To prevent foreclosure in California – or any state, really – it’s always better to be proactive early in the process because it leaves you with more options than if you avoid the situation until later. If you default on your loan and don’t work out a plan of resolution with your lender, the lender will take the necessary steps to schedule a public foreclosure auction of your property.
Most states require that the foreclosing lender try to notify you of any public foreclosure sale, but you should never rely on your lender to do that. It’s always better to contact your lender early in the foreclosure process, as soon as you begin missing payments. However, if you’re severely behind in your payments, be sure to ask your lender when a public foreclosure sale has been scheduled and the date by which you can stop the sale. Also ask them what you need to do to stop the sale.
Knowing your deadline will help you set goals and take control of the situation. In addition, there are other significant deadlines relating to the foreclosure process and you may be required to appear in court during the process. At those court proceedings, a judge will decide if and when a public foreclosure sale will occur and if you are not able to work out an agreement with your lender before appearing in court, it’s important to have an attorney with you at any court proceedings so that you’re aware of what is happening and can represent your interests to the court. For more information please call 888-728-0044 for a free consultation.