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Otay Ranch~ Chula Vista California Foreclosures, Bank Owned REO, Homes for Sale, Real Estate.
Hello and Welcome to ~Otay Ranch~ Chula Vista California Foreclosures, Bank Owned REO, Homes for Sale, Real Estate.
 
Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding.  Saavy Real Estate investors can find some of the best deals around buying at these auctions, but is it right for everyone?   We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.
Understanding the process is the key, and here is how the process goes as an overview:
Pre-Foreclosure (Also known as Notice of Default).  Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage.  The current lender files with the County Recorders office a Notice of Default.  When this is filed, this information becomes a matter of public record.  When this notice is filed the lender usually usally gives the homeowner 90 days to come current on the amound their are past due.  During this period a good amount of homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able ... more

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