This page is intended to give you information and suggestions on what you may want to do and places you may want to check for help. Please realize it is your responsibility to thoroughly check the debt relief specialists listed here to see if they can assist you in a way that is satifactory to you.

If there is no other way out for you please keep this in mind. Depending on your specific circumstances, we may be able help save you from the foreclosure and provide you with homeownership again.

If you have any further questions after reviewing this page and the question page, feel free to call or email us at fred@coastalartisanproperties.com. We love to help whenever we are able. 805-458-2449.

If you are facing a foreclosure or have already received a NOTICE OF DEFAULT there is a timeline the lender must follow.

  1. 1. A lender can record and file a Notice of Default after the borrower is only 1 day late. This is generally not done unless a balance is due or a balloon payment is due that is not paid.
  2. 2. Within 10 business days they mail and publish the Notice of Default.
  3. 3. Within 1 month the Notice of Default is mailed.
  4. 4. After 3 months the sale date is set for the home.
  5. 5. If necessary, I.R.S. is notified 25 days before the sale date.
  6. 6. The Notice of Sale is recorded 14 days before the sale date. If court action is a part of the process this may be 7 days.
  7. 7. Your right to reinstate the loan expires 5 days before the sale date.
  8. 8. On the sale date the property is sold to the highest bidder.

These sales from non-judicial foreclosures can be held on any business day Monday - Friday, 9:00 am to 5:00 pm.

It is important that you know a bankruptcy may not protect you from a foreclosure. There are ways a lender can proceed with a foreclosure.

Non-judicial. This is the most common. The lender must settle for whatever the property sells for at auction. Under this type of proceeding, the lender may not come after you for the difference between what you owed and what they received. This is commonly known as the deficiency amount.

Judicial This type of foreclosure involves court action. This action is generally used when a principal balance or a balloon payment is overdue. Although this proceeding may take more time it allows the lender to come after the borrower for the deficiency amount. The only exception to this is if the loan was specifically for the property purchase. If the loan was refinanced, the protection from the lender is removed.

Some problems paying the mortgage are short term. If this is the case the lender may, but is not obligated to, give a temporary reprieve from payments and attach them to the end of a loan. I would encourage anyone in this position to contact their mortgage lender to see if they will work for you. Many do not realize the lender does not want the property back. It becomes a non-performing asset on their books. They may opt to work with you in every possible way rather than take the property back and a loss with it.

There are many companies that help people with their unsecured debt. This would be general credit cards, department store credit cards, personal loans, etc. If you have a big debt on credit cards, it is possible they may be able to reduce the amount you pay by consolidating the amounts. You can then apply the extra money to your mortgage. Before agreeing to work with a debt relief specialist, make sure you are not being led directly into a bankruptcy. Although I do not recommend this as an option, some do. If you choose this avenue make sure you are aware of the long term consequences before you agree to it.

Below are 4 avenues where you may possibly find help with debt relief. Some help only with unsecured debt whiles others help with all kinds.

  1. 4dra.com
  2. debtreliefusa.org
  3. startovertoday.com
  4. oprah This is all that is needed for Oprahs site. Make sure you pick her OFFICIAL SITE. There are several options and areas to choose from.

The following are places to direct your questions if you think a loan agency is not abiding by the law concerning your situation

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