaust all options. If for whatever reason, time is running out of your foreclosure timeline with your lender, Fair Sale Homes can also introduce you to our in-house professional real estate buyers who can can assess your situation and help you sell your house fast in California. Whether you are in financial distress, selling real estate, or buying real estate, Fair Sale Homes would love to help you achieve the best outcome possible and achieve your goals. Contact us now at (626) 863-7006!