el cajon home for sale

The Foreclosure Process

Foreclosure

A Foreclosure is defined as “the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments.” To simplify, it’s the act of a home being taken away from you due to your failure of paying the mortgage payments.

When someone buys a home, they sign a mortgage or deed of trust. This document puts a lien on the property, making the loan a secured loan. When the lender loans you money without any type of collateral (credit card debt, etc.) they can take you to court for failure of payment.

What types of foreclosures are there?

There are two different types of foreclosures in the US – Judicial or Non-judicial. In a Judicial Foreclosure, the lender will seek to foreclosure by filing a civil lawsuit against the borrower. It is handled through the local court system, where the court appoints a referee to conduct the foreclosure auction on the courthouse steps. The lender will record a lis pendens with the country clerk, which becomes a lien on the property and gives notice to the pending foreclosure auction. The court will grant judgment permitting the lender to conduct the foreclosure auction. This process takes up to 4-8 months to complete.

The second type of foreclosure is a non-judicial foreclosure. It is followed by the deed of trust states. A deed of trust is an interest in real property to a third- party to hold as security for repayment of a debt. The trustee has the authority to initiate foreclosure proceedings by virtue of power of sales. The trustee will record a notice of default with the county clerk and gives notice of the impending foreclosure. It also grants the borrower a period of time in which to object the lenders claim o pay what he owes. The borrower may not stop the foreclosure after the expiration of this time period.  After the expiration of this time period, the trustee will record a Notice of Trustee’s Sale with the county clerk, which will establish the date, time, and place of the foreclosure auction. It can take up to 12 months to complete the foreclosure, depending on the state.

What is the Foreclosure process?

There are five stages of the foreclosure process.

Stage 1: Missed Payments – Foreclosure starts when a borrower fails to make timey mortgage payments. This can be due to financial hardships, such as unemployment, divorce, death, or medical related issues. Other times, borrowers decide to stop paying because the property mortgage exceeds the value of the home, or they are tired of managing the property.

Stage 2: Public Notice – After about 3-6 months of missed payments, the lender makes a public notice with the County Recorder’s Office, which indicates that the borrower has defaulted on their mortgage. This is also known as a Notice of Default. This official notice allows the borrower to be aware that they are in danger of losing all legal rights to their property and they may be evicted from the premises.

Stage 3: Pre-Foreclosure – After you receive Notice of Default the borrower will enter the “pre-foreclosure” phase, which takes anywhere from 30-120 days. The borrower can try to work out an arrangement with the lender via a short sale or pay the outstanding amount owed on the property. If the borrower decides to pay off the default during this phase, foreclosure ends and the borrower avoids home eviction and sail. If it is not paid, the foreclosure continues.

Stage 4: Auction – If the default is not remedied, the lender sets a date for the home to be sold at a foreclosure auction. It is recorded with the County Recorder’s Office that is posted on the property. Auctions are sometimes held at the courthouse, or the property itself. In some states, the borrower has the right of redemption, where he can come up with the outstanding cash and stop the foreclosure process up the moment the home will be auctioned off. At the auction, the home is sold to the highest cash bidder. Many lenders make agreements with the borrower (called the “deed in lieu of foreclosure) to take the property back because of the limited amount of buyers who can pay cash only for the property. Sometimes, the bank will buy the property back at the auction.

Stage 5: Post-Foreclosure – If a third party does not purchase the property at the foreclosure auction, the lender will take ownership of the property and it becomes known as a bank-owned property or REO, Real Estate Owned. Bank-owned properties are then listed with a local real estate agent for sale on the market, or some lenders prefer to sell their properties at a liquidation auction.

What are your rights as a tenant during a foreclosure?

If there are tenants in the house that was foreclosed on, the new owner has to honor the existing lease. When the tenants have a month-to-month lease the new owner can evict the tenants or former owner/landlord. You can offer the existing tenants a new lease or rental agreement, or begin the eviction process.

 

Your Local San Diego Real Estate Expert,

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Discover La Jolla

La Jolla, also known as the jewel of San Diego, is a beautiful beach front city just a few minutes north of Downtown San Diego! From world-class shopping to one-of-a-kind dining, the sunshine sparkles year-round.

There’s always something going on in La Jolla. Whether it’s live entertainment at the La Valencia Hotel, or the PGA Golf tournament in Torrey Pines, or going to see the sea lions at the cove, there is always something to do when visiting La Jolla.

With five beaches to choose from, make La Jolla your one-stop shop for beachgoers. Visit Windansea Beach, where you can check out underwater reefs and fierce waves. This is a very secluded part of the beach, where admirers can watch experience surfers, or have a romantic picnic on the beach. Windansea Beach is located at the end of Nautilus Street.  For the kids, check out La Jolla Children’s Pool, with harbor seals! La Jolla Cove is always a fan-favorite for swimming, snorkeling and diving! La Jolla Shores is a long beach with soft sand, clean water, and gentle waves. Ideal for families, sunbathers, and beginner surfers.  Finally, there is controversial Black’s Beach located just north of the Scripps Pier. The north portion of the beach is clothing-optional. For the avid-hiker, check out Torrey Pines State Natural Reserve and the La Jolla Walking Trail, with some of the best-hiking trails in all of San Diego.

La Jolla has over 25 eateries, serving anything from classic American, to seafood, to Mexican food and more!  And when you’re done eating, check out the shopping experience, that is “as unique as you.” La Jolla shopping attracts anyone, from bargain hunters to celebrities that have been known to shop the strip. Some of the most luxurious brands are located in La Jolla, along with everyday values. The best part about it is that you can browse with ease around a beautiful seaside village rather than a crowded and noisy mall.

And for San Diegans that are looking to go on a “Stay-cation”, there are a number of elegant coastal hotels to choose from.

For more information on La Jolla sites and attractions, as well as entertainment, check out www.lajollabythesea.com!

 

 

Your Local San Diego Real Estate Expert,

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Desirable Granite Hills Home for Sale

Featured Listing: 

1731 Lanai Drive – El Cajon, CA 92019

3 bedroom, 2 bath, 2465 Sq.Ft.

$569,000

Ranch style home in desirable Granite Hills neighborhood. This flat 1 acre + property has plenty of room for RV, Toys and Trucks, you can even have horses! Newer furnace, 200 amp electrical panel and new well for irrigation!!! Enjoy the fireworks in the privacy of your own backyard. Relax under the gazebo by the sparkling pool. Huge 20X27 family room would be great for entertaining. Walk to schools, park, skate park and tennis courts. Near ALL shopping, freeways. This property has so much to offer!

 

FOR MORE INFORMATION ABOUT THIS LISTING, CALL STEPHEN AT 619.250.4541 OR COPY & PASTE THE LINK BELOW:

http://www.nissourealtygroup.com/listing/mlsid/219/propertyid/140019062

Lanai Drive El Cajon

Listing Courtesy of: Keller Williams Realty

 

 

Your Local San Diego Real Estate Expert,

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Market Insider for El Cajon 92019

92019 Market Insider

 

Give me a call today to see how I can help you buy, sell, or invest in real estate! 619-250-4541

Your Local San Diego Real Estate Expert,

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TAX Day Freebies!

Today’s Tax Day! What does that mean for you, besides the obvious fact that taxes are due today? All the really cool FREEBIES that come along with this day!

  • Shred five pounds’ worth of documents at Office Depot, valid through April 29. That’ll keep your information secure.
  • Relax with a 10-minute soak at HydroMassage, valid April 14 to April 15. This is a popular offering, so it’s suggested you make an appointment.
  • Sing for your supper at Hard Rock Café and get your dinner entrée for free. Valid from 5 to 7 p.m.
  • Get a sweet treat, Cinnabon is offering two free Cinnabon bites, from 6 to 8 p.m., or stop by Great American Cookies for a chocolate chip cookie.
  • Head over to California Tortilla, tell them the password “Taxes Shmaxes” and they’ll give you a free queso and chips.
  • Order a large pepperoni pizza for only $5 at Papa Murphy’s.
  • Pick up dinner at Boston Market, they’re offering two half-chicken meals with two sides and cornbread for $10.40.
  • Orange Leaf Frozen Yoghurt will let you fill up a cup with fro-yo and toppings for $4.15.
  • Get Schlotzsky’s “The Original” small sandwich for free when you purchase a 32-ounce drink and chips.
  • At Blimpie, buy a regular sub and a 22-ounce drink, and get a second regular sub for free.
  • Get a Bruegger’s Bundle (baker’s dozen bagels plus two tubs of cream cheese) for $10.40 with a coupon from their Facebook page.

 

Your Local San Diego Real Estate Expert,