What Does Pre-Foreclosure in Stockton Mean?

We Can Take over your Payments Stockton
You Can Stop a Foreclosure in Stockton

Many think that the Foreclosure Crisis that hit America is over, but many Americans that have been struggling silently to just keep afloat with burdensome  mortgage payments that are dangerously close to Foreclosure. The crisis that caused Millions of homes across the country to go into foreclosure has not ended, it has left millions more upside down or underwater on their homes with no way out. Many homeowners are currently saddled with resetting Mortgages and they are beginning to feel the pressure.

It is important for homeowners to understand the Foreclosure process so that they can get ahead of it and Avoid Foreclosure altogether.

So what Does Pre-foreclosure in Stockton Mean anyway?

Many homeowners across America and in Stockton are facing difficulties making their monthly mortgage payments.

When a homeowner misses 1-3 months of mortgage payments, the Bank or Mortgage Company will issue a warning, notifying the homeowner that failure to remain current will cause a Foreclosure and the loss of their home. The threat is real and banks have proven time and again that they will not be part of the solution. Pay or lose your home, those are the options. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to make back payments to become current.  Of course this number can vary from bank to bank and the individual situation and sometimes it all works out.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assume 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, Including Selling their house.

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:

  • 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 Stockton 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 Stockton like us at Westbrook REI, 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 Stockton CA area home quickly, often in just a week or two, will pay in cash, and take the stress out of trying to find a buyer.
  • You can contact the bank and ask them to authorize 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 10 years, and can cause significant long term damage to your credit.

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, but only if your payments are current.

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 proactive 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… contact Contact Us. We may be able to help.

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

  • If you cant afford your House, selling it while you are still in control may be the best option. We will Buy Your  House, Make up the back Payments and even take over the payments.
  • We can potentially help with a short sale – Submit your information on this website so we can evaluate your situation come up with a plan.
  • We can buy your Stockton area houseWe buy houses in Stockton 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 guidance without a catch.
Avoid Foreclosure
We can help you stop Foreclosure in Stockton. Call us at (209)481-7780

If you’re in beginning stages of pre-foreclosure… you’ve still got time to avoid a Foreclosure in Stockton..

Call 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 we have many free foreclosure foreclosure resources designed to help homeowners get the facts.

At “Westbrook REI” and “We Buy Houses Stockton“, we are the best at what we do because we work at it every day. We understand that a commitment to customer and a commitment to our business only happens with hard work. We have years of experience and a plan that we follow. We are a real company with real people that are committed to helping you achieve your goals.

We buy houses in Stockton, CA and its surrounding areas in Lodi, Woodbridge, Acampo, Lockeford, Linden, Ripon, Manteca, Modesto, Ceres, Tracy and Sacramento CA. If you need to sell your house fast in [market], call us… we’d love to make you a fair no-obligation no-hassle offer. Take it or leave it. You’ve got nothing to lose, but we’d love to earn your business. 🙂

Want To Discuss Your Pre-Foreclosure Options? Call Us at (209) 481-7780
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

Peter Westbrook

Peter Westbrook is a local Cash Home Buyer / Real Estate Investor in Stockton, Sacramento and Modesto CA and Tulsa Oklahoma. He has written numerous real estate articles that have been published here and by other blog and news outlets. Peter has appeared on several local and national news reports regarding the state of the Stockton and Sacramento Real Estate Markets.

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