Learn About the Foreclosure Process and What You Can Do

So many people these days are facing foreclosure or are in foreclosure.

Many do not know exactly the whole foreclosure process. Many ask relatives or friends for information or help if they dare.

Many people blame the loan officer or lender for their problems and some even their real estste agent who sold them the house or property.

Ok, here is how foreclosures work in California:

1) You start missing payments. Lenders can start the foreclosure anytime after the first missed payment.
2) The bank or lender starts making attempts to contact you by letters and/or phone calls. During this time the Notice of Default (NOD) can be filed.
3) Once the Notice of Default is filed the foreclosure starts and you have three (3) months to negotiate with the lender for some sort of resolution or sell the property to pay off the balance of the loan.
4) If nothing is resolved in the three (3) months then a Notice of Sale (NOS) is filed and you have twenty one (21) days before the Trustee Sale occurs. At which point you loose the house or property that is in default.

Next issue:
What you can do if you are in foreclosure or about to go into foreclosure.