In California the Notice of Default is usually recorded after the Homeowner misses 3 payments. From that point it takes about 120 days to the point where the house is offered for sale at public auction.
Prior to auction, if the house is still occupied, there will be an eviction overseen by the County sheriff. During the eviction the locks will be drilled out and replaced by new ones and in a day or two people will show up to clean out any possessions left behind.
Start reviewing your options as soon as possible. Lender and government loan modification programs are your first stop. But, be aware, even though you may be in the process of getting your loan modified in many cases, it will not stop the foreclosure process from moving ahead. You’re still up against that 120 day time line.
So, it’s important that you fight on more than one front. Get a handle on all of your options by consulting three professionals; a CDPE (Certified Distressed Property Expert), like myself, your tax-preparer, and an attorney to discuss what is best for you in the long run.
If you don’t know where to turn for tax advice, or legal advice about bankruptcy, deed in lieu, etc., go to my Resources page where you’ll find the name and contact info for reputable Sonoma County professionals.
Don’t let the stress immobilize you! There are options other than waiting for the Sheriff to knock on your door. There is a dignified way to work through this. I can help you, so don’t hesitate to call me.
Foreclosure should be avoided if at all possible. Not only is it stressful to you and your family, it also may represent the longest road back to stability.
Foreclosures stay on your credit report for 7 years normally–that’s almost half the time a child spends growing up at home. You owe it to yourself to get this information.