There are a few situations as stressful in life as facing a foreclosure. You’re likely worried that you will lose your home and could potentially be left with nowhere to go. You might also wonder, “Do I have to sell my house in Riverside, CA?” If you’re dealing with foreclosure, you may not have to face the worst-case scenario. Here’s a quick guide on what to do when dealing with foreclosure in Riverside, California.
How Does a Foreclosure Work?
First, we have to answer the question, “How does a foreclosure work?” You may be dealing with a judicial or nonjudicial foreclosure. Judicial foreclosures demand the lender to file a lawsuit in order to foreclose on the property. Alternatively, in a nonjudicial foreclosure, the court is typically not involved, and the process is handled by a trustee. While both scenarios are possible in California, nonjudicial foreclosures are most common.
First, your lender will contact you to assess your situation and let you know that foreclosure is a possibility. You’ll have the chance to come up with a plan to avoid foreclosure. If you and the lender can’t reach an agreement, your lender has the option to record a Notice of Default. This notice officially begins the foreclosure process. If you fail to pay, a Notice of Sale will be recorded around 90 days later. About three weeks after that, your home can be sold, and you will be asked to leave the premises.
Dealing with Foreclosure
The next question on your mind is likely, “How do I avoid foreclosure?” If you can settle your loan default five days or more before your home sale is held, the foreclosure process can be stopped. However, most homeowners aren’t able to come up with that much money so quickly.
If you fear that you will be facing foreclosure, it’s important to speak to your lender as soon as possible. If you’re already dealing with foreclosure, try to work out a deal with your lender so that you can keep your home. Often, lenders understand that financial hardships are unpredictable, and they’ll be willing to work with you if you show some effort. Just be sure to keep track of all your communications you need that information in a court case.
Many homeowners facing foreclosure avoid talking to their lenders because they find it embarrassing or stressful. This is one of the worst approaches to dealing with foreclosure. There are many foreclosure options for those who are willing to put in the work; if you do go into foreclosure, however, it can seriously impact your credit score and your future potential for buying another home.
Consider Home Cash Offers
Foreclosure can be a long and stressful process, but there is another way around it. If you know you can’t afford your house payments, you may consider working with a cash home buyer. You can quickly get your home off your hands and start fresh elsewhere. If you’re asking yourself, “How can I quickly sell my house in Riverside, CA?” InHouse Offer is here. We provide quick cash offers to help you sell your home in just a couple of weeks.