Many foreclosure proceeding are reinstated during the 3 month default period. Some are either sold and this is called a short sale if the property is upside down and lender agrees to take less that what is owed on the property. But you can cure a default with selling it.
The borrower or anyone with a subsequent interest in the property may pay the beneficiary or his authorized agent the amount necessary to cure the default. This amount will include delinquent payments, and advances and the fees and costs associated with filing the notice of default and other necessary documents.
Always call County Records Research prior to accepting any money to verify the total costs to cure the default. Acceptance of any partial reinstatement may avoid the foreclosure proceedings. When the default is cured, a Notice of REscission will be prepared so that it can be signed by the beneficiary. When the Notice of Rescission is recorded it cancels the Notice of Default.
This is a good case scenerio. Do not take this process for granted, make sure you are in contact with the proper departments and have your agreements in writing and you understand what you are paying and agreeing to.
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The Mother and Daughter Realty Team
Rosemary Brooks (DRE # 01336351) Realtist, CDPE, HRC, CDSP, REO & HUD Certified
D'Adrea Davie (DRE# 01510971) Realtist, CDPE, HRC, CDSP, REO & HUD Certified
EMBARCADERO INVESTMENTS - the Real Estate Company
Ofc: 866-543-0461 Msg: 209-910-3706 Fax: 209-762-6971
EMAIL: motheranddaughterrealtyteam@gmail.com /
REO Website: www.centralvalleyreos.com
WEBSITE: www.motheranddaughterrealtyteam.net
Short Sale Website: www.shortsales-HAFA.co
Do you need a Central Valley Short Sale Specialist? If you have any questions or would like to discuss any real estate related issue please contact the Mother and Daughter Realty Team at (209) 910-3706 or complete our Contact Form.
Rosemary Brooks & daughter, D'Adrea Davie - The Mother and Daughter Realty Team specializes San Joaquin Central Valley, Stockton real estate, Homes for Sale, Housing: Stockton short sales, Lathrop short sales, Tracy short sales, Manteca short sales, Lodi short sales, Mountain House short sales, Salida short sales, Ripon short sales and Modesto short sales.
ATTENTION CENTRAL VALLEY HOMEOWNERS:
We can help you with a Short Sale if you are in a situation of
*Pre-Foreclosure *Hardship *Job Lost *Reduced Income *Divorce *Upside down on Equity *Can't afford Mortgage *Unexpected Medical Expenses * Can't Refinance * Failed/Denied HAMP Loan Modification * Other
Some of the BENEFITS OF A SHORT SALE
*Avoid Foreclosure *Reduced damage to your credit *Free of financial burdens * Relief of the stress * Possible incentive from HAFA (Home Affordable Foreclosure Alternative)
ASK me about - WACHOVIA FASTTRACK SHORT SALES
It is an EASY, NO Stress & FAST way to get an APPROVED - Short Sale
WE SELL REOs & HUD HOMES
Serving the Central Valley, Stanislaus & Bay Area
WHAT IS A REALTIST?
- A REALTIST believes in "Democracy in Housing" - the principle that all citizens have the right to equal housing opportunities, regardless of race, creed, or color.
- A REALTIST believes in preserving the rights of all Americans to homeownership and is dedicated to serve the unserved and underserved by developing creative and effective methods of doing so.
Central Valley Realtist Association(CVRA) / NAREB / CAREB
www.centralvalleyrealtist.com / www.nareb.com / www.CAREB.org
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