FORECLOSURE SERVICES
Foreclosure is the process that sometimes is needed when a mortgage becomes delinquent. Unlike most large foreclosure companies, our BELIEF IS THAT THE WAY A COMPANY CONDUCTS THE FORECLOSURE PROCESS IS AS IMPORTANT AS THE PROCESS ITSELF.
Our objective is to conduct the foreclosure process in a way that holds the lender and our company accountable to the homeowner. The homeowner must be provided immediate and accountable information regarding their foreclosure. Our employees take the time to not only answer all questions a homeowner may have but also treat them with respect and courtesy.
In California the foreclosure process is a 3 month and 21 day process that allows time for the homeowner to resolve their delinquency. It starts with the filing of a NOTICE OF DEFAULT. During the next three months, called the REINSTATEMENT PERIOD, the homeowner has the right to reinstate or payoff their loan in full. Typically most do reinstate or payoff during this three month period.
After three months from the recording of the NOTICE OF DEFAULT, a second document is recorded called the NOTICE OF TRUSTEE’S SALE. This document will detail the date, time and place of the foreclosure auction. It will also include the payoff amount due the lender, also called the OPENING BID. This scheduled sale date must be at least 21 days after the expiration of the REINSTATEMENT PERIOD.
During the foreclosure process the borrower has the option to reinstating their account, payoff their account, attempt a repayment or modification of their account or file a chapter 13 bankruptcy.
Should they fail to do so, the property in foreclosure will be sold at auction. At the auction the property could either revert to the beneficiary or be sold to a 3rd party. A property that reverts back to the beneficiary is now owned by the beneficiary. If an outside party is the successful bidder, then the foreclosing beneficiary is paid in full.
First Security Mortgage handles all aspect of the foreclosure process through its subsidiary company SOUTHERN CALIFORNIA MORTGAGE SERVICE INC. (SCMS). SCMS has been successfully processing foreclosures since 1977.
