South Bay Homes and Real Estate

Torrance real estate: Foreclosure solutions

When you first receive that “intent to foreclose” notice, your first instinct might be to start packing your belongings up. The good news is that, as a general rule, your mortgage lender wants you to be able to keep paying on your home loan and they want to work with you, especially if your current financial situation is only temporary. Some states even have laws (redemption period laws) that are designed to give the owners of foreclosure properties time to reclaim their homes. Instead of leaping for the nearest box, your first act should be to talk to one of the lending experts at Torrance Real Estate or the chief loan officer at your bank.

Your Torrance Real Estate Agent will tell you that your first and best option, if you don’t think you’ll be able to keep your home after all, is to sell your home at a price high enough to both pay off what’s left of your mortgage and get into another residence. Keep in mind, however, that the foreclosure process can take up to 120 days. This gives you some time to find a buyer, but not a lot-this is where having a real estate agent’s help can come in very handy.

It is important to remember that, even if you do decide to sell your home, you need to make enough of a profit to find yourself a new place to live and get back on your feet. As soon as it becomes apparent that staying in your current home is not an option, you need to begin making arrangements to leave the property. For help finding a new place to live, contact a Torrance CA Real Estate Agent. They have plenty of affordable real estate listings for people who need to find a new place to live as they work through the foreclosure process and begin to rebuild.

Don’t forget that foreclosure laws vary from state to state. Before you leap into action and assume that you know how the process works, learn about the foreclosure laws in your area.