Frequently Asked Questions

You are welcome to contact us with any inquiries you may have about Parker Foreclosure Services, LLC. Please call our office or send us an email with your questions, we will be happy to provide further information regarding our services.

As the Beneficiary, are my advances returned?

If the property is reinstated, your advances are repaid as a part of the reinstatement. If the property is sold to a bonified purchaser for a full credit bid, the advances are included in the bid. If you are the successful bidder, then your costs and advances become a part of your ownership in the property. You will include our fees and expenses in the demand or reinstatement notice you provide to the borrower.

If I become the owner and sell the property, do I keep the excess profit?

Yes.

Send an email or call at +1 (805) 641-9292 and a representative from Parker Foreclosure Services, LLC will be happy to provide you with a schedule of fees and estimated costs, as well as general information on the foreclosure processing timeline.

Do I loose my investment if the Trustor files Bankruptcy?

Not necessarily. In fact this could work for you in many ways. Consult your Bankruptcy Attorney for more information.

Who receives the overbid at Trustee’s Sale?

The overbid is first applied to any junior liens then to the borrower.

What happens to Trust Deeds or liens junior (behind) my investment?

Junior liens loose position in title and do not have any effect on you.

Do I have to pay the senior Trust Deed?

Yes, when you are in junior position you need to pay the senior lien. You would take title to the property subject to the senior Lien(s).

We are often asked, "What does The Foreclosure Company do?"

If you are the Beneficiary of a Note secured by a Deed of Trust on real property in California and have not been receiving your payments, we help you to collect the money due to you. We assist you throughout the process, from recording a Notice of Default to conducting a Trustee's Sale as a public auction. The process takes approximately four months, but may take longer if legal action is commenced.

So how much will the foreclosure cost?

The foreclosure fee and costs are set by California Civil Code and are in 3 stages. The first stage is after the recorded Notice of Default is mailed. The second stage is after the Notice of Trustee's Sale is mailed, the final stage is after a Trustee's Sale auction has been conducted. If the Trustee's Sale is conducted, the foreclosure fee is 1% of the unpaid Principal balance. This does not include any additional costs which are due to 3rd party services, such as the Trustee's Sale Guarantee Report, recording costs, mailings, Notice of Trustee's Sale publication costs and posting fees. 

How compliant are you with The California Homeowner Bill of Rights?

The foreclosure process was once again changed on January of 2013, when the California Homeowner Bill of Rights (HBOR) became law. How familiar are you with this law prior to starting the foreclosure process? You may want to discuss these changes and all applicable laws (AB278 , SB900 and AB2314) with an attorney prior to starting any proceedings.

Looking to begin a new foreclosure?

Foreclosing on a property can be a quick an easy process, once you have exhausted all efforts to collect yourself with no positive results, your next step is an important one and we are here to help! There are 3 easy steps to begin the process:

 

  • Send us a copy of your Note, Deed of Trust and any assignments to the Deed and a completed Declaration of Default (download here).

  • We will file a Notice of Default with the county of record to begin the process.

  • Once we have filed a Notice of Default on your behalf, we will forward you a copy of the Substitution of Trustee that you will need to sign and return, so that we may record it with the county. When completed we will continue to update you through the remaining four months to the foreclosure is completed or the borrower has has become current and reinstated the loan.