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6728 Fair Oaks, #302
Carmichael, CA 95608
916-488-5626 (phone)
916-488-3889 (fax)

Operation hours
8:00am to 5:00pm
9:00am to 1:00pm
The Foreclosure Procedure
The please read the following information 

The Foreclosure Process
When a homeowner defaults on a note and deed of trust, sometimes the only recourse for the lender is to proceed with foreclosure of the property.  This is an uncomfortable situation for all parties involved and we always handled it with the utmost professionalism.

CSRS Team has been working with Institutional beneficiaries to handle Residential, Foreclosures modifications since 1994.  We have a staff to help you stop the foreclosure process to protect and recover your investment, according to the law, and with total professionalism.

Non-judicial Foreclosures
The foreclosure procedure begins by commencing the non-judicial foreclosure process as prescribed by law.  The non-judicial foreclosure is used to enforce the “power of sale” clause the borrower agreed to in the deed of trust and provide for the sale of the property to satisfy the debt.

California:   Judicial and non-Judicial

The Judicial system takes lots of money and time for the a lender to pursue. Not a favorable route for most lenders to take with all the complexities they might have to consider.

When you as a Borrower in Default?
A borrower can be considered in default whenever they fail to carry out the terms of the note and deed of trust in any way.  This includes, but is not limited to the following:

            Failure to make their monthly payments as scheduled
            Defaulting on a Senior Lien
            Failure to pay property taxes on time
            Failure to maintain proper insurance
Credit Risk
Any foreclosure is detrimental to your credit. The idea of settling an account can reduce and save your credit risk by simply reducing any further damage to your credit scores with the right agreements in place. 

The non-judicial foreclosure process is the same for everyone in each state, and fees for foreclosures are regulated by the states and are the same for all.  The difference comes in the service you receive from the trustee you select.

Modification Processing Department 
Our team of processionals includes chosen Legal Counsel, Real Estate and Credit Analyst, Mortgage Brokers and  Budget specialists, who are here to handle the possibility of your foreclosure in a totally professional and respectful manner. We will examine your entire income and expense situation and credit risk, and then develop your plan. This process may take as long as six months or as little as ten days. CSRS offers our systems and services for you to stay in a direct contact with your assigned Credit Analyst and your file with contact options for your convenience. We feel very confident that if we take you on we can help you through these tough times.

Deed in Lieu of Foreclosure
One alternative to a non-judicial foreclosure is a “deed in lieu of foreclosure”.  The deed in lieu of foreclosure is an instrument that conveys all interest in the property form the borrower to the mortgagee in order to satisfy a loan in default and avoid a foreclosure.

A deed in lieu of foreclosure actually offers numerous benefits to both borrower and lender.  The primary and most important advantage to the borrower is that it immediately released them from most or all the indebtedness involved with the loan and default.  A second advantage to the borrower is they avoid the proceeding and public knowledge of a foreclosure.  In addition, the borrower can often get better terms by going with a deed in lieu of foreclosure, than if they have a formal foreclosure.

The main advantage to the lender is a major reduction in the time and costs it takes to proceed with a non-judicial foreclosure and there can be other advantages to the lender if the borrower ends up filing for bankruptcy afterwards.

The deed in lieu of foreclosure is always entered into on a voluntarily basis and in good faith by both parties.  Because the deed in lieu of foreclosure is required to be voluntary, most lenders will often require a written offer of such a conveyance from the borrower that specifically states that they are offering to enter into the negotiations on a voluntary basis.  This conveyance enacts the “parole evidence rule” and protects the lender from any future claims by the borrower that they felt pressured in to the settlement or the lender acted in bad faith.

Our staff will be glad to advise you if this is the right choice for your situation in getting the process stopped.

Forbearance Agreements
Sometimes in the process of trying to work out a bad loan, the parties will use what is called a “Forbearance Agreement” which basically establishes the ground rules for continuing the lending relationship, while both parties try to work out a solution to the defaulted loan and the issues are resolved.
What is a Forbearance Agreement?
A “Forbearance Agreement” is an agreement where a lender will agree it will not proceed with an action against a borrower, that it otherwise would have a right to take.  In our case, the lender will “forbear” proceeding with a foreclosure action against the borrower, while both parties try to resolve the issues that are causing the problems with the debt.

When a borrower has a good history with a lender, and has simply run into some temporary financial problems, it can sometimes be in the lenders best interest to enter into a forbearance agreement with the borrower and try to work things out.  This avoids the time and costs associated with foreclosure, and will preserve both the loan and the lenders relationship with a good borrower.

We will be able to present an evaluation to the lender and advise them about what the proper course of action for your particular situation could be. Yet up to date, the lender has always determine the final Modification solution.

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