Foreclosures In California: Do They Affect You?
Foreclosures are happening all over the country, and foreclosures in California are reaching some of the highest numbers nation-wide. Depending on how you're doing in the economy, this can either be good or very bad - you might be able to get a home, or you might be in danger of losing your own.
If you have a home, and for some reason aren't able to make a payment one month, it will go into default. However, this isn't any reason for you to panic. Almost nobody reacts and once you get the payment in, everything should okay. It's when this is repeated that you have to start worrying.
If somebody goes from missing one payment to missing a few in a row, banks and others are going to notice. They'll write up a record of notice of default, and, by ten days later, they'll have sent it out to the home owner, letting them know they need to make payments as soon as possible.
However, this doesn't mean the house will be immediately taken. Home owners typically have a period of several months in which to make payments again. In certain conditions, they can even explain why they're unable to do what they need to, and be offered a loan or additional help with the terms.
Unfortunately, though, sometimes there's nothing to be done. This is the point where the foreclosure becomes official. The notice is sent out and things go on hold for a bit while all other necessary parties are contacted. Usually, though, homes go on sale about twenty-five days after the IRS is contacted.
Five days before that sale is the last chance the owners have to make a bid for their residence. You should keep this in mind in case you have your eye on a home that is about to go on sale. Take a look at what's available, and look into public auctions, where these homes are available. - 23199
If you have a home, and for some reason aren't able to make a payment one month, it will go into default. However, this isn't any reason for you to panic. Almost nobody reacts and once you get the payment in, everything should okay. It's when this is repeated that you have to start worrying.
If somebody goes from missing one payment to missing a few in a row, banks and others are going to notice. They'll write up a record of notice of default, and, by ten days later, they'll have sent it out to the home owner, letting them know they need to make payments as soon as possible.
However, this doesn't mean the house will be immediately taken. Home owners typically have a period of several months in which to make payments again. In certain conditions, they can even explain why they're unable to do what they need to, and be offered a loan or additional help with the terms.
Unfortunately, though, sometimes there's nothing to be done. This is the point where the foreclosure becomes official. The notice is sent out and things go on hold for a bit while all other necessary parties are contacted. Usually, though, homes go on sale about twenty-five days after the IRS is contacted.
Five days before that sale is the last chance the owners have to make a bid for their residence. You should keep this in mind in case you have your eye on a home that is about to go on sale. Take a look at what's available, and look into public auctions, where these homes are available. - 23199
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For more information on foreclosures in California, to viewcompletely free foreclosure listings and subscribe to our free foreclosure investing e-course, view our website us at: http://www.foreclosuresincalifornia.us/
posted by X - Men @ 3:23 AM
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