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Clovis Foreclosure Timeline
Short Sales Category
January 17th, 2010
Clovis Foreclosure Timeline
Facing Foreclosure?
If you’re a Clovis homeowner facing foreclosure, the following is a brief overview of the Clovis foreclosure process. Depending on the timing of the various notices you’ve received, it usually takes a minimum of 120 days to effectuate what’s called a non-judicial foreclosure (explained below).
Clovis foreclosures begin when a Clovis homeowner (known as the Trustor) doesn’t make a monthly payment to the bank (Beneficiary). The first missed mortgage payment is technically a default, but most banks don’t begin the foreclosure process until the third missed payment. If the bank can’t resolve the defaulted amount(s) with the Clovis homeowner, the bank will begin foreclosure proceedings.
January 16th, 2010
Foreclosure Process for Clovis Homes
Overview of the Clovis Foreclosure Process
If you’re struggling to make your mortgage payments on your Clovis home, you’re not alone. One of the most important things you can do is understand the foreclosure process in Clovis. Here’s a brief overview of the foreclosure process for Clovis homes to help you do just that:
When you bought your Clovis home it probably involved a “deed of trust,” which by its legal definition involves 3 parties:
- Trustor (Clovis homeowner / borrower),
- Beneficiary (lender / bank), and
- Trustee (a neutral 3rd party receiving the right to foreclose).
The deed of trust usually includes a “power of sale” clause that gives the neutral 3rd party the legal right to enforce collection of the debt. Collection of the debt is ultimately enforced by lender / bank’s right to sell the Clovis home when the Clovis homeowner / borrower fails to make their mortgage payments.
In California, the time-line of non-judicial foreclosure begins when the trustee files a notice of default. This is a letter which is sent to the Clovis homeowner notifying him or her of their default of the loan. This notifies the Clovis owner of the intent of the lender / bank to follow through on their right to collect on the debt. The copy of the notice, which is recorded at the County Recorders Office in Fresno, is mailed to the Clovis home address. Recording of the notice of default occurs next and can take anywhere from 1 week to 3 or more months after a Clovis homeowner misses their first mortgage payment.
The next step is the filing of the Notice of Trustee’s Sale. No sooner than 90 days after the trustee records the Notice of Default, the Trustee must publish a notice of trustee’s sale in the Fresno Bee and simultaneously file that notice with the Fresno County recorder’s office. Then, no sooner than 20 days after the notice of trustee sale is filed, the Clovis home may be sold at public auction for the amount of the debt plus foreclosure costs. If no one bids at the auction, the lender / bank assumes ownership of the Clovis home and may sell it to recover their cash investment.
Clovis Foreclosure Help
If you’re struggling to make your mortgage payments, we strongly recommend that you consult an attorney and Clovis Realtor to discuss your options. Clovis foreclosures have a damaging effect on your credit for a period of at least seven years. The earlier you can address the situation, the better the overall result will be regardless of the outcome. We’re happy to address any real estate questions you may have if you’re facing a foreclosure. Just fill out the form below and we’ll point out what your options are and answer any questions you may have.
November 16th, 2009
Clovis Real Estate
About Clovis Real Estate
Clovis Real Estate is a Clovis, CA owned company, specializing in Clovis homes. We’re Clovis Realtors who focus on one thing — Clovis properties and all of the services and assistance Clovis home buyers and sellers require to make their real estate transaction a success! Because we’re a Clovis realty located right in Clovis, we provide unparalleled expertise to our Clients.
Clovis Real Estate – Services We Offer
Clovis Real Estate offers a number of services for Clovis home buyers and Clovis sellers, including:
- Clovis real estate advice
- Clovis home values (wondering what your Clovis home is worth? Click here to find out)
- Clovis home searches (search EVERY Clovis home for sale on the MLS here)
- Clovis home searches from your cell phone (try our new cell phone app!)
- Looking for Clovis foreclosures? Get a FREE list here
- Search Clovis homes near any Clovis elementary, middle, or high school (click here)
- Clovis relocation services – moving to Clovis or relocating to Clovis – click here
- Clovis real estate news (see an example here)
- Clovis real estate market reports (click here to see an example)
- Automated searches – get new Clovis listings sent directly to your email box (sign-up here)
- Special Clovis home tours (click here to see an example)
- New Clovis homes and Clovis builders assistance
- Clovis land or Clovis lot searches (click here)
- Clovis neighborhood searches – just let us know what neighborhood you want to live in and we’ll let you know as soon as a new listing comes on the market in that area.
- Clovis first-time home buyer assistance (click here)
- Clovis mortgage / home financing referrals (click here)
- Much, much more!
Clovis Real Estate — Client Benefits
If you’re looking to sell or buy a Clovis home, you’ve come to the right place. No one knows Clovis real estate like we do! Click here to learn about all of the benefits of being a Clovis Real Estate client.
Have a real estate question? We provide FREE Clovis real estate advice. Whatever your question or need may be, we’re here to help. All you have to do is ask. We even make that easy. You can email, call, or just send us a text message.
Email: info@ClovisExperts.com
Phone: 559-325-4545
Text Message: 559-325-4545
When you want to buy or sell Clovis property, go with the Clovis experts at ClovisExperts.com!
October 23rd, 2009
Clovis Short Sales – The 3 Step Process
Clovis Short Sales
What is a Clovis short sale? A short sale (also known as a “pre-foreclosure”) occurs when a Clovis homeowner sells their home due to a financial hardship for less than the mortgage owed on it. In other words, if you purchased your Clovis home for $400,000 and still owe $350,000, but now can only sell your home for $300,000 – a short sale may be right for you. Read the rest of this entry »
August 16th, 2009
Clovis, CA Homes for Sale and Foreclosure Update
Are you searching for a bargain Clovis home? Here’s a quick breakdown of the current foreclosures for sale in Clovis…
July 28th, 2009
Understanding Clovis Foreclosures and Short Sales
Less than a year ago, few people had heard of foreclosures and short sales. Today, they’re the most common types of homes on the market in Clovis. Even so, these terms are still confusing to most home buyers and sellers. Because the market is flooded with foreclosures and short sales (with many, many more expected over the next year), we thought we’d write a post to help answer the following questions: “What is a Clovis short sale,” “How is it different than a foreclosure,” “How come we have so many short sales in Clovis,” and “Is buying or selling your home as a short sale is a good idea?” Read the rest of this entry »
July 14th, 2009
What You Should Know About Buying a Clovis Short Sale
If you’re in the market to buy a new Clovis home, you probably noticed something different lately. More and more homes for sale are listed as “short sales.” A few years ago, it was extremely rare to ever see a Clovis short sale. Now they’re everywhere. This article overviews what you need to know about the short sale process. Read the rest of this entry »
July 11th, 2009
Uniform Short Sale Process Now a Reality
New Government Process to Help Expedite Clovis Short Sales
Buying or selling a Clovis short sale is complicated. Fortunately, help is on the way. The National Association of Realtors (NAR) has put together a summary of the uniform government short sale process. These steps were taken to help alleviate many of the problems faced by traditional short sales (see our Clovis Short Sale Primer article).
Short sales are expected to dramatically increase this year. If you’re considering buying/selling a Clovis short sale, be prepared. We’ll update you on all of the lasted short sale information as it arrives. When you have any questions about buying or selling a Clovis short sale, just ask. We’re here to help.
Clovis Real Estate — “You’ll Love It Here”
July 10th, 2009
Clovis Short Sale Primer
Learn More About Clovis Short Sales
Due to current economic conditions, the number of Clovis short sale properties for sale is rising. If you’re considering buying or selling a Clovis short sale, we can help. Below you’ll find more information on short sales and their challenges, the government’s efforts to address these challenges, and tools to help you navigate the short sale process. Read the rest of this entry »
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