We all know how bad foreclosures are and especially in our community. Most homeowners are unaware of their options or how the foreclosure process works.

The Process:

The first stage is what is called the denial stage; this is when the homeowner is unable to make their

 payments. They feel they can make it up in time, or by letting their other bills go so they can try and make their mortgage payment. This will usually work only for a while unit the homeowner is 3 to 4 payments behind at which time the bank will send a N.O.D.

This is the second stage, which is called the Notice of Default stage. At this time, the homeowner is panicking that they are going to lose their home.  Also at this stage, not only is their financial life a mess, but their emotional and family life is affected. They will receive lots of mail and calls from people that want to help them. They will also receive a call from the bank to try to work something out. This is a very sensitive stage as the homeowner feels helpless and has no one to turn to, or no one they feel they can trust. They can first try talking with the bank, and the bank will offer them a forbearance or deed in lieu. First off, the forbearance is the bank taking all the missed payments and penalties and putting them at the end of your loan or breaking them up into 12 months of payments. Now that payment you couldn’t make will go up.

The other option is a deed in lieu.  This is when you deed the property back to the bank and move out. The homeowner can turn to a company to help them; most of these companies will either do a loan modification or a short sale. Keep in mind, no one can guarantee that they will be able to do either, as it is the bank that will have the final say.  Also, all these companies have to do is send a letter or call the bank and they did their job. You want to make sure that the company will work with you and walk you through the whole process. You need to let the company know everything that has happened to you from the time you missed your first payment untill now, as it is important when talking with the bank.

The third and final stage is Trustee sales state.  At this point, the bank is ready to sell your home and you have 20 days to do something or they will auction off your property at the county court steps. Most of the properties do not get sold and are reverted back to the bank. When this happens it goes over to the REO department of the bank and assigned to a realtor. It is up to that realtor to get the people out of the home.  They will first offer them cash for keys; this could be in the sum of $500 to $3,000. Cash for keys is to get you out of the home within two weeks and be paid for it. If you don not do the cash for keys, they will file an unlawful detainer and then a notice to vacate. At the time of the date to vacate, law enforcement will be there to kick out the homeowner and lock him out. This is the final and last stage of the foreclosure process. As it was stated in the beginning, the home owner has options. It is up to the homeowner to find the best solution for their family, as this affects the whole family environment.

Home Savors is not only experienced with the foreclosure process, but we understand the side effects of going through this foreclosure crisis. We’ve been on the front lines with over a thousand clients and we make it our priority to give every member the proper backing in this critical time. If your family is suffering financially they’re suffering in every aspect. Our membership program provides an extensive list of exceptional benefits that will get your credit, money, family and personal life back on track. We offer free information nights every Tuesday and Thursday from 7:30pm to 8:30pm at our office located at 391 N. Main St. Unit #100 Corona 92880. Please come to learn more about your options for yourself or anyone you might know. Remember it’s not what you owe; it’s what you don’t know.

Paul Chenelia is an Eastvale Resident and can be reached at 951 515-5556 or e-mail at This e-mail address is being protected from spambots, you need JavaScript enabled to view it

4 Comments

Name		Comment smaller | bigger
		I have read and agree to the Terms of Usage. Write the displayed characters Add Comment