Borrowers – Century City Mortgage
cq@centurycitymortgage.com
310-557-1212

Borrowers

Whether you own one property or possess significant real estate holdings, Century City Mortgage is committed to providing you with the solutions that you need to achieve your real estate goals. Our attention to client service is a top priority. We view our client dealings as an ongoing relationship, not just a transaction. Our goal is to help clients develop a long term strategy for their real estate investments.

Credit Problems

If you been turned down by the bank for any type of credit problem including both foreclosure or bankruptcy, there are often still financing options available. We try to help clients structure such financing to provide them with a path to improving their credit for the future.

Home Loan

We provide financing for property owners with good credit who need to refinance their homes. We also assist buyers who are purchasing a home by providing free Pre-Qualifications and efficient loan processing to insure a timely closing.

Apartments / Commercial

We can secure both private and institutional capital for almost all types of commercial real estate including apartments, manufacturing, industrial, office building, etc…

Reverse Mortgage

If you are over 62 years old and have built up equity in the home that you live in, you may qualify for a reverse mortgage. Reverse mortgages are a valuable tool that provide homeowners with a great deal of flexibility in managing their finances.

Probate Conservatorship

If you need help with financing while you are involved in a Probate or Conservatorship action, there may be options available that you are not aware of. These loans often provide capital to help a property owner through sometimes lengthy court proceedings.

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Call Us at 310-557-1212
Monday – Friday 9:00 AM – 6:00 PM

CREDIT PROBLEMS / FORECLOSURE / BANKRUPTCY

If you are currently experiencing credit difficulties or have had credit problems in the past, there may still be financing options available. We offer equity-based loans to borrowers who can’t qualify for a bank loan or who simply need capital quickly. All loans are secured by residential 1-4 units (owner-occupied and non-owner occupied – business purpose loans only) and commercial (multi-family 5+ units / apartment buildings, office, retail, light industrial, etc..) properties located in California only.

If you are currently in foreclosure or delinquent on any of your real estate loan payments call us immediately at 310-557-1212!!! Our agents will begin assessing your situation immediately. We understand that quick action is critical. Our agents are available anytime to discuss the best available options. Consultations can be done by phone or by scheduling a free, in-person appointment at your home, your office, our office, or any other destination of your choice.

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For those property owners who are involved in a bankruptcy or intend to file one soon, we can still provide you with financing on your property. Things become more complicated when in bankruptcy, but our team of experts can help determine the best financing options available when dealing with a bankruptcy. For further information, you can call us at 310-557-1212!

 

Notice of Default

Foreclosure proceedings start with a Notice of Default (NOD). The lender (or trustee for the lender) files a Notice of Default with the county, after the property owner (trustor) fails to make his/her loan payment(s). This is done to give, constructive notice to the public which is required by law. The owner may be delinquent anywhere from 15 days to 12 months, or more. After the recording of the Notice of Default, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current with the lender. This time period is also referred to as the Reinstatement Period.

Notice of Trustee Sale

If the borrower does not reinstate their account within the 90-day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS). A notice of trustee sale must be mailed by certified mail, return receipt requested, 20 days before the foreclosure sale to the borrower, to anyone who requests notice or recorded a request and to the trustors, beneficiaries or parties at interest.
The Notice of Trustee’s Sale is recorded at the County Recorder’s office in the County where the property is located at least 14 days before the sale. It contains the date, time. and place where the auction will take place. This notice has to be published in an adjudicated newspaper in the city where the property is located.
The NOS is posted on the property as a requirement of law. If access to the property is restricted by means of a central guard gate, then the notice must be posted on the guard gate. Also, a copy of the notice must be posted at one public place in the city where the property is to be sold (or judicial district in rural areas) at least 20 days before the sale.

Auction

Initial auction date can be just 20 days after Notice of Trustees Sale is recorded. Auction properties have had a Notice of Trustee Sale filed setting an auction date, and have not yet been sold or cancelled. Investors can purchase the home at auction; and Realtors® and Lenders can monitor their client’s properties.

Postponed

Sales may be postponed by announcement at the time and location specified for the intended sale. The borrower may postpone the sale in order to obtain cash, provided the written request for postponement identifies source from which the funds are to be obtained, and the postponement is only for one business day. The borrower may obtain one such postponement.

Sold to Bank

This occurs when the bank does not receive a bid at the auction, resulting in the bank taking ownership. These properties are commonly referred to by the banks as REO’s (Real Estate Owned).

Cancelled

The cancellation of an auction usually occurs when the bank or mortgage lender has accepted either a full payoff of the amount owed to them or a reinstatement of the mortgage delinquency. Occasionally this occurs due to a technical default of the foreclosure filing.

Sold to 3rd

Generally occurs when independent 3rd party bidders pay more than what is owed to the bank that is foreclosing. After paying off any additional liens that may encumber the property, the balance of the funds are disbursed to the previous owner of the property.

Trustee's Deed

This is the final act by which the Trustee that auctioned the property on behalf of the bank, deeds the property to the new owner and completes the transaction.