Foreclosures in Orange County

Whether your south Orange County home is facing foreclosure or you're interested in purchasing a short sale home, Hakola & Associates can assist. We specialize in distressed properties and can assist both buyers and sellers. Short sales and foreclosures can be a tricky process, which is why you need experienced professionals on your side each step of the way.

If you're stressed out about your home being foreclosed, contact us right away! We will help you assess your options and find a solution that will work for you.

Orange County Short Sales vs. Foreclosures

Short Sale in Orange CountyA lot of people mix up the two terms, but there are some very distinct difference between short sales and foreclosures in Orange County. The best solution is going to vary from person to person, so we always recommend contacting a real estate expert to determine what option is best for you. A short sale may have been the best option for your neighbor but a foreclosure might be right for you. We're always happy to evaluate your situation, answer questions and help you buy and sell distressed homes.

What is a Foreclosure?

A foreclosure occurs when home owners stop making payments on their mortgage and the lender decides to take back the property. A foreclosed home is being sold directly by the lender, often against the will of the original home owner, which means they follow strict legal processes. In California, most lenders use the non-judicial process for foreclosures.

California Foreclosure Process (Non-judicial):

1. The lender will contact the home owner in person or by phone to analyze your situation and discuss any options available to prevent foreclosure. The lender must provide you with the opportunity to schedule a meeting within 14 days to discuss avoiding foreclosure.
2. 30 days after the initial contact, the lender can begin the foreclosure process by serving a Notice of Default.
3. After a minimum of three months, the lender may serve a Notice of Sale to the home owner.
4. After an additional twenty days, the property can be sold.

Foreclosures can be an overwhelming and scary process, but we can help. Call us today at (877) 442-5652 to talk about your options for selling your distressed property. We specialize in all distress properties including Irvine foreclosures, Laguna Beach short sales, Laguna Niguel foreclosures and beyond. If you're in the south Orange County area, we can help.

What is a Short Sale?

An Orange County short sale can be a challenging process, which requires the assistance of knowledgeable real estate professionals. A home goes into short sale when lenders agree to receive less for the house than the original debt owing, and a real estate agent can work with you to get that approval. Hakola & Associates will work on your behalf with the banks to receive approval for your short sale and then help you sell your home!

Top 5 Short Sale Myths

• Home owners have to be behind on payments to qualify for a short sale
• Lenders prefer foreclosures to short sales
• A house has to be listed prior to being considered for short sale
• Short sales don't affect credit ratings
• It's too late--my house is already being foreclosed, so the bank won't accept a short sale

None of the five statements above are true but a lot of people think they are, which is why it's important to have a knowledgeable real estate expert on your side when you are considering your options. We can help dispel myths and ensure that all the information you receive is accurate. Short sales negotiations are known to deliver more favorable results when individuals are represented by a real estate agent, which is why we recommend getting in touch with our expert team.

If you think a short sale is right for your Orange County home, contact us today. We will be happy to help assess your situation and determine the best solution for your distressed property. Our team of experts loves a challenge and has one of the highest success rates in the region.