Description

Options To Foreclosure

There are many reasons why a homeowner might end up in a financial situation that forces him into foreclosure. Reasons can include illness, unemployment, divorce, adjusted mortgage interest rate, etc.

By almost any measure, a foreclosure is the most damaging event your credit status can encounter – arguably worse than bankruptcy. A foreclosure on your credit record will negatively impact your ability to borrow money for years. Foreclosure can be completed in less than six months from the time the loan becomes delinquent. In California, a borrower must be two months delinquent before a lender can commence a foreclosure action by recording a Notice of Default (NOD). Once the NOD has been recorded, the foreclosure can be completed in less than four months.

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