Facing Foreclosure and don't know what to do?

Are you struggling with your payments? You have options! Call your mortgage company right away to let them know you are having problems making your payments and see if you can work payment arrangements. In some cases, they might even make a loan modification.

If your house has equity, you can sell it and use the proceeds to buy something smaller, more affordable. If it doesn't have equity, you can do a short sale--it is free to you and you can buy again in a few years. You also have the option to Do an In Lieu of Foreclosure, where you just turn in your keys.

How does the Foreclosure process works!

Don’t panic, the process is long. It will take at least 111 days. After you miss the first payment, the lender will try to contact you. Talk to them and see if you can make payment arrangements. If they don’t want to work with you, they will send a certified notice of default. 90 days after that notice, they can place a notice of the Trustee Sale (acution) of your house. It has to be no sooner than 21 days after they leave you the notice. The notice will have the location and the date of the sale. If the auction goes through, somebody will buy the house or it will go back to the bank. The bank comes and tries to negotiate a peaceful agreement for you to abandon the property and turn in the key or they would proceed with an eviction. If it's tenant occupied, they must give them their 60 day notice.

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