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What You Can Expect if You Are Behind on Your Mortgage in Alameda County

For those who want to know what to expect if you are behind your mortgage in Alameda County, we’ll cover the options you have available and what you can do about it. Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property.

Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle. There could have been a death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.

In this article, we’ll walk you through dealing with a distressed property. We Buy Houses in Alameda County and we know how your situation is stressing you. As homebuyers in Alameda County CA, we can help you have a stress-free sale by buying your house from you! Let’s dive into some of the options to sell a distressed property in Alameda County CA.


Initial Missed Payment

Passing the late payment threshold, typically 15 days, means you can expect to incur late fees if you’re behind on your mortgage in Alameda County. These late fees are commonly 4 or 5 percent of the mortgage payment. If you pass the 30-day mark, your delinquent payment will appear on your credit report and drop your credit score. Many factors determine how much of a drop your score will experience; needless to say, the better your score, the more you have to lose. If you find yourself in this situation and have yet to reach out to the lender, now is the time to take action.

36 Days Late

After 36 days without a payment, your servicer must reach out to you and attempt to discuss the situation causing you to be behind on your mortgage in Alameda County. And should you have reached the point of missing your first month and surpassed 45 days without making a payment, then you can expect your lender to assign someone to your case to explain the options available to you. 

Options

You can expect your servicer to have several options to help you if you’re behind on your mortgage in Alameda County. But, first, you must express your interest in a loan workout to your servicer. Then, you’ll be required to apply, and your servicer must request any missing information on the loan workout application within five days of submission. Finally, within 30 days, your servicer is required to provide you with the options available in your case.

120 Days

If you have yet to submit a complete loan workout application, you can expect your servicer to begin the foreclosure proceedings if you’re behind on your mortgage in Alameda County. However, if you submit a completed application 37 days before a scheduled foreclosure sale, more often than not, your servicer must check into your eligibility for a loan workout.

Loan Workout

Suppose you are behind on your mortgage in Alameda County, and you submitted your loan workout application 37 days before the foreclosure sale. In that case, one of three scenarios must have occurred before your servicer could start or continue with the foreclosure process. The first occurrence would be a determination that you don’t qualify for a loan workout. Secondly, if you should reject the mortgage servicers offer for a loan workout. And the last condition, if you agreed to a loan workout and failed to live up to your word, such as missing a payment during the trial period, they may proceed with the foreclosure process. You may have as little as seven days to respond to your servicer should they make you an offer for a loan workout.

Review 

Under the condition that you submitted your loan workout application 90 days before the foreclosure sale, you can seek a review of the servicer’s decision, and they must assign someone uninvolved in the initial decision.

Whatever you do, don’t delay; it is much easier to sell your home before foreclosure proceedings begin. If you haven’t contacted your lender because you believe you have no way out, consider a direct sale of your home to a professional buyer like those at Sell Quick California. The experienced professional buyers at Sell Quick California understand all too well that circumstances in life can be beyond our control, and they want to help you make the most money you can for your home. At Sell Quick California, we stop and listen and are happy to answer any questions you have with no obligation. If your home is in less than perfect condition, your worries are over because most homes qualify for Sell Quick California to buy them directly in as-is condition. With the backing of cash, the closing can be in a matter of days, and you’ll receive an offer that you agree is fair because at Sell Quick California, we want you to feel good about the deal long after the closing. Contact Sell Quick California at 1-866-497-8248.

Interested in more great articles, read this one about What San Joaquin County Home Sellers Need to Know About Closing Costs When Selling a House As Is.

Sell My House In AlamedaCounty CA To An Investor

No matter which option you choose, make educated decisions by taking the time to understand all of your options. We’re here to assist you with your current situation. We are Alameda County home buyers and we can buy your house from you. This means that you can sell your house in Alameda County directly to us no matter your situation.

When working with Sell Quick California, you don’t have to worry about fees and commissions! You can get a cash offer in just a few days as we offer cash for houses in Alameda CA.

Call Sell Quick California today at 1-866-497-8248 or send us a message to discuss selling your commercial property to a Alameda Investor. We can go over your property and let you know its market value and get you on your way to selling your property.

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