Buying a house is one of the largest investments most people make in their lives. When doing it via a mortgage, which is the most preferred method of home ownership for most people in Orange County, buying a home can be a huge commitment. Most mortgages are 20-30 years long. This means you have to make regular mortgage payments for most of your adult life, or else you risk losing your home. For various reasons, you may find yourself unable to make the mortgage payments as required in your home ownership contract. There are few moments in life that are worse than finding yourself staring down the barrel of a foreclosure. The following is the Orange County foreclosure process:
The foreclosure process starts with a couple of missed mortgage payments by the homeowner. Missed payments can be caused by various reasons; loss of employment, loss of life, bankruptcy, illness, disability, inflation, among other reasons. After missing a few payments, the lender gets in touch with you to find out what’s going on and also to notify you of the threat of foreclosure. The lenders usually start with a couple of warning letters before sending the final notice of foreclosure. Since lenders will do as much as they can to avoid a foreclosure, homeowners get a sort of grace period to renegotiate the terms of the mortgage or come up with a better solution.
The Lender publishes a public notice informing the public about the foreclosure proceedings on your house. With this information being in the public domain, you can expect to get a couple of offers from people who want to help you such as investors or mortgage refinancing companies.
If you fail to find a solution to your cash problem, the lender has the right to repossess your home and sell it to recover their money. They may sell it through an auction or hold it in their ownership as a Real Estate Owned (REO) property; which no bank wants. The homeowner gets a share of the proceedings based on the equity they own in the house.
Facing a foreclosure can be a dark time in anyone’s life, but even the darkest cloud has a silver lining. JAM Properties can help you get through the Orange County foreclosure process unscathed. When you start facing financial difficulties that make it hard to make your required mortgage payments, you need to make a decision fast to sell the property before it’s too late. Looking for buyers may take too long, while using a realtor may cost too much in realtor fees and commissions. This is where JAM Properties comes in.
JAM Properties buys your Orange County home in the condition that it is, for cash. You don’t have to make any repairs or any improvements to sell to JAM Properties. All you need is to make the decision to let go of the house, get in touch with JAM Properties, and get cash for your house before the inevitable foreclosure happens.