What does the word "foreclose" mean? When homeowners think foreclose, they think it refers to when the home is sold by the bank. However, when the bank refers to foreclose or foreclosure, they are referring to the legal process by which they can secure their interest in their loan with you- your house. So, when the bank talks about facing foreclosure, they mean you are facing the foreclosure PROCESS, NOT the actual sale of your home. The selling of your home is the final step in the foreclosure process, but the bank refers to the sale as the "trustee's sale." So when you receive notices of facing foreclosure, it refers to the process the bank can take before the trustee's sale, when the bank can finally sell your home. The bank considers a homeowner to be in default when they have missed two mortgage payments. The bank then gives the homeowners 3 months to become current by paying the missed payments, plus late fees, additional interest, and any attorney/trustee/foreclosure fees they have entailed. After 90 days, the bank can then schedule a trustee's sale,  and they have to schedule the sale date at least 3 weeks out (i.e.- not "tomorrow"). So, if you receive a notice that you are facing foreclosure, you still have time to avoid foreclosure.

6 of Top 12 Metro Areas in America with Most Foreclosures are CALIFORNIA CITIES! New Video!

New Video Series - Frequently Asked Questions About Short Sales Answered

I created 9 videos asnwering the most often asked questions regarding short sales. Each one has a link to the remaining questions. They were created to help home owners decide if a short sale is best for them.

I Can Short Sale Your Home in ANY City in California!

It doesn't matter if your home is in Los Angeles or Eureka, from Sacramento to San Francisco, from Palo Alto to Bakersfield. I can get your home short sale approved! The benefits for doing a short sale are, in my opinion, OVERWHELMINGLY in your favor. I would love to go over them with you! Please call me today and let's see what we can do for you!

Mike Towers

661-706-6922 (office)

RE/MAX Magic

Fastest Growing RE/Max Office in the World!