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When you enter the world of buying an Orange County foreclosure, it’s vital to contact the seller as early as possible before the property formally enters the foreclosure process.  One of the best times to contact a homeowner is during the early stages when they initially default on their loan payments.  When a borrower is thirty-five and forty-five days later on their loan payment, they receive a borrower information packet from a lender indicating the status of their loan.  The borrower also receives information on how to cure the default, which suggests several alternatives for restoring the loan back to current status.

When you view Orange CA homes for sale, try to purchase a home when a seller is going through the pre-foreclosure period. Use the contact information in the borrower information packet to locate the appropriate phone number for the bank’s loss-mitigation department.  This department is the one you’ll have to negotiate with to finalize terms for taking over the loan or purchasing the property and refinancing.

As a borrower nears the process of a foreclosure, they will receive a letter stating the entire balance of their loan and a statement indicating the loan is due and payable immediately.  This letter is known as a demand letter, or sometimes a notice of acceleration, as stipulated in the acceleration clause of the lender’s contract.  This clause spells out the terms when a borrower is considered in default.  If you find this clause in a mortgage contract, it permits the lender to accelerate or move up the date a loan must be paid in full.

If you discover a homeowner is in financial trouble and decide their home as a good opportunity for you.  You can purchase the home during this pre-foreclosure stage.  Ask the homeowners for a copy of the demand letter so that you can determine what steps are necessary to purchase the property.

To facilitate the process of buying a foreclosure, use experienced Orange County Realtors to help you through the process.

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