It is a terrible moment when you lose a property in foreclosure! This could be your personal residence where you raised your family or were starting to raise your family. It could be a rental property that you saved and scrimped for in order to have an investment nest egg for the future. In either case, your stomach drops and drops hard when you get that Notice of Foreclosure from the bank. This is especially true if you can’t do anything about it…you have to sit and wait as the days go by leading up the foreclosure of that wonderful property. Or, you have to wait while the lender considers a loan modification so you can keep the property. Unfortunately, in this story, the bank never approves the modification and you find that you can’t do anything to save the property. Oh, what a horrible day when the foreclosure actually occurs and you get a notice on the property that you need to vacate or move within the next 3 days or 5 days or whatever amount of time the bank wants to give you…this is a terrible day indeed, one that you will remember forever!
BUT, I must tell you something. This doesn’t have to be as bad a day as you might think. If you went to the sale and learned that the buyer paid more for the property than the amount of the loan charges, there is a silver lining to this very dark cloud! Under California law, you are entitled to receive the sale proceeds which are in excess of the loan that was foreclosed and any other liens on the property. Let me show you what I mean when I say this:
Let’s say that your property had a loan of $600,000. which was foreclosed by the lender. When the bank totaled up all of its charges, the amount owed was $630,000. Let’s say further that the bidder at the sale paid $850,000. for the property because it was clearly worth over that amount, maybe $950,000. or even more. At this point, your day just got a lot better.
I proceed directly to the Trustee and negotiate the return to you of the gross proceeds of $850,000. less $630,000. which amounts to approximately $220,000. It is my job and my goal to return you this money in cash to you less a contingency fee amount which we agree upon in advance before we proceed with the Trustee. In working with me, you will not have to provide me with any upfront money whatsoever. You will merely agree with me in writing that I will take a % of the amount recovered on your behalf. In other words, there is no risk to you whatsoever. There is just the opportunity to recover a lot of money which can help you gain a fresh start…In other words, although the foreclosure was a horrible thought, you were able to recover an appreciable amount of equity to start your life over and perhaps purchase another property to make up for the lost opportunity.
If you are the victim of a recent foreclosure or expect to be, contact me immediately so we can start working to get some money back to you. If you are entitled to cash proceeds, I will diligently work to get them returned to you.
Call me for a free 1/2 hour consultation at 714-319-3446. The property can be located anywhere in California. I look forward to helping you achieve a better, brighter day going forward.