Re: california foreclosure
Posted by kelly on March 26, 2008 at 10:44:06:
In Reply to: Re: california foreclosure
Posted by notcrazy on March 25, 2008 at 17:33:29:
do you want to save the home? Or do you want to know how to stay as long as possible?
Save the home- if you have saved money during this time of "non home payments". Call the home retention team and ask for a "forbearance". In return the lender will want some money from you (good faith) to show them you really want to save the home. The lender does not want the home. I don't know what initially caused the problem. Hardship, loss of job, payments increased, etc? Give the lender the facts.
now the stay as long as possible scenario- if you contact the lender and tell them you have "come into some money" the lender will usually push out the sale date for a month at a time. This is not a cure, but you can stay longer. I have pushed out trustee sales for months doing this for clients. The lender will still want to see in writing a solution. Offer a payment you can afford, offer to list the home as a short sale with one of the lenders approved REO specialists.Otherwise if you do nothing, many times the trustee sale gets pushed out for a week to a month at a time because the lender is so backed up with cases. The only way to know this is on the day of the sale get your trustee sale paper. On the bottom of the sale paper will be a contact number. This is an automated system, punch in the case # and it will tell you if the home went to sale, or if the home has been rescheduled for another date. If the home sells or not, you will be served a 30 day notice from the sherrifs office. To delay for more time, reply to the courts on this notice, usually 29.00 fee to file. Again the courts and the banks are so backed up, the court will schedule a "new day for hearing" this could be 1-3 months out. This will buy you more time. If the home doesn't sell, the REO agent will probably offer you "cash for keys" it's not much money but it's something. Did this help? Did I miss any questions you had?
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