With the increasing number of homeowners being affected financially by the nation’s economic crisis, we’ve assembled some useful tools to help homeowners like you understand more about the foreclosure process and some other options that may be available to you by working with your bank.  We’d be happy to sit down with you and call your bank to help determine which options may be available in your particular situation.  Then, when you know your options it is advised that you consult with a tax accountant or attorney that can help determine which is the best option for your particular situation.  We can be contacted at 530.222.4227 if you’d like assistance!

Before starting your research the handout below will help you learn more about foreclosure scams and remember-government-approved counselors do not charge an up-front fee! If someone does they are probably a scam.

Avoiding Foreclosure Scams

Have you already gotten a Notice of Default on your door or window?  The attached foreclosure timeline shows the minimum number of days that have to be given before the foreclosure can actually take place.

Foreclosure Timeline

In many cases foreclosure can be avoided by cooperating with your bank on a short sale, deed in lieu or on a loan modification if you’d prefer to stay in your home.  The following explains the alternatives to foreclosures that many banks cooperate with.

Alternatives To Foreclosure

There are some other resources that are either backed by federal government (such as Making Home Affordable and HAFA programs) or state government (Keep Your Home California at www.keepyourhomecalifornia.org ) programs that can help California’s homeowners that have been affected by the economy.  The following lists the websites and general overview of the programs available.

Foreclosure Prevention Resources

If your bank participates in short sales you may want to learn more about the difference and implications between foreclosures and short sales using the following overview.

Foreclosure or Short Sale?

What if you decide to just walk away?  This overview shows the potential liability after a foreclosure takes place.

Homeowner Liability After Foreclosure

Proposition 8 offers property tax relief in many situations.

Proposition 8 Property Tax Relief

If you determine that a short sale is the way to go, here is a simple overview of the Short Sale Process.

The Short Sale Process

Tips are always nice to assist you through any process.  The following can help buyers and sellers in the short sale process.

Tips for a Short Sale Buyer

Tips for a Short Sale Seller

Need assistance contacting your bank?  Just call us at 530.222.4227 and one of our experienced Realtors will be happy to assist you!


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