Distressed homeowners have several options at their disposal in avoiding the bank taking their home.

Despite news of a recovering real estate market, there are still homeowners out there who are reeling from what has come to be known as the “Great Recession” that affected Sacramento foreclosure preventionso many people financially within the past few years.

That being said, there are still many options available to homeowners facing hard times, or even foreclosure by their lender. Did you know that recent legislation passed in California such as the Homeowner’s Bill of Rights offers new protections to homeowners that include:

  • Restriction of Dual Tracking Foreclosures
  • Lenders can no longer continue the foreclosure process on your home if you have completed a loan modification application. This means that, if you are facing foreclosure, the process will be paused pending the outcome of your modification.
  • Guaranteed Single Point of Contact
    Prior to 2013, homeowners found frustration in trying to resolve their loan modification due to the fact that they may not have been able to talk to one person about their account during the loan mod process. The California Bill of Rights now requires lenders to provide homeowners a single point of contact when discussing their foreclosure prevention or modification needs.
  • Verification of Documents
    No more “robo-signing!” Lenders must provide proof of document verification on your loan package or face up to a $7,500 fine.
  • Tenant Rights
    Purchasers of foreclosed home must give tenants residing on the property no less than 90 days notice before eviction proceedings. If a tenant has a fixed term lease, the new homeowner must honor the terms of that lease.

Contact me for more information on the California Homeowners Bill of Rights. 

Avoiding Foreclosure Through a Short Sale

If you have exhausted all other options at your disposal and are still behind on your mortgage payments, consider a short sale. This protects you from having a foreclosure on your records, and in many cases, qualified buyers can get back into a home purchase in as little as two years, as opposed to waiting up to seven years if you allow your home to be taken by the bank.

Also, with a bank-approved short sale, YOU PAY NOTHING! Costs usually paid by the seller in a transaction are paid by your bank. These costs include:

  • Realtor commissions
  • Title and escrow fees
  • Taxes
  • Closing costs

You have options at your disposal to avoid losing your home to your lender! As a distressed property expert, I have all the answers to helping you stop the bank from moving in. Contact me for a free, no obligation pre-foreclosure consultation. 



"Tanya has helped us find a great deal in buying a Short Sale Property as an investment. Because of her efforts and knowledge of the short sale market she kept the deal together even when the listing agent wasn't willing to. Thanks to her diligent efforts we got a great property with instant equity. We will use her real estate services for sure. She is the Best!!! not only personally but professionally."
Salma & Johnny Chawi, Granite Bay, CA
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