Subject: Urgent Matter — Immediate Action Required to Stop Foreclosure Sale of Property in Contra Costa, California [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Bank Name] [Bank's Address] [City, State, ZIP] Re: Contra Costa County Property [Address], Account Number [Account Number] Dear Sir/Madam, I hope this letter finds you well. I am writing to urgently address the impending foreclosure sale of my property located in Contra Costa County, California. I have recently received notice from your institution, indicating that my property is scheduled for foreclosure sale on [Foreclosure Sale Date], which has left me deeply concerned and alarmed. As a responsible homeowner, I have always made timely mortgage payments to ensure the security of my home. Regrettably, due to unforeseen circumstances [briefly explain the reason behind your financial hardship, providing any relevant details and supporting documentation if available, for example, job loss, medical expenses, or a significant life event]. Although I have been actively seeking alternative solutions and exploring different options to resolve this unfortunate situation, I fear that the foreclosure process may be unavoidable without immediate assistance from your esteemed institution. Given the current economic climate and the impact it has had on numerous individuals and families, I kindly request your compassion, understanding, and collaboration to halt the foreclosure sale proceedings. It is in the best interest of all parties involved to work out and negotiate a viable solution that can prevent the loss of my home and ensure continued mortgage payments within an affordable and sustainable framework. I have already taken proactive measures to recover from my financial difficulties, including speaking with a HUD-approved housing counseling agency and exploring potential loan modification or refinancing options. I am committed to finding a reasonable resolution that will allow me to honor my financial obligations and retain ownership of my beloved home. Furthermore, I kindly request that you provide me with the necessary instructions and guidelines to initiate the application process for a foreclosure moratorium or any other suitable alternative. Furthermore, I am more than willing to provide any additional information, documentation, or undertake necessary steps to facilitate a solution that benefits both parties involved. Finally, I kindly ask that all communication regarding this matter be in writing as it allows for clear documentation of all correspondence. Your cooperation and prompt attention to this matter would be greatly appreciated. I eagerly await your immediate response and will be grateful for any assistance in stopping the foreclosure sale of my Contra Costa property. Please feel free to contact me at [Email Address] or [Phone Number] to discuss further steps or to schedule a meeting at your earliest convenience. Thank you for your attention to this urgent matter. I look forward to resolving this issue amicably and preserving the security and sanctity of my home. Sincerely, [Your Name]
Contra Costa California Sample Letter regarding Stop of Foreclosure Sale
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How to fill out Contra Costa California Sample Letter Regarding Stop Of Foreclosure Sale?
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FAQ
The California Foreclosure Prevention Act, signed in February, took effect Monday. The act forces a 90-day foreclosure moratorium on servicers that have not implemented sufficient loan modification programs.
6 Ways To Stop A Foreclosure Work It Out With Your Lender.Request A Forbearance.Apply For A Loan Modification.Consult A HUD-Approved Counseling Agency.Conduct A Short Sale.Sign A Deed In Lieu Of Foreclosure.
It takes several months for a lender to foreclose on a California property. If everything goes according to schedule, the process typically takes approximately 120 days about four months but the process can take as long as 200 or more days to conclude.
If a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy. The automatic stay will stop the foreclosure in its tracks. Once you file for bankruptcy, something called an "automatic stay" immediately goes into effect.
California (non judicial foreclosure) Extends to September 1, 2021 the requirement that mortgage servicers provide borrowers with written notices of grounds for denial of COVID-related forbearance relief.
A demand letter simply restates the terms of the loan, and demands that the borrower rectify their accounts immediately. More common for a non-judicial foreclosure might be a breach letter, which is required before issuing an NOD.
6 Ways To Stop A Foreclosure Work It Out With Your Lender.Request A Forbearance.Apply For A Loan Modification.Consult A HUD-Approved Counseling Agency.Conduct A Short Sale.Sign A Deed In Lieu Of Foreclosure.
Three of the most common methods of walking away from a mortgage are a short sale, a voluntary foreclosure, and an involuntary foreclosure. A short sale occurs when the borrower sells a property for less than the amount due on the mortgage.
Options could be: Forbearance: Your mortgage payments are paused for a period of time.A repayment plan: You agree to repay the amount you owe in regular payments over a fixed period of time or the life of the loan. Restructuring or modifying your loan: The terms of your mortgage are changed to lower the payments.
How Can I Stop a Foreclosure in California? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. (Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)
