Taking A Look At Foreclosures In California

By: Pam Milne

Foreclosures are happening all over the country, and foreclosures in California are reaching some of the highest numbers nation-wide. Depending on how you're doing in the economy, this can either be good or very bad - you might be able to get a home, or you might be in danger of losing your own.
There are many reasons a home owner wouldn't be able to make one monthly payment on their mortgage. While this would put things into a state of default, it certainly wouldn't trigger an immediate foreclosure. However, it is the first time things might start to go badly.
If you then miss three or four payments, things will start to be put in action. You'll receive something called a record of notice of default within ten days from when this document is first written. When you get it, you'll know you have to take immediate action in order to save your home.
Still, this isn't a sign that foreclosure is unavoidable. They'll have a decent amount of time to make those payments - usually several months. Also, companies are usually open to negotiations and will even offer loans on terms with the back payments to get things back on track.
Unfortunately, though, sometimes there's nothing to be done. This is the point where the foreclosure becomes official. The notice is sent out and things go on hold for a bit while all other necessary parties are contacted. Usually, though, homes go on sale about twenty-five days after the IRS is contacted.
Once time runs out, though, the home will be made available in places like public auctions. Those who are interested in buying these homes will come here to go after them. In this one person's loss is another's gain - but everyone is going to try their hardest to save the place where they live.

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