Don't Let The Banks Scare You.
We Specialize In Foreclosure Prevention
No matter where you’re at with your bank or servicer, we can assure you that you have some options that banks won’t mention.
How Foreclosure Process Works In California
Foreclosure is a legal process that lenders use to take back a property when the borrower fails to make the mortgage payments. The foreclosure process in California is a non-judicial process, which means that the lender does not need to go to court to foreclose on a property.
The foreclosure process in California typically starts when a borrower falls behind on their mortgage payments. After the borrower misses a payment, the lender will send a Notice of Default (NOD) to the borrower. The NOD is a legal document that informs the borrower that they are in default and that the lender intends to foreclose on the property.
The NOD includes the amount of money owed, the time frame to pay it, and the consequences of non-payment. The borrower has a certain amount of time to bring their payments current or negotiate a payment plan with the lender. This time frame is usually around 90 days. During this period, it is important to contact the lender and discuss options for avoiding foreclosure.
If the borrower fails to bring payments current or negotiate a payment plan, the lender will proceed with the foreclosure process. They will then file a Notice of Trustee Sale (NOTS) with the county recorder’s office. The NOTS is a legal document that sets the date and time of the foreclosure sale. It is usually filed 90 days after the NOD is filed.
The foreclosure sale is an auction where the property is sold to the highest bidder. The sale is typically held at the courthouse or at the property itself. The winning bidder must pay the full amount of the bid in cash or certified funds. The lender will use the proceeds from the sale to pay off the outstanding balance of the mortgage.
If the property is sold at the foreclosure sale, the borrower has a certain amount of time to redeem the property by paying the full amount of the bid plus interest and costs. This time frame is usually around 180 days. If the borrower fails to redeem the property, the new owner will take possession of the property.
It is important to note that the foreclosure process in California is a non-judicial process, which means that the lender does not need to go to court to foreclose on a property. However, the borrower can still contest the foreclosure through a lawsuit. It is also important to seek legal advice and explore all options to avoid foreclosure, such as loan modification, short sale, or deed in lieu of foreclosure.
In summary, the foreclosure process in California is a non-judicial process that starts with a Notice of Default and ends with a foreclosure sale. If you are at risk of foreclosure, it is important to contact your lender as soon as possible to discuss your options and avoid losing your home.
About Our Organization
A Coalition Of Foreclosure Specialists That Have Organized A System For Beating The Banks
"Servicers Should Gear Up for Expected Surge in Homeowners Needing Assistance"
-CFPB
We have actually been preparing for a rise in foreclosures since before the pandemic even started. Coronavirus has only accelerated the rate in which banks are taking action this year. While this isn’t the same situation we had in 2008, the CFPB (Consumer Financial Protection Bureau) has issued a strong warning to all banks and mortgage servicers that a wave of issues are coming and that they should be prepared. We are experts in short sales and foreclosures, so we are well ahead of the oncoming wave of foreclosure assitance that will be needed. We have everything covered that you will need to achieve the best possible outcome for your situation including: an attorney that specializes in negotiating foreclosure resolutions with banks, residential and commercial real estate agents that are short sale/foreclosure prevention experts, lenders for mortgage options and even title experts to assist in finding any facts needed to assist us in negotiations with the banks on your behalf.
California Foreclosure Quick Facts
- California is a non-judicial process state, which means that the lender does not need to go to court to foreclose on a property.
- The borrower has a certain amount of time, usually around 90 days, to bring their payments current or negotiate a payment plan with the lender.
- If the borrower fails to bring payments current or negotiate a payment plan, the lender will proceed with the foreclosure process and file a Notice of Trustee Sale (NOTS) with the county recorder's office.
- The foreclosure sale is an auction where the property is sold to the highest bidder. The sale is typically held at the courthouse or at the property itself.
- The foreclosure process typically starts when a borrower falls behind on their mortgage payments and the lender sends a Notice of Default (NOD) to the borrower.
- If the property is sold at the foreclosure sale, the borrower has a certain amount of time, usually around 180 days, to redeem the property by paying the full amount of the bid plus interest and costs.
- The new owner will take possession of the property if the borrower fails to redeem the property within the time frame.
- The borrower can still contest the foreclosure through a lawsuit, even though the foreclosure process in California is a non-judicial process.