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Have You Gotten A Notice Of Default? What Now?

Published February 1, 2011 in Bank America Short Sales - 0 Comments

The Capstone Team

Today, we would really like to speak about something that we hear from Bay Area homeowners on a regular basis. Being Bay Area short sale agents, we talk with homeowners each day about their concerns.

The tale is very common to us; a homeowner has received a Notice of Default and wishes to know what they should do next. The homeowner doesn’t want to lose their home, nevertheless, at this phase their options are very limited. Once a Notice of Default is sent by your bank, the time has passed to be able to do a loan modification, or otherwise complete some sort of workout plan. Your options at this instant are generally the following:

Do nothing – You will lose your house to foreclosure

File for Bankruptcy – Frequently this delays a foreclosure, but does not stop it

Do a Short Sale – Allows you to buy a property again in 2 years

No one wants to lose their Bay Area home, however, in a lot of situations it is inevitable. The major causes of ending up in a situation include health issues, job loss and death of a income earner. There are other situations that will lead to a homeowner being unable to pay their mortgage, but they are less ordinary. Nonetheless, at this tough time, it is really vital to take a mental step back from the circumstances, look to the future, and plot a route to financial well-being. Since the beginning of the economic calamity, we are seeing many people that have made the decision to execute a short sale, and are now, a couple of years later, have the credit and the financial power to purchase a home again.

For more details on what your choices are with your Bay Area house, give us a call and we can look at your circumstances with you to determine what the best solution for you and your family is.

The Capstone Team can answer your questions. We are Bay Area Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Derick and Andrea, at The Capstone Team presented by the Short Sale Specialists of the Bay Area

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