Sample Article: Real Estate
Foreclosures in California: To Redeem or Not to Redeem
A foreclosure is never an easy process for a homeowner to go through, and I know just how painful the entire ordeal is. Nobody wants to lose the home they have made their lifetime plans in, and will do everything they can to get it back.
Yet I have noticed a lot of people who have suffered through so much more in an attempt to regain something they cannot hope to maintain. There is a reason a person’s home is foreclosed, and some of my clients simply refuse to face the reality that they are incapable of fixing up these reasons.
When to redeem your home
If you have a stable source of income and you will be able to make future payments in some future time, the chances of you being able to redeem your home are pretty high.
The reason why homes are foreclosed for these reasons are because of sudden and unexpected financial problems. There are certain accidents or unfortunate events that will require a significant amount of money to address. These events, however, must be resolved quickly and finally if you wish to redeem your home in time. This is especially important since California’s right of redemption laws vary from case to case, while the typical timeline for payments can run from one year to as short as two months.
As painful as it is, I would recommend people let go of their homes when they no longer have the means to regularly make the payments.
Considering California’s relatively stiff foreclosure laws, it would be to your best interest to look elsewhere for housing when this should happen to you. This is especially so for individuals who have lost their jobs to the financial crisis. If you are keen to keep your home, however, you should immediately find some way to supplement your income to redeem your home. Once you can make payments, you should then move quickly to start negotiations with your bank if you can still make it in time.
