Assistance Options for Homeowners
The Zimkin Team will always place the consumer first by taking a consultative approach by helping you to understand all of your options by identifying your needs, evaluating your current financial situation and most importantly respecting your goals as you are always our number #1 priority.
We know you are not alone, our team combined has consulted with 100’s of home owners over the past 10 years producing the best outcome humanely possible based on your needs and current financial situation.
If you can answer yes to one of the following questions we are confident we can help:
Are your behind on your Bills or experienced a job loss or recent pay cut?
Have you tried a loan modification and been denied by your lender?
Would you like to keep your home and need help with a loan modification?
Do you owe more than your house is worth?
Are you are past due on your mortgage?
Have you filed for Bankruptcy in the past?
Have you been a victim to predatory lending?
Have you fell victim to a 3rd party service that has over promised and under delivered and charged you up front for services they have failed to deliver?
We understand every situation is different and will work with you to customize a solution based on your needs. Our goals are your goals and we will explore every option available.
Through our volume of experience over the past ten years we have established long term relationships with most major lenders and therefore have a solid understanding of how to properly present your desired outcome in the most expeditions manor possible.
For more information on all of your options please click on links below:
In a loan modification we permanently modify the terms of your original loan to make your payments more affordable. This may include one or more of the following options:
Spreading the past due interest over the remaining term
Reducing the interest rate
Deferring interest and advances
Extending the term
And in some circumstances, forgiving part of the balance owed
Is a loan modification right for you?
A short sale allows you to avoid foreclosure by selling the property for less than the amount owed on the loan. Based on the circumstances, the remaining balance may be forgiven. Also, based on your circumstances, your lender may be able to assist you with relocation expenses.
Is a short sale right for you?
Deed in Lieu
In a deed in lieu you turn over title and the property to your lender. This avoids foreclosure and may have less of a negative impact on your credit report.
Is a deed in lieu right for you?
The Foreclosure Process
A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
Stages of Foreclosure
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off. If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property and home owner is subject too and most likely will immediately face the eviction process.
The primary method of foreclosure in California involves what is known as non-judicial foreclosure. This type of foreclosure does not involve court action. When the deed of trust is initially signed, it will usually contain a provision called a power of sale clause, which upon default allows a trustee to sell the property in order to satisfy the underlying defaulted loan. The trustee acts as a representative of the lender to effectuate the sale, which typically occurs in the form of an auction. California has a requirement known as the one-action rule. If a foreclosure is completed by non-judicial means, a second action to recover a deficiency judgment is not permitted. Using a judicial foreclosure, a lender may recover a deficiency judgment in certain circumstances. But since this process takes longer than non-judicial foreclosure, it is rarely used. California non-judicial remedies have stringent notice requirements and the mortgage documents are required to contain the power of sale language in order to use this type of foreclosure method. Judicial foreclosure are permitted in California and these usually occur when no power of sale language is included in the loan documents.
Power of Sale Notice Requirements:
A notice of default is recorded after a default occurs in the county in which the property is located. This does not necessarily occur after one or more payments are not met but for logistical reasons may occur after a loan is in substantial default — sometimes six months or more past due. This is known as the redemption period. The foreclosure process does not move forward for a minimum of 60 days. A notice of sale containing the name and address of trustee, certain disclosures (including that the property is about to be lost to foreclosure sale), the name of the beneficiary, and other information must be recorded in the county in which the property is located at least 14 days before any foreclosure sale after that time period. This is known as the publication period.
The borrower must receive a twenty (20) day notice before any foreclosure sale, further notice of the foreclosure must: (a) mailed to the defaulting borrower (and other creditors whose liens affect the property) and; (b) be posted at the property being foreclosed upon and in a public place in the county where any sale would occur. The defaulting borrower may prevent the foreclosure sale by paying all arrearages up to five (5) days before the sale. The trustees’ foreclosure sale then occurs at the earliest twenty one (21) days after the first publication.
Foreclosure sales must take place on any business day between the hours of 9AM and 5PM and must occur at the location referenced on the notice of sale. The trustee will auction the property to the highest bidder, if no one bids, the home will go back to the lender.
Additional Default Counseling Resources
The U.S. Department of Housing and Urban Development (HUD) sponsors non-profit homeownership counseling agencies across the country. Call 800-569-4287 or visit www.hud.gov for a list of HUD-approved agencies in your area.
Active VA Service Members
The Service members Civil Relief Act provides certain legal protections and debt relief to service members on active duty or active service and their dependents. Please visitwww.militaryonesource.com for information and help with budgeting, debt reduction and credit issues or call toll free from within the U.S. at 1-800-342-9647 or from outside the U.S. at 1-800-342-6477 or International Collect at 484-530-5908. Please let the Zimkin Team Associate you are working with know if you are an active service member experiencing financial difficulty. Even if you are not entitled to protection under the Service members Civil Relief Act, your lender may be able to help under its service members relief program.
Beware of Foreclosure Rescue Scams
Unfortunately, in difficult economic times, fraudulent businesses prey on consumers by approaching them with offers to “save” their home or assist them in getting a loan modification. Please be aware that many of these companies are merely looking to take advantage of distressed consumers. You should be extremely careful about any such promises, particularly if you are asked to pay a fee for services, sign over the title of your property, or are advised to stop communicating with or making payments to your mortgage lender or servicer. If you need foreclosure prevention guidance, please contact the Zimkin Team right away to discuss your loan, your current financial situation, and the workout options that may be available to you.