Your real estate agent expert on the Central Coast
Professional real estate services for maximizing property value
Your real estate agent expert on the Central Coast
Professional real estate services for maximizing property value
About Your Realtor 805
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Our Mission
My name is Mario Estrada, Your Realtor and Listing Agent in the 805. Born and raised on the Central Coast, I have seen the many changes that continue to make real estate our area the most desirable place to live in California. The diversity of our landscape offers a variety of housing from beach life in Pismo Beach, country living in Arroyo Grande, city life in San Luis Obispo, we have it all within minutes. Finding an online real estate agent is just the first step when you're looking to sell or buy a home. My team and I look forward to serving your needs.
Are you facing foreclosure?
Missed Mortgage Payments?
Let's face it, financial hardships fall on us from time to time. If you've missed payments on your home, likely you've received a "Notice of Default" (NOD) which your lender has filed with the county. This means you've missed at least 3 payments on your mortgage. However, it's not quite time to panic yet. You have time to make those back payments to bring your mortgage back into good standing.
Notice of Trustee's Sale
Notice of Trustee's Sale is a similar to the Notice of Default. The lender is now informing you that your mortgage payments are now at least 6 payments behind. Still, you have time to bring your account into good standing by paying your back payments and any penalties/fees your Lending Institution has assessed. This notice also sets a date for which your home can be Auctioned if you don't take any action to bring your loan into good standing.
Auction Date
This is the date your home is set to be Auctioned. Once your home goes to Auction and is sold to a new buyer or repossessed by the Lender, there is nothing you can do to retain ownership of the home and you will have to vacate the property.
What can I do to save my home?
First and foremost, bring your loan current if you can. If you're facing hardships, contact your lender and inform them of the hardship. Many lenders will work with you through loan modification or other creative financing options to help you stay in your home.
NOTE: A new California foreclosure law, AB 2424, went into effect on January 1, 2025. It requires lenders to provide clear information about foreclosure alternatives.
AB 2424 requires mortgage servicers to inform borrowers that a third party can record a request to receive copies of notices of default and sale regarding the property and that, by doing so,
may allow the third party to assist the borrower in avoiding foreclosure. The bill also allows borrowers to postpone a foreclosure sale date by 45 days if they provide the trustee with an agreement to list the property for sale in a marketing platform. They can extend the sale an additional 45 days if they provide the Trustee a purchase agreement to sell the property. The bill also requires all residential properties, up to four units, which are to be sold at a foreclosure auction, to be sold at 67 percent of the fair market value. If the property does not sell at this price, there will be a second foreclosure auction at least seven days later where the property can be sold to the highest bidder.
Final Options to save your credit and equity
If you've run out of options despite calling and attempting to work with the lender, your next best bet could be to put your home up for sale. Unlike the real estate crash of 2007-2009, many homeowners like you, may have equity built up. Instead of letting the bank foreclose and wipe out your equity, it may be best to put your home on the market and sell it. This way, you walk away with money in your pocket and be able to salvage your credit rather than having a foreclosure on your record.
Contact Me
The foreclosure process can be intimidating but we are here to help you. No matter what stage you are in the foreclosure, there are several viable options you may not have considered yet. If you've received a post card I sent, call me today to discuss the 3 most important things you need to know about foreclosures and how you can benefit from the current real estate market. Let us help you before it's too late.
