What is a Pre-Foreclosure in Sacramento?
://www.darrenbuyssacramentohomes.com/what-is-a-pre-foreclosure/
With countless homes throughout the country entering foreclosure, understanding this process is crucial for homeowners and mortgage lenders alike—especially in older neighborhoods like Florin and Oak Park. We specialize in buying squatter, tenant occupied, fixers, mobile homes, Homes In Probate, Inherited and Divorce. Primary areas are Sacramento, Florin, Del Paso Heights, Oak Park, Citrus Heights and North Highlands.
So what is a pre-foreclosure in Sacramento anyway?
Homeowners across America and right here in Sacramento are struggling to keep up with their monthly mortgage obligations, particularly in communities with homes built in the 1950s and 1960s.
When a homeowner falls behind 3-6 months on mortgage payments, their lender will issue a formal warning—known as a “pre-foreclosure” notice—informing them they must pay or risk losing their home.
Typically, banks and mortgage lenders provide three months for homeowners to become current on their payments. This timeframe can vary depending on the specific lender and individual circumstances.
If payments aren’t made, the bank will foreclose, take ownership, and evict the homeowner. Fortunately, during this stage of the foreclosure process, there are several options to prevent losing your home—especially for properties in areas like South Sacramento, where we’ve been working since 1992.
Pre-foreclosure Options for Borrowers
If you’re behind on mortgage payments, you’ll likely receive a “notice of default” from your lender—something we’re very familiar with helping homeowners navigate since we opened our doors.
This document states that you haven’t made mortgage payments for the last 90-180 days. It’s important not to panic—as a veteran-owned business with over 30 years of experience, we’ve seen these situations resolve positively.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Sacramento mortgage broker… or contact us and we can connect you with a reputable one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in Sacramento like us at Nerradscali Corp, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your Sacramento Ca area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.
Lenders recognize the widespread financial challenges many face today, especially in areas like Del Paso Heights and North Highlands where we frequently work, and they’re often willing to negotiate with borrowers.
If you’re honest and communicate with your lender, you’ll frequently discover options that allow you to keep your home, or at minimum, protect your credit rating—something we’ve helped countless homeowners achieve since 1992.
A foreclosure can drastically impact your credit score by 200-400 points and prevent you from securing any type of loan for 5-7 years, so take immediate action if you’ve received a Notice of Default from your lender.
But if you can’t find a solution working directly with your lender… connect with us. As an A+ BBB-rated, licensed Real Estate Broker in California, we may be able to help.
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 Sacramento area house – We buy houses in Sacramento 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 still have time to resolve this situation, especially with our expertise in handling tenant-occupied properties and Notice of Default situations.
Connect with your bank to explore their willingness to work with you… or contact us if you’d like to see what we can offer for your house or to access our free foreclosure resources—backed by our 30+ years of experience in the Sacramento area.
Sellers in Sacramento, Florin, Del Paso Heights, Oak Park, Citrus Heights and North Highlands we love to buy homes near you fast for cash. Sell your home to darrenbuyshomescash today and close in 10 days
visit:
www.darrenbuyssacramentohomes.com
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