Frequently Asked Questions

I've missed mortgage payments, what might happen? 
Your home may undergo the foreclosure process, but there are ways for you to prevent this from happening. In California, you must be 90 days in arrears before a foreclosure can begin.

What should I do when I'm behind on my mortgage payments? 
Don't wait, get help right away! By being proactive to resolve the issue as soon as possible, you definitely increase your chances of avoiding the loss of your home through foreclosure, and altogether making the best choice in your current circumstance. If you even see the possibility of missing a payment, contact your lender and explain your financial situation. This act of initial contact, before letters of delinquency or a notice of default arrive, will help your lender understand that you are facing issues that impede your payments, providing your lender an incentive to find a proper "work out" resolution, or to begin modifications to your loan. Plus it gives you time to assess your options.

What is a "work out" resolution? 
Commonly, the term "work out" resolution is an agreement where you continue making payments on your past due amount over a period of time, or a modification to your loan to lower your interest rate, or an extension loan period that will help lower your payments.

I am in the foreclosure process, should I stay in my home or leave?
Abandoning your property may have negative consequences on your qualification for assistance. Even if you home had already been foreclosed on, you will still be given time to leave. But best to contact us right away, so we can help you determine your best option, including consideration of a short sale.

Why would my lender rather help me stay in my home than foreclose?
Most times, the lender will take substantial financial losses, on average, as much as $50,000, from a home foreclosure. Mortgage companies are not interested in owning and selling homes, as it is not their business. For this reason, most lenders will prefer to avoid a foreclosure also and will assist you in doing a short sale.

Am I protected from the bank coming after me for the deficiency under a short sale?
As of July 15, 2011 the California legislature enacted a new law protecting this from happening for any property with up to 4 units, whether it is a first or second mortgage, a refinance or not, an investment property or not. In some instances however, if the bank decides to do a judicial foreclosure, you may still be liable for the deficiency. So it is important to consider a short sale.
Timothy Toye and Associates
Timothy Toye and Associates
(707) 928-6900
16360 Hwy. 175 Cobb CA 95426
no name available Timothy Toye and Associates