The idea of facing the Vista foreclosure process can be unsettling for homeowners. But there are steps that you can take to either stop the Vista foreclosure process altogether or at least mitigate its overall impact on you.
Find below an overview of the Vista foreclosure process along with actions you can take every step of the way.
When you sign the paperwork for a mortgage, you are promised to pay the lender the amount of money that was borrowed and outlined in your contract. If you break this promise and stop making the payments, your lender is permitted to take the house back and sell it in order to recoup the money owed to them.
The process of the lender taking back possession of the Vista house as a result of lack of payment is a Vista foreclosure. In most situations, this process will begin once the homeowner is more than 90 days late on a payment.
The short answer is “yes,” you can stop the Vista foreclosure process. The quickest way to do so is to bring your outstanding payments current. This is not to say that you need to pay off your entire loan – just the payments that you are currently late on.
If a homeowner can bring the account current, the pre-foreclosure process is brought to an end. At this point, you are back on schedule, making your regular mortgage payment.
Vista homeowners who are having a hard time making their payments should call your lender as soon as possible. There are actions that your lender can take to help modify – or in some cases even temporarily suspend – your current mortgage payments.
The reality is that the Vista foreclosure process is an expensive undertaking for the lender as well. It is in their best interest to work with Vista homeowners in order to find a solution that keeps you in the home and making payments.
But if you do not think that you will be able to make future payments no matter what, Vista homeowners will then have to consider a short sale.
A Vista short sale is a situation where a homeowner sells a home for less than what is still owed to the lender. However, before a homeowner can choose this option, you first need to receive permission from your lender. Since your lender will be coming up “short” on what is owed them, they will need to approve the final price.
If you find yourself in a position of considering a Vista short sale, our team can help. We have extensive experience working with homeowners who find themselves in this position. Because of our knowledge and experience, we can make you a cash offer on your home. This means that we are able to act very fast as there is no red tape.
So if you facing a Vista foreclosure or are considering a short sale, call our team today to see how we can help.