What is a Pre-Foreclosure in California?

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With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

So what is a pre-foreclosure in California anyway?

Many homeowners across America and the San Francisco/Oakland Bay Area are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Of course this number can vary by bank and situation sometimes.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options that can delay or even prevent losing your home:

Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.

If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.

We can buy your California (CA) house. Contact us today!
We can buy your California house. Contact us today!

Ways We Can Help If You’re In Pre-Foreclosure

  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your area houseWe buy houses in San Francisco/Oakland Bay Area and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.

If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.

Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us at 844-602-5765
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

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