Auctions and Foreclosures

Have you ever been to a property auction? 

It can be very exciting. Opportunities also abound for short sale purchases and for foreclosures. 

The foreclosure process means you are dealing with the bank. Following is a summary of the steps before foreclosure where there are opportunities to help a homeowner and buy a property for yourself.

Foreclosure process:
The lender decides when to start:
1. NOD---Lender files 30 day Notice of Default on a property (note a new senate bill gives an additional 30 day respite to you if you bought your home between 2003 and 2007).

2. Lender needs to wait 3 months -- giving this time to homeowner

3. NTS Notice of Trustees Sale - -posted for 20-31 days(IRS rules keep it at 31 days mostly).

It adds up to about 3 months.

4. Owner can pay off entire loan up to 5 days before that final Trustee sale!!

On the Westside many areas start the month with NODs. Few end up that way.

Procedures are also in place to help buyers jump in and keep a homeowner from ruining their credit rating.

I am happy to help anyone who needs a hand!