WHAT SHOULD I DO?
One of the worst ways to loose a home is through foreclosure. It absolutely trashes your credit - for ten years. It is embarrassing to have the Sheriff at your door serving papers and it is published in Redding newspapers with your name and address and the amount of default. Yes. Foreclosures are published in the Redding Record Searchlight. It is embarrassing, demoralizing - and, most of the time, completely avoidable.
It is avoidable because the lender really does not want to own real estate. It is expensive for them to take a house, and resell it. They’d rather that you do it. But, you must have a team on your side with the ability to speak their language. With the ability to put together the paperwork needed to end up where YOU want to end up. We need to convince them that a foreclosure is not in their best interest, we need to show them a better way - your way. "The Banker" is not stupid - they won't allow a sale of 'pennies on the dollar'. They want (and will get) fair market value.
It is our job to convince them that there is a better way for them. Lenders have become MUCH more cooperative with loan modifications recently. We will help you put that together too.
OK, SO I’M BEHIND IN MY PAYMENTS, WHAT NOW?
Real Estate Foreclosure situations occur for a variety of reasons. Family death and illness, divorce, and job loss are just a few of the reasons we have seen. But it is important to realize that everyone falls - bad things happen to good people. And, it doesn’t matter whose fault it is.
Everyone has made a bad financial decision. From Donald Trump to the guy living in a homeless shelter - everyone has made a bad financial decision some time in his or her life. Truth be known, Mr. Trump has probably made more bad business decisions than the guy in the homeless shelter. The difference is how they handled the problem after the bad decision was made. It is important to begin the healing by early diagnosis, and rapid and sometimes radical treatment.
Probably the most important thing to do is: Pull your head out of the sand. It is an emotional time, but you MUST look at the situation in a businesslike manner. “Maybe that dream job will come next week, maybe I’ll hit the lottery, maybe the real estate market will improve soon …” Do not fall into the denial trap. Tomorrow is too late. It will devour you. If you are behind in payments you have to do something. Right now.
You have to get to work to prevent a foreclosure so that in a couple of years you will be able to get back on your feet.
And the first step in avoiding foreclosure is to give us a call. We will come to your home, do a Brokers Price Opinion and then do a complete analysis of your situation. We can give you options and explain all of the ramifications of your decisions. This pre-foreclosure analysis is free, and there is no obligation. We don’t ask you to sign anything, or spend any money (we know that if you had money, you wouldn't need to call US - right?). It is not a time for hard sell - we just give you information and speak frankly about the situation, what our plan would be to make it better and give you all of the ramifications. From there the decision is yours. And the first step is to make contact, put us to work. Contact us by CLICKING HERE , filling out the short form and watch us go to work.
We will sit down with you, listen to the problem, discuss possible solutions and make a plan.
Remember the goal: save your future and prevent foreclosure.
And, HOW MUCH DOES THIS COST ME?
Nothing. Ever. The bank (your lender) pays us - or we don't get paid. It is just that simple. We will never ask you for money - and don't trust anyone that does.
What should I NOT do?
- Ignore the problem.
- Pay ANYONE up front fees for service.
- Move out, or abandon the home.
- Sign a quit claim or deed the home to anyone without an attorney looking over the paperwork.
WHAT ARE THE ALTERNATIVES?
There are many. There is the possibility of redeeming the note. That is, getting it caught up. Sometimes the lender will allow a renegotiation of the terms. Sometimes the bank will allow you to do a “Deed in Lieu of Foreclosure”, that is, signing the home over to them so they don’t have to foreclose.
If you have come to this website by invitation - that is a postcard or a letter, time is NOT on your side. Most likely, a Notice of Default has been filed - and we need every hour of the time that's left.
IS IT POSSIBLE, THAT AFTER IT’S ALL OVER, I STILL OWE MONEY?
The answer to that depends on many things. There isn't any one answer. Usually the bank will completely forgive the deficiency. There have been changes (December of 2007) that will, in most cases, completely eliminate the need to declare the forgiven loan as income. There are exceptions and you are advised to consult a CPA, but in almost all cases, the forgiven amount of the loan is NOT considered income.
Sometimes it is actually better to owe the bank a few bucks to settle the short amount. At least the bank is used to taking payments on money it’s owed. The other alternative is to allow the bank to foreclose, and then there is no deficiency judgment (they won’t try to collect the difference). But, the bad news is that you are in Credit Hell for the next ten years.
Let’s say that the bank wants a deficiency amount. We negotiate payments of $100 per month on that, and in a couple of years it’s all paid off and your credit is good again. You are on your feet, the job is doing well -- renting is still a waste, so you decide to buy a home. And you probably can.
On the other hand, if you walk away and the bank takes the house, you do not owe them anything - and you are not paying $100 per month. And you will be a renter for the next ten years. Period. You’ll pay more for auto loans and credit cards (IF you can get them). To ‘save’ a grand a year, you’ve shredded your credit. Does THAT make sense?
Now, we are not CPA's. We are not lawyers. We can't give you advice about what effect any of these actions will have on your taxes or future liabilities. As we get deeper into your specific situation we will probably refer you to the proper experts to address those questions properly.
But, for right now ...
YOU NEED TO CONTACT US
Chuck or Marian Pierce
ERA Select Properties
1110 Shasta St.
Redding, CA 96001
(530) 275-2600 office
We are not always in the office. Actually, most of our work is outside of the office. If we are not in when you call, please leave a message and I promise I'll give you a call back - I always return calls promptly. My email address is chuck@shasta.com and you can often reach me in the office at 275-2600. CONTACT US .
To the reader of this website:
I purposefully made this website very simple. It's that way for several reasons. You
are here, probably, by invitation. I doubt that the reader found this site by going to
a search engine. We only invite about a dozen people a month here; people that
we think we can help, so we wanted to make it more like a conversation than a pitch.
See, we don't have a whole lot to sell, our services are paid for by the lender, or
the buyer, so it costs you nothing. You either see the value in what we offer, or you
don't. You either need and want our help, or you don't.
Flashing pictures of our smiling faces won't make any difference in your decision.
Marian and I have lived here in Redding for almost 20 years. We are your
neighbors. We see our clients every day - at the grocery store, at the gas station,
at Jacks. Our clients become our friends, family.
If you need our help - we can usually help. If you don't need our help - good.
Chuck
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Foreclosure timeline:
* Day 1 Record "Notice of Default" Within 1 Month Notice of Default is mailed to all interested parties, pursuant to California Civil Code 2924(c) .
* After 3 Months At the end of 3-month, prepublication period, the Lender can then instruct the Trustee to set a sale date. 25 Days.
* Prior to Sale Date Notice to the IRS must be given, if required At Least 20 Days Prior to Sale Date Publish Notice of Sale, post.
* Notice of Sale Mail Notice of Sale Within 10 Days from first publication of Notice of Sale Send beneficiary request for property directions.
* 14 Days Prior to Sale Record Notice of Trustee's Sale
* 5 Business Days Before Sale Date Right to Reinstate expires Sale Date Property is sold to highest bidder.
In California it takes about 112 days to complete a foreclosure.
From the day you get your Notice of Default the clock starts ticking.
Sometimes we can stop the clock.
But, don't wait until the 110 th day to call us.
Please, do yourself a favor, and give us a shot.
We can usually help - and the more time we have, the better your chances.
Call us for a free, no obligation meeting.
We don't judge, or blame or shame people.
We just discuss business.
We talk about your options.
You make the decision.
Chuck Pierce
275-2600
Contact us - what do you have to loose, except a lot of worry?
CLICK HERE and get the facts. It's the first step to freedom.
Take it.
Chuck Pierce DRE # 686664
Marian Pierce DRE # 1704467
ERA DRE # 1058271
Copyright . ERA Select Properties. All rights reserved.