California is a non-judicial foreclosure state which means lenders can take back property without having to resort to the court system. It is the rare circumstance that a lender pursues a judicial foreclosure. While the actual timeline may vary in each case depending on a number of circumstances including the volume of other foreclosures taking place at any given time, generally speaking, the foreclosure process is about 6 months from when you stop making payments.
The process usually begins 90 days after you have not made a payment with the filing of a Notice of Default. The Notice of Default is filed with the county recorders office and served on all interested parties. It specifies all of the pertinent information about the property, including the loan and the default amount. Upon the filing of the notice of default, lenders are prevented from taking further action against the property for a period of 90 days, in theory, to allow the borrower additional time to cure the arrears and redeem the property.
Once the 90 day notice of default period expires, the publication period begins whereby a Notice of Trustee Sale is recorded and published in a generally circulated newspaper in the city where the property is located. The notice must be published at least 3 times before the lender can foreclose on the property, the purpose being to provide notice to the borrower and any tenants who may be renting without knowledge of the pending foreclosure sale. The trustee sale date is calculated by adding 20 days to the date the property was first published in the newspaper.
As soon as the publication period runs, the property is sold to he highest bidder via a foreclosure sale. The property is literally sold on the courthouse steps, and a Deed Upon Sale is filed with the county recorders office transferring title. The property can be purchased by a third party bonafide purchaser, or the property reverts back to the lender who markets it for resale as a Real Estate Owned (REO) property.
For more information regarding California foreclosure timelines, or for any other bankruptcy law questions, contact The Larkin Law Firm at http://www.live-debt-free-now.com
Jeffrey D. Larkin is one of the most productive debt-relief attorneys in the region. His innovative law firm is committed to providing intelligent debt solutions custom fitted to his clients' individual needs. Whether you need to file bankruptcy, re-organize your debt or re-build your financial structure, Mr. Larkin provides a full range of legal services designed to restore financial order to your life.
Mr. Larkin is a California licensed attorney offering services throughout San Diego, Orange, Riverside and San Bernardino Counties. A 1998 graduate of California State University, San Bernardino, Mr. Larkin earned his Juris Doctorate from Thomas Jefferson School of Law in 2002. Since that time, Mr. Larkin has focused exclusively on bankruptcy and insolvency related matters, and has authored dozens of articles regarding bankruptcy and other debt solutions.
From 2002 through 2009, Mr. Larkin served as an associate attorney for the two largest bankruptcy filing firms in San Diego County. During that time, Mr. Larkin handled thousands of cases, and gained invaluable experience serving a broad and diversified client base. In 2008, Mr. Larkin was one of the top five bankruptcy filers in all of San Diego County, according to the United States Bankruptcy Court, Southern District of California.
You can reach Mr. Larkin by e-mail at Jeff@larkinfirm.com or by phone at (760) 692-2269. For more information about The Larkin Law Firm, go to http://live-debt-free-now.com
Mr. Larkin is a California licensed attorney offering services throughout San Diego, Orange, Riverside and San Bernardino Counties. A 1998 graduate of California State University, San Bernardino, Mr. Larkin earned his Juris Doctorate from Thomas Jefferson School of Law in 2002. Since that time, Mr. Larkin has focused exclusively on bankruptcy and insolvency related matters, and has authored dozens of articles regarding bankruptcy and other debt solutions.
From 2002 through 2009, Mr. Larkin served as an associate attorney for the two largest bankruptcy filing firms in San Diego County. During that time, Mr. Larkin handled thousands of cases, and gained invaluable experience serving a broad and diversified client base. In 2008, Mr. Larkin was one of the top five bankruptcy filers in all of San Diego County, according to the United States Bankruptcy Court, Southern District of California.
You can reach Mr. Larkin by e-mail at Jeff@larkinfirm.com or by phone at (760) 692-2269. For more information about The Larkin Law Firm, go to http://live-debt-free-now.com
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