Knowledge truly is power, and educating yourself about a subject unfamiliar to you can help remove the fear of the unknown common to borrowers who find themselves facing the possibility of foreclosure. If you are struggling to make your house payments, taking steps to understand the process will help you plan your moves instead of allowing a foreclosure to happen to you.
Being forewarned is to be forearmed, so here are four things you need to know about foreclosures in Northern California.
The first thing you need to know about foreclosures in Northern California is that it is best to act while you as the borrower are still in the pre-foreclosure stage of defaulting on your mortgage and the lender is just beginning legal steps towards repossessing your home. What you should not do is bury your head under the covers and hope this problem goes away. The communication from your lender will keep coming; while it may be uncomfortable, discomfort is where growth occurs. Therefore, there is no time like the present to tackle the troubles with your mortgage payments head-on. On the other hand, if you are aware that your circumstances have permanently changed and that you will not be able to stop the procedures by catching up on your payments, you need to act. One option is to attempt to arrange new financing. Another option is to sell the home to a direct buyer like those at Norcal Home Offer. Unlike with a traditional listing where you’re left to hope for a buyer, we offer guaranteed closing dates, typically in a matter of days.
In essence, once a borrower reaches a predetermined number of missed payments, a foreclosure is the formal legal action taken by the lender to collect the debt for the property. While you will be able to remain in the house until the foreclosure is final, at that time, if you have not yet moved to a new residence, you will face eviction proceedings. So the next thing you need to know about foreclosures in Northern California is that you now have very little time left to remain in control of what happens to your future. While no one likes to ask for help, it is time to reach out to someone experienced in dealing with properties in foreclosure. Professional investors like the experts at Norcal Home Offer will detail every figure used to reach their offer that you will agree is fair. You can forget about all the prepping, repairs, and marketing expenses, not to mention the commissions with a traditional listing. You can start sleeping again at night because a direct sale is for your property as-is.
An important fact you need to know about foreclosures in Northern California is that they stay on your credit history for seven years. Not only will this affect the amount of interest you will pay on any credit you qualify for moving forward, but it could affect your ability to obtain housing and even some types of employment. In addition, while any remaining equity after the sale of the property at auction would still be yours, it will likely be quickly dwindling between late fees and the fact that the bank will accept the lowest appraisal value and bids that are as low as 90% of that value. Additionally, you will be responsible for the expenses of the foreclosure. Sadly, on the other hand, you may still be left owing the lender any remainder of the debt on the mortgage, known as a deficiency balance. Additionally, you will face tax consequences; when a forgiven debt is considered income. A direct sale to a professional investor like those at Norcal Home Offer will save you from all of the costly consequences of foreclosure.
Norcal Home Offer
Don’t hesitate another minute! The professionals at Norcal Home Offer understand that circumstances change beyond our control, and they have years of experience helping people just like you who were facing foreclosure in Northern California. The offer you receive from Norcal Home Offer is for cash, and there are no commissions or hidden fees or closing costs to come off the top at closing either. If you still have time to list your home on the traditional market, the professional investors at Norcal Home Offer will detail the costs of listing FSBO or with an agent vs. a direct sale and show you how much you would earn with each sales method. So then, even if you have delayed taking any action, and a foreclosure is a matter of weeks away, it’s not too late. If closing in a matter of days is a little too fast for your plans, Norcal Home Offer is flexible on the closing date, so you can close and move out when you’re ready. By working with Norcal Home Offer, the only thing you have left to worry about is moving. Contact Norcal Home Offer today at 530-364-5565 to learn more.
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