California Foreclosure Timeline
This article is intended to provide a basic outline of the timing involved in a non-judicial foreclosure. The specific laws regarding foreclosure in California can be found in the California Civil Code.
Under a recent amendment to California foreclosure laws, the Lender must contact the borrower by telephone or U.S. mail to see if there is some type of “work-out” that can take place to avoid a foreclosure.
If the borrower and lender are unable to work something out, the Lender will file a “Notice of Default” (NOD) in the county where the property is located. These notices are published and so often your realtor, neighbors, friends will know about the default even before you have had a chance to read the notice yourself.
The notice basically states that you have 90 days to bring the loan current or else the Lender will proceed with the foreclosure.
After the 90 days have passed, if the loan is still delinquent, the lender will file a “Notice of Sale” which indicates the day and time that the home will be sold in foreclosure (usually to the bank). This sale date must be at least 21 days out from the date the Notice of Sale is issued.
In some cases, on loans recorded between January 1, 2003, and January 1, 2008, an additional 90 days must be given between the Notice of Sale and actual sale date.
California has a one-action rule which means that if a Lender goes down this non-judicial foreclosure path, they can not pursue you for any deficiency balance. However, sometimes a 2nd mortgage or HELOC will still come after you (typically this happens in the form of a debt buyer 3-4 years after the foreclosure was completed).
If you believe you are facing foreclosure or are being pursued by a 2nd mortgage lender or HELOC servicer after foreclosure has already taken place on your property, bankruptcy may be a great option for you to consider.
The Bankruptcy Law offices of Chirnese L Liverpool would love to speak to you regarding your situation. To schedule an appointment call our office at (818) 714-2200. Also, feel free to visit our website.
If you need assistance with unpaid medical bills, preventing foreclosure , preventing repossession, reducing financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reducing or eliminating tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today’s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7 or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by the rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce or identity theft.
We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We can assist you and your loved ones with filing for bankruptcy and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page. Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.
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