Southern California Home InfoHow Can I Slow The Process?What you need to know is the Foreclosure process in California is 111 days from filing date in your county. A couple of ways to stall the process is filing Bankruptcy, or Short selling the property. I cannot recommend Bankruptcy, and I hope you don't take this lightly. A bankruptcy may stall a foreclosure. Bankruptcy will not stop a foreclosure and for me it would never be worth it. A bankruptcy should be discussed with a Bankruptcy attorney. I would not think this is the way to go to try to keep a home for an extra month or two. The bank will ask for and usually get to bypass the bankruptcy.
A short sale - A short sale may keep you in your home for as much as two years that I have seen. This is not the intention of the seller, the buyer, the agents, or anyone. The main reason for this is simply the banks are overwhelmed and for some reason do not appear to care how long they take on their end to handle a short sale. This may be the case for those who try to short sell their home prior to the Notice of Default being filed. Keep in mind there have also been short sales done in as little as 45 days. This is not the norm. The normal short sale takes on average 4-5 months. Everyone's circumstances are different. As for slowing the process, the Lender for a myriad of reasons takes a long slow path. Partly the reason is how they negotiate. While they feel time is on their side, this is usually not the case. The lenders also want to make it difficult for sellers to short sell to minimize their financial losses. The lenders do not want to make it easy to short sell properties. If your home is not upside down you can list your home for sale with a local licensed Real Estate Broker - Realtor. If your home is upside down I suggest you go to the upside down page and review your options with a Real Estate Attorney and a CPA. There are future implications and knowing your options is a great start. As a California Licensed Real Estate Broker, I can offer to list your home for sale as a "short sale" and in part ask the lender to accept less than what is owed on the loan. If you would like to sell or Short Sell your house Please email me at Harold@SouthernCaliforniaHome.info with Please put "Sell My House" in the subject line. CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE 01312992 |
SO CAL HOMES REALTY
(951) 821-8211 Harold Sharpe is the owner of Harold Sharpe is a
Licensed Harold Sharpe is a Harold Sharpe specializes in Selling Houses, and Finding homes for people. So Cal Homes Realty is the Real Estate Brokerage to assist you in Buying or Selling a House. Feel Free to call Harold at (951) 821-8211 Monday - Sunday 9am - 7pm |
