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With Pam Barbato and Lorena Wilson |
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The Foreclosure Process...
Note: The following is a generalized breakdown of the foreclosure process.
Stages of ForeclosureThere are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period. The foreclosure
Trustee Sale typically occurs on
the steps of the county courthouse in which
the property is located. The time
and location of this sale are designated in the Notice of Sale.
At the
Trustee Sale, the property is auctioned in public to the highest bidder, who
must pay the
high bid price in cash, typically with a deposit up front and the
remainder within 24 hours.
The winner of the auction will then receive the
trustee’s deed to the property.
Foreclosure AuctionAt auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
Once the opening bid is not met and the lender gains possession, the property is deemed an REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. ****** When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase an REO aka. Bank REO, you will typically receive the property with a clean title.
Pam and Lorena's
REO Home Tours Proudly Serves the following Southern California Cities:
Alhambra, Altadena, Arcadia, Azusa, Baldwin Park, Beverly Hills,
Brentwood, Burbank, Century City, Chatsworth, City of Commerce, City of
Industry, Claremont, Covina, Culver City, Diamond Bar, Duarte, East Los Angeles,
El Monte, Glendale, Glendora, Hacienda Heights, Hollywood, Irwindale, La
Puente, La Verne, Los Angeles, West Los Angeles, Monrovia, Montebello, Monterey
Park, North Hollywood, Pasadena, Pico Rivera, Pomona, Rosemead, San Dimas, San
Gabriel, San Marino, Sierra Madre, South El Monte, Studio City, Sun Valley,
Temple City, Van Nuys, Walnut, West Covina, West Hollywood, Westwood, Whittier,
and many more cities. |
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For more information Contact: Pam Barbato and Lorena Wilson * 626-303-3279 ext 11 * Email: REOHomeTours@msn.com |
