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Silverado-Property.com/Short-Sales

 Silverado-Property.com/Foreclosures

Welcome to your Napa Valley Foreclosure & Short Sale Help  source for Napa, St. Helena, Yountville, Calistoga,  Sonoma,  America Canyon. If you are in a finacnial situation and need assistance or have questions regarding short sales please contact us.

Below is information regarding the foreclosure process. 

Lenders foreclose on a property when payments aren’t being made on the loan. While a loan is technically in default when the grace period expires and that month’s payment has not been made, lenders will usually not begin the foreclosure process until three payments have been missed. That isn’t a law, but it allows the borrower some time to recover if a financial hardship has occurred and it also indicates to the lender that foreclosure is likely inevitable.

When a lender determines the need to foreclose the actual process and timeframe will depend on state laws in the state where the property is located. Each state has a somewhat different process but the main distinction is whether a state follows title or lien theory and uses the courts (judicial foreclosure) or a power of sale (non-judicial foreclosure). We have a chart outlining timeframes and processes for different states. Keep in mind that timeframes are often much longer in the current high volume environment.

The foreclosure timeline begins running when a default notice is recorded/filed, that notice will be either a Notice of Default or a Lis Pendens depending on the individual state process. The homeowner still retains all rights of ownership to the property at this time, they can sell the property, obtain a new loan, stay in residence, or in some cases, move to a different home.

The foreclosure auction is held in a public place typically somewhere in the county where the property is located. The notice of auction is usually for a fairly short time period, it’s commonly posted on the property, in a public place in the county and published in a newspaper of general circulation for several weeks. Delays in the auction are fairly common, but when an auction is held either a third party bidder or the lender will be the new property owner at the end of the auction.

Properties purchased by third party bidders will often be brought to marketable condition and resold to end user buyers, but homes taken back by lenders provide potential opportunity for investors. We provide lists of foreclosures from major lenders along with lists from asset managers, government sources and regional lenders, the links are in the upper menu.

Karen Magliocco &

Napa Short Sale Staff