Facing Foreclosure?
|
|
 |
 Are
you facing Foreclosure?
Are
you 4, 5, 6 or more payments behind on your
mortgage?
Do
you have 1, 2, or even 3 mortgages on your
property?
Have
you tried to obtain funds to bring your loan
current without success?
Are
you worried about having a foreclosure on your
credit report for the next 10 years?
Do
you need help FAST?
|
When facing
foreclosure, time is of the essence!
CALL TODAY
for a
FREE
no obligation consultation on how
we can save your home from foreclosure, and save your credit before
it's too late.
We have helped homeowners from across
the country put a screeching halt to foreclosure proceedings.
We Can Help You Too!
California Foreclosure
Law Summary
You "can" stop the foreclosure process and we
are here to help you.
Contact
us now for immediate assistance
Quick Facts
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure Available:
Yes
- Primary Security Instruments:
Deed of Trust, Mortgage
- Timeline: Typically 120 days
- Right of Redemption: Varies
- Deficiency Judgments Allowed:
Varies |
In California, lenders
may foreclose on deeds of trusts or mortgages in default
using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing
a lawsuit to obtain a court order to foreclose, is used
when no power of sale is present in the mortgage or deed
of trust. Generally, after the court declares a foreclosure,
your home will be auctioned off to the highest bidder.
Using this type of foreclosure process, lenders may seek
a deficiency judgment and under certain circumstances, the
borrower may have up to one (1) year to redeem the property.
Non-Judicial
Foreclosure
The non-judicial process of foreclosure is used when a power
of sale clause exists in a mortgage or deed of trust. A
"power of sale" clause is the clause in a deed of trust
or mortgage, in which the borrower pre-authorizes the sale
of property to pay off the balance on a loan in the event
of the their default. In deeds of trust or mortgages where
a power of sale exists, the power given to the lender to
sell the property may be executed by the lender or their
representative, typically referred to as the trustee. Regulations
for this type of foreclosure process are outlined below
in the "Power of Sale Foreclosure Guidelines".
-
Power of Sale Foreclosure Guidelines
- If the deed of trust or mortgage
contains a power of sale clause and specifies the time,
place and terms of sale, then the specified procedure
must be followed. Otherwise, the non-judicial power
of sale foreclosure is carried out as follows:
- A notice of sale must be:
1) recorded in the county where the property is
located at least fourteen (14) days prior to the
sale; 2) mailed by certified, return receipt requested,
to the borrower at least twenty (20) days before
the sale; 3) posted on the property itself at least
twenty (20) days before the sale; and 4) posted
in one (1) public place in the county where the
property is to be sold.
The notice of sale must contain the time and location
of the foreclosure sale, as well as the property
address, the trustee's name, address and phone number
and a statement that the property will be sold at
auction.
- The borrower has up until
five days before the foreclosure sale to cure the
default and stop the process.
- The sale may be held on any
business day between the hours of 9:00 am and 5:00
pm and must take place at the location specified
in the notice of sale. The trustee may require proof
of the bidders ability to pay their full bid amount.
Anyone may bid at the sale, which must be made at
public auction to the highest bidder. If necessary,
the sale may be postponed by announcement at the
time and location of the original foreclosure sale.
Lenders may not seek a deficiency
judgment after a non-judicial foreclosure sale and the borrower
has no rights of redemption.
More information on California foreclosure law.
|
For
fastest service call us now
at
760-533-3758
Problems don't just go
away, so call today!
|
Glossary
of Terms
Important
Disclaimer