San Diego Short Sale Blog!

San Diego Short Sales – If you are behind on your mortgage payments and concerned about how long you have before you may have to move out then read below.

Find out how other sellers successfully did a short sale and request a free consultation by calling 619-663-9268 or email me at Clay@CityFiedRealty.com.

Each state has different laws so it is important to look at your state’s guidelines for a foreclosure. If you do not know where you are at in the process you can contact me and I will find out for you.

You can also find out the information by calling your county recorder’s office to see if a Notice of Default has been filed by your lender. They may direct you to their website to get the information.

Many lenders are over whelmed with foreclosures and have to wait many months longer than required to start the foreclosure process. Of course, this can work to your advantage when deciding whether or not to short sell the property.

Staying in the home until you are evicted through a foreclosure is devastating to your credit. By short selling the property you will AVOID having a foreclosure on your credit.

Once the foreclosure has been started you will want to see how far along it is. Every state handles foreclosure process differently. In addition, they all have different time periods for redemption. If you have a property in California here is the timeline:

California Timeline

The following time-line is applicable for non-judicial California Foreclosures under a Deed of Trust. Foreclosures begin with the Trustor (borrower) not making the monthly payments to the Beneficiary (Lender), the first missed payment is technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed. If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through Forbearance or other Loss Mitigation measures, the Beneficiary will instruct the Trustee to begin Foreclosure proceedings.

Day 1
Notice of Default is filed with the county recorder.

Within 10 business days
Mail Notice of Default to borrower address

Within 1 month
Mail Notice of Default

After 3 months
Set Trustee Sale date

25 days before Trustee Sale date
Send notice of sale to I.R.S.(when necessary)

Within 10 days from 1st publication of Trustee Sale
Send beneficiary request for property directions

14 days before Trustee Sale date
Record Notice of Trustee Sale

7 days before sale date
If court action, 7day rule may apply

5 business days before sale date
Expiration of borrower's right to re-instate the loan

Sale date
Property is sold to highest third party bidder or reverts to Beneficiary at public auction

If you are located in the San Diego area and want more information on the status of your foreclosure, then send me an e-mail at Clay@CityFiedRealty.com . I will contact you for a free consultation. Or, if you prefer, then you can call me at (619) 663-9268.

Owe more on your property than it is worth and want to sell it? I can help you short sale your property and negotiate a full release of the liens and notes. Send me an e-mail at Clay@CityFiedRealty.com. I will contact you for a free consultation.

During the consultation I will explain how short sales work in detail. Call me at (619) 663-9268.

Discover how other sellers successfully completed a short sale and request a free consultation by http://www.SanDiegoShortSale.us

Looking forward to hearing from you, Clay Gosnay.

Phone: (619) 663-9268  Clay@CityFiedRealty.com

View my homes for sale at: http://www.CityFiedRealty.com

Clay Gosnay has lived and worked in San Diego California since 1989.
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