Foreclosure impacts thousands of homeowners in San Diego County every year, and the process can be an emotional and financially difficult time for everyone involved.
Technically speaking, the term foreclosure refers to the termination of a homeowner’s right to redeem a mortgaged property, and it results in the transfer of full property ownership to the lending institution.
The foreclosure process usually begins when a homeowner fails to meet his or her financial obligations for home mortgage. After a certain period of time whereby the homeowner has not made payments, the lender will send a Notice of Default (NOD). The grace period for late payment varies from state to state, but in California the grace period is usually about three months.
The notice is a threat to terminate rights to the property if payment for the total amount owed is not made within a specified period of time. If you are still unable to make payment after receiving the NOD, the lending 
institution will proceed to put the property up for sale and you will be forced to leave your home.
Don’t panic if you receive a NOD. There are a number of things that you can do to keep your property. One of the best ways to deal with foreclosure is to ask your lender to reinstate your home loan. Explain to them politely that you were going through a rough patch for a few months, and you are now in a better position to meet your financial obligations. If they are considerate enough, they may allow you to make a lump sum payment or scheduled payments to reinstate your loan.
Another way to solve the problem is to look into a San Diego loan modification or try to refinance your home. If you have enough equity in your property, you can ask the lender to give you refinancing on the existing loan and the late payments will become part of the new loan.
Last, consider listing your property with San Diego Short Sale ASAP. Assuming you have not gotten too far into the foreclosure process, you may still be able to short sell your property and start new.
We at San Diego Short Sales ASAP realize you are in the information gathering stage of your purchase and we respect your privacy. Should you have any questions, please feel free to Contact us or call directly at 760-576-4357. If you or someone you know could use are help please give us a call
