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What Homeowners in California Can Expect During the Foreclosure Process

Are you feeling anxious that unexpected events might push your home into the foreclosure process? While the best first step is often to talk with your lender to find a solution before things get worse, understanding each stage can make the foreclosure process less overwhelming. In this guide, we’ll walk you through what homeowners in California can expect during the foreclosure process, so you can face it with more confidence.

Facing Financial Challenges

Life can throw curveballs, and sometimes homeowners in California find themselves dealing with money troubles. Lenders know that tough times happen, so they often give a little extra time for you to make your mortgage payments. This is called a grace period. But if you’re falling behind and don’t see a way to catch up soon, it’s important to know what comes next. During the early stages of the foreclosure process, your lender will likely try to reach you in many ways—phone calls, letters, or emails—to discuss options that might help you get back on track and avoid further action.

Understanding the Notice of Default

If missed payments continue, the lender will send you a Notice of Default. This official letter is a big deal. For homeowners in California, it means you have 90 days to pay what you owe, including any late fees or penalties. This part of the foreclosure process is serious because it’s the last chance to make things right before the situation moves forward. Ignoring this notice won’t make it go away, so it’s important to take action during this time.

How Mortgage Reinstatement Works

Good news: even after receiving a Notice of Default, you still have a chance to fix things. Homeowners in California can stop the foreclosure process by reinstating the mortgage. This means paying all the missed payments, plus any interest and fees, to bring the loan current. Once you’ve done that, you can continue with your regular mortgage payments as before. It’s like hitting a reset button on your mortgage, giving you a fresh start.

The Next Step: Notice of Sale

If 90 days pass after the Notice of Default and the debt isn’t settled, the lender will issue a Notice of Sale. For homeowners in California, this means the property will be scheduled for auction by the trustee (usually the lender) within the next 21 days. This stage of the foreclosure process is critical because time is running out to save your home. The Notice of Sale will include important details like the date, time, and location of the auction.

What Happens at the Auction

The auction is the final stage of the foreclosure process for homeowners in California. At the auction, the property is sold to the highest bidder, who must pay for the home right away. If no one buys the house at the auction, it becomes what’s called a Real Estate Owned (REO) property. This means the lender now owns the home. If you’re still living in the house at this point, the new owner or the lender will start eviction proceedings. Sometimes, the lender might offer “cash for keys,” giving you money to help you move out quickly and smoothly.

Exploring a Better Option

Facing foreclosure can be scary, but there’s another path you might consider: selling your house directly to a professional buyer like Matt Buys Houses. For homeowners in California, this can be a fast and stress-free solution. Here’s how it works:

First, the team at Matt Buys Houses will look at your property and explain how much you could make by selling it on the open market, including any costs or the time it might take. Then, they’ll give you a fair, all-cash offer to buy your home as-is. There are no hidden fees, commissions, or closing costs. Plus, you won’t need to worry about making any repairs or even cleaning up.

One of the best parts is that you can choose your closing date. Need to sell fast? Matt Buys Houses can close in just a few days. Want a little more time? That’s okay, too. They aim to make the process easy and convenient for you.

Why Choose Matt Buys Houses?

At Matt Buys Houses, we’re not just investors—we’re your neighbors in California. We live and work in the same community and care about helping homeowners like you find the best solution. Our goal is to make you feel good about the deal long after it’s done. We believe in honesty and transparency, so we’ll answer all your questions and make sure you’re comfortable every step of the way.

Taking the Next Step

If you’re a homeowner in California worried about the foreclosure process, don’t wait until it’s too late. Reach out to Matt Buys Houses to explore your options. We’re here to help you find the best path forward, whether that’s selling your home quickly or discussing other solutions that fit your needs.

Let’s Work Together

Selling your house to Matt Buys Houses can change everything for the better. You’ll save time, avoid extra costs, and skip the stress of the traditional selling process. We buy houses for cash in California, making it simple for you to move on to the next chapter of your life.

Ready to get started? Call Matt Buys Houses at (559) 978-2241 today. Let’s find the solution that’s right for you.

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