Question
Times have been difficult for me and my home in San Diego. I’m behind on my payments and I don’t think I can catch up. How long do I have until the bank decides to foreclose on my house?
Answer
Most notes (the “I Owe You” document that you signed with the bank when you first qualified for your loan) give the bank the right to file the “foreclosure notice” or the “notice of default” as soon as you are 30 days behind on your mortgage. While the bank has the right to file the “foreclosure notice” or set the trustee sale date (the date your home will be foreclosed on) as little as 30 days after you miss your mortgage payment, they often will not do so until you are 90 days or more behind on your payments. The bank has the sole discretion on when they want to file the sale date and all banks make this decision differently and within different time parameters.
When the official “foreclosure notice” is filed (whether it is filed after you miss 1 mortgage payment or 3 mortgage payments), there is a 91 day period of time between the filing and the actual “foreclosure sale” or “trustee sale.”
Can We Help You With A Short Sale in San Diego and Negotiate With Your Bank Before Foreclosure?
If you are facing foreclosure and are looking to short sale your San Diego home quickly, we can help you with a Short Sale specialist in your area who is an expert in foreclosures and short sales in San Diego as well as negotiating with your bank on the remainder of your loan. We also network with approximately 275 short sale experts (not just self-proclaimed, but who have actually successfully negotiated more than enough short sales to meet your needs) across the country who do their job very well. If you need assistance with your San Diego short sale listing, then let us know. Please call us at 858-707-5628.
Time is of the essence in a short sale or foreclosure negotiation. Don’t wait if you are considering a short sale. Time is fast and the next thing you know is that you have a letter of default, which often leads to bank owned property. Get help with your short sale today!
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- Why Would A Bank Agree To A Short Sale? (darrentunstall.com)
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- A Real Estate Agent I know Said Short Sales Rarely Close And Banks Do Not Approve Them (darrentunstall.com)
- Can The Bank Sue Me Or Place A Judgment Against Me For The Difference Between What I Owe And What The Home Sells For? (darrentunstall.com)
- Is a short sale a foreclosure? (darrentunstall.com)
- Do I Qualify For A Short Sale? (darrentunstall.com)
- Are There Any Tax Consequences To A Short Sale? (darrentunstall.com)
- How do I select the right team to successfully manage and negotiate my Short Sale? (darrentunstall.com)
- What If I Don’t Have Money To Pay The San Diego Realtor Commissions? (darrentunstall.com)
- Why a Strategic Default Is Never Strategic – MarketWatch (press release) (marketwatch.com)
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