It’s important to know your options and understand all the potential solutions that may be available to help you avoid foreclosure. If you’re buying a short sale you’ll be waiting on all parties with an interest in the home – including the current owners, the primary lender, and any lienholders – to approve your bid. Most often, they are listed by a local real estate agent for sale on the open market.
These are the main steps in a nonjudicial foreclosure, which apply to the majority of foreclosures in California. Established real estate agents with strong networks can locate these listings very fast and have you viewing them just as fast. Even better, they are highly motivated, meaning you can get a great deal by helping them prevent a foreclosure.
While we make every effort to help customers remain in their homes, sometimes foreclosure becomes the only option. The owners have the right to sell the house at any point before the actual auction. HUD’s website is at While a good deal of this information may apply to all homeowners in danger of losing their homes, not all of the foreclosure avoidance options mentioned may be available to you if you have a VA or conventional loan.
A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. Executor (Father) never shows up to claim his abandoned property, so the STATE takes ownership; they fulfilled due process by way of public notice in the newspaper.
The foreclosure process costs the lender a lot of money, and they want to avoid it just as much as you do. Our owner’s guide to foreclosure can help guide you through the process. Once the upset period ends, the high bidder has (3) three days to pay the balance to the attorney holding the sale, or you may lose all or part of your deposit.