Foreclosure in San Francisco: Steps Lender Must Take

In San Francisco, there are several steps that a lender must take before the actual foreclosure and eventual eviction process can occur. The first step is notification of a missed payment while the last step is the sale of your home. No matter what step you are at, you may be able to get help in moving forward and moving on with your life.

The process of San Francisco foreclosure is one that no one should have to incur. However, more and more people are faced with this problem as our economy is faced with an increase in prices and a decrease in available jobs.

The first step is to notify you of your missed payment. With each payment that you miss, you are more and more likely to be faced with the possibility of foreclosure. Depending on the type of loan you have, you may be faced with thirty to ninety days before further action is taken. However, it is best that you review your loan documents to find out for sure what steps will be taken once a payment is missed.

The next step is to place your loan in pre-foreclosure. This usually occurs once you are sixty days past due on your home mortgage. Once this happens, a lender will make notice of their intent to repossess the property for failure of payment.

During pre-foreclosure, you may be able to find a buyer for your home and facilitate the sale of your property prior to public auction. Investors are always interested in obtaining a property as cheaply as possible. This is likely in a pre-foreclosure state, which is while you will find a number of investors that are dedicated to pre-foreclosure investments.

If it is not possible for you or the lender to sell your home during this time, you may be forced to hold a public auction. A notice will be placed so that the property can be sold to the highest bidder.

This is the absolute last option for a lender. During a public auction there is no dictating how much they will get for the home except for what is offered. Therefore, they are very unlikely to recoup the money that was invested in the loan for the property. Anything that you can do to prevent this step for occurring is likely to be in your best interest.

If you are facing foreclosure, there are places you can turn to for help. Speak with your lender, San Francisco agencies, government-funded groups, or lawyers to find out what options and what rights are available to you. You may be able to save your home, but it may require that you fight to save what you have worked so hard to keep.

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