Does anyone know what and how long the foreclosure process takes in CA?
Question:
Answer:
There's two ways that the foreclosure process can take in California. One is through the Judicial process and the other is Non-Judicial. Which way is used in your case will depend on the exact details in your original mortgage documents, so you may want to pull them out and look for a "Power of Sale" clause or a similar clause detailing what will happen in the event of a default. Here is what generally happens in either case, though.
The Judicial Foreclosure process is rarely used in California . It will only be done if there is no “power of sale” clause in the original loan documents, or if the lender wishes to pursue a deficiency judgment against the borrower. If this process is used, the lender sues the borrower to obtain a decree of foreclosure and order of sale; the court may give the borrower a right to redeem the property for up to one year.
The Non-Judicial Foreclosure process is more common in California , and is used when there is a “power of sale” clause in the original loan documents. This clause authorizes the lender to sell the property in case of a default. If the loan documents specify the place, time, and terms of the sale, then those details must be adhered to. If they do not specify the time, place, and terms of the sale, then there are a series of guidelines that must be followed.
A notice of default is recorded in the county that the property is located in, and a copy of the notice is sent to the borrower within ten (10) days of the notice being recorded. The borrower is given ninety (90) days from the date the notice is recorded to cure the default.
After the ninety days, if the borrower is unable to cure the default, a notice of sale is recorded. The notice states that the lender or trustee will auction the property within twenty-one (21) days of the notice. Copies of the notice are sent to the borrower by certified mail, as well as posted in a county newspaper for three consecutive weeks before the sale. The notice is also posted directly on the property, as well as in a public forum, such as the county courthouse.
The sale is conducted by the lender's representative at the scheduled time and date. The high bidder must immediately pay the full winning bid amount by cash or certified check and receives a trustee's deed once the sale is completed. The lender will usually bid on the property for the amount of the due loan balance plus costs. Ownership of the property reverts to the lender if there are no other bids.
The lender can not sue the borrower for a deficiency judgment, and the borrower has no right of redemption after the sale of the property.
Consult with your loan documents and, possibly, an attorney to learn more. Or you can conduct some of your own research online and figure out if there are any options you may qualify for to save the home.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
Depends on the bank that is foreclosing. It can be as short as 30dys or even six months.
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