Have You Received a Notice of Intent to Accelerate from Your Bank?

Posted on Feb 17, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, Mark Peek here at Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale specialists. Today’s topic is sometimes my borrowers often get this in the mail from their servicer on their mortgage. If they’re behind in any way, maybe it’s a month or two and they haven’t had a notice of default filed on them yet, sometimes they’ll get a letter in the mail saying a notice of intent to accelerate. What is this? Well, the letter states that they have a right to accelerate the note and foreclose on the property.

Well, the letter is a little misleading because it almost indicates that they can potentially accelerate, call the note due and foreclose on the property immediately. That’s not the case. They still have to go through California’s foreclosure laws in the process. They still have to file a notice of default; they still have to wait the length of time required before they can file a notice of trustee sale before they can take your property to auction at the court house steps, before it’s foreclosed.

So, if you’ve received one of these letters, you are probably in default and you need to talk to me. Hit the start here button at the top of the page, enter in your information and I’d be happy to contact you. If you received a notice of intent to accelerate, you are on the path to foreclosure and let me help you avoid it. I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale specialists, and I’m here to help. Thank you very much.

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When Do I Have to Move Out if I Complete a Short Sale?

Posted on Dec 6, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, one of Roseville and Sacramento’s leading short sale teams. One of the most common questions I get from homeowners is, "How long can I stay in my house if I want to do a short sale, do I have to vacate when we start the short sale process or do I still have some time in the house?" Well, the answer to that question is you can absolutely stay while we market the property, negotiate the short sale, all the way through the time that we are able to close the sale. You have all of that time. That period is anywhere from four to six months. It can be sooner, can be longer just depends on your specific property and the market conditions at the time and what value the bank puts on your property. If we are able to go with the value they have or if I have to fight with the bank for what the current market value is.

So, again you definitely don’t have to move out, you can stay in the home even if you’re not making payments for anywhere between four to six months during the process. Then afterwards, I have some tools that I can definitely set you up with to help you find rentals and I can put you in touch with property managers as well so you will have a place to go. People will rent to you even if you’ve missed payments.

If you have any questions, give me a call, my name is Mark Peek with Keller Williams Realty. We are one of Roseville and Sacramento’s leading short sale teams. Thanks and have a great day.

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