您需要瞭解止贖的 7 件事

You’ve fallen behind on your mortgage and now you are receiving mails, telephone calls and even personal visits regarding your house in foreclosure- what do you do?

At Law Offices of Steven P. Chang we are attorneys specialized in helping consumers in your situation deal with debts, credit cards, collection, garnishment, repossession and other issues. We have compiled the following collection of facts you should know about the foreclosure process and how to best help you and your family or your loved ones if you are faced with foreclosure.

First, banks do not want to foreclose on a home. The bottom line is that a bank has a better chance of recovering the debt from the current owner than it has a chance of not losing money throughout the foreclosure process. Banks are not in the business of foreclosing mortgages; they are in the business of lending money. Therefore, the bank does not want to foreclose on your home and will make every possible effort to notify you that they need your help to work through delinquent payment issues. You’ll likely receive notices in the mail, some which are registered or certified so that the bank is sure you got them. The bank will also call you at home as well as at work and every other number that they have in attempt to make some sort of payment arrangement with you to reconcile the debt. However, you should try to find professionals to deal with the banks on your behalf. The savings you will receive by engaging an experienced attorney is tremendous. For example, most recently a client saved over $81,000.00 in eliminating his second mortgage and was given time to catch up on the first mortgage by utilizing and engaging in Law Offices of Steven P. Chang, a consumer law group.

Second, you should know how long you have in a non-judicial foreclosure in California. Please remember, every case is different and you should consult Law Offices of Steven P. Chang immediately should you have question instead of relying on these article or reports which are written for general information. Generally, when you are behind on your mortgage payments, the lenders will first send you what may seem like threatening letters. If you don’t respond to these calls and letters, within a few weeks or few months the foreclosure process will commence. The first thing the bank will do is send you yet another letter to let you know that they have begun the foreclosure process. Again, unless you simply do not read your mail, you’ll know that the process has officially begun. Around this time you might start getting even more mail and you won’t be able to deny what is happening. You might get letters from lawyers encouraging you to file for bankruptcy to save your home or you might get letters from investors wanting to buy your house from you before the bank forecloses. You might walk out to your mailbox every day of the week and find it stuffed full of correspondences from your lender, investors, and lawyers. All of these people want to help you, so you will definitely know what is going on. With so many attempted correspondences, it will be hard if not impossible to deny what is going on. You don’t simply wake up one day and find that your home is being foreclosed on. So, call the bank and make some payment arrangements with them, file for bankruptcy, or even sell your home so that you don’t have the foreclosure on your record. The thing is, foreclosure doesn’t happen fast so you’ll have time to do any of these things.

Third, right of redemption. In California there is no statutory right to redemption. There is however, a redemption period, and is often overlooked by foreclosure victims who are receiving hourly calls from collectors. Too many homeowners in this situation ended up abandoning their homes and looking for a fresh start. The redemption period is granted to homeowners by state law and gives them additional time to live in the property, without the danger of being evicted. The bank cannot continue with the foreclosure process during this period of time. The exact terms and length of time of the redemption period is determined by the state foreclosure laws, and not all states have a redemption period.

Fourth, many lenders are willing to accept partial payment to reinstatement the Mortgage. In a recent phenomenon, many lenders are willing to accept partial payments or renegotiate your mortgage in lieu of foreclosure.

Fifth. Day of the Trustee Sale. The sale is conducted by the lender's representative at the scheduled time and date. The high bidder must immediately pay the full winning bid amount by cash or certified check and receives a trustee's deed once the sale is completed. The lender will usually bid on the property for the amount of the due loan balance plus costs. Ownership of the property reverts to the lender if there are no other bids.

Sixth. After the Sales (What is anti-deficiency) In a non-judicial foreclosure, which is the most common method of foreclosure in California. The lender can not sue the borrower for a deficiency judgment, and the borrower has no right of redemption after the sale of the property.

Seventh. Solutions. a good attorney is actually your best solution. Sometimes giving up the house may be the best solution. Sometimes a combination of different strategies is what should be utilized to help you and your loved ones. Only an experienced consumer law firm like Law Offices of Steven P. Chang with its specialized bankruptcy and consumer attorneys can help you determine the best course of action.

Time is of the essence.

If there is a better alternative, we will fight for you to get it. Our FREE evaluation and consultation will give you that peace of mind you seek.