California Foreclosure - Frequently Asked Questions
Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Absolutely! Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case.
Often, it will forgive an occasional missed payment and may not refer your situation to the housing authorities until you miss four or more payments. However, if the lender has a portfolio of high-risk loans, the possibility of foreclosure proceedings beginning even after just two missed payments is high.
A Notice of Trustee Sale, or NTS, is a notice given to homeowners letting them know that their homes will be sold at California public trustee foreclosure auction according to California foreclosure laws.
Non-judicial foreclosures happen when a mortgage agreement has a “power of sale” clause that gives the lender the right to foreclose on a property by itself. Without that clause, the lender has to take the borrower to court in order to foreclose; hence the term. Many states require judicial foreclosures.
A public notice filed with a court stating that a mortgage borrower is behind in payments. This is one of the first steps toward foreclosure, and if the borrower does not pay, the next step is for the lender to file a notice of sale for the property.
The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. … The borrower/owner sells the property to a third party during the pre-foreclosure period.
Notice of Default. The Notice of Default starts the official foreclosure process. This notice is typically issued after the third missed monthly payment. From this point onward, the borrower will have 2 to 3 months, depending on state law, to reinstate the loan and stop the foreclosure process.
In California, lenders can foreclose on deeds of trust or mortgages using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts). The nonjudicial foreclosure process is used most commonly in our state.
Depending on the timing of the various required notices, it usually takes a minimum of 120 days to effectuate an uncontested non-judicial foreclosure. This process may be delayed if the borrower contests the action in court, seeks delays and adjournments of sales, or files for bankruptcy.
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