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Foreclosure Timelines and Short Sale Time Lines For Sacramento County

Graph of Time to Foreclose in Sacramento County

Foreclosure Time Frames – Sacramento County, CA -or- Time To Foreclose In Sacramento County. This Chart Answers The Question “How Long Can I Stay In My Home If I Do Foreclosure?”

Time to Foreclose in Sacramento County; This Chart shows Three Graphs:

Time to foreclose: The average number of days between the filing of the California Notice of Default – the beginning of the California foreclosure Process) and the final sale at auction in Sacramento County.

Time to Resell—The average number of days between the final sale at auction and when the property was resold by the bank or 3rd party. (This amount of time has been steadily increasing for the banks, as more and more foreclosed properties are now still occupied; and banks are much more lenient than private investors when it comes to evictions and aggressively getting the property vacant and ready to sell again).

What this means to you…

As a Short Sale Specialist here in the Sacramento, El Dorado And Placer County areas, I am constantly being asked about the benefits of a short sale and why a short sale is better for your credit. What are the short sale and foreclosure credit score differences?

Being in control of the timelines is one of the biggest advantages of a short sale over foreclosure– short sales  take about half the time as a foreclosure.

This advantage of a short sale time is where the differences between a foreclosure and a short sale on your credit rating comes from.  You see biggest destruction to your credit rating  is from missing  payments every month.  The time it takes for that damage to stop its monthly havoc to your score, is the benefit of a short sale over foreclosure.

Every month that you miss a mortgage payment, your credit score is hit- the higher the score, the bigger the monthly hit.  It is not uncommon to have 15 or 18 points per month if you have a high score to begin with-

Our typical short sale takes 2 to 4 months before we get third party approval, (the bank says yes) – add another 30 to 45 days for escrow and getting the transaction closed.  So that’s usually less than 6 months of missed payments total all the way to closing the transaction and the bank reporting “paid as agreed” on the credit report…

Contrast that 6 months to the typical homeowner who decides to just let the bank take the home back and goes through with the foreclosure process.  That homeowner typically has to miss 4 consecutive payments or more before the bank even files the Notice Of Default; add to that the average time to foreclose in Sacramento County 262 days (as of last month) and you are looking at well over a year of missed payments. Twice the amount of a short sale- And then the homeowner gets the punctuation mark of a foreclosure on their credit report instead of the “paid as agreed” from a short sale…

Questions on your particular situation?

Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?

Or do you have an Unaffordable Mortgage? How To Start A Loan Modification.

Contact us today at Forth Hoyt’s Sacramento Short Sale Center

Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

I am not an attorney, and you should talk to one!! Call me today for a referral!

 

Call today to talk about your current situation and let’s see if I can help you! 916-316-3810

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