Anaheim California Foreclosure Help, Defense, Laws and Process

 


Anaheim is a great city found within Orange County. Owning a home here has been made possible through mortgage help. Unfortunately, some home owners in this city have found themselves foreclosing on their property due to various factors such as divorce, death, medical expenses, loss of jobs etc. If you find yourself under the risk of foreclosure or just about to go through it, make sure you have your mortgage rights at your fingertips.

In Anaheim, there is government assistance provided to those undergoing foreclosure. Government help is found within the HUD-approved Housing Counselors located within the county. The counselors are mandated to provide you with information that can help you prevent foreclosures and also help you make the foreclosure process easier to handle. Just seek out the counsel of these counselors because they will give you the best routes to take that are within the states housing laws.

It’s important to note that time is of the essence. The faster you act, the better the chances are for you to save your home. It is very important to contact your lender when it becomes apparent that you cannot honor the payment terms on the contract. This way, loan modification can be done. Re-negotiating the terms will help you prevent foreclosure.

Stop Foreclosures in Anaheim, California

If you’re under the threat of foreclosure or are undergoing the process then it is important to note the following:

  • Do not ignore the problem. The longer you take to initiate contact with your lender or attorney then the more expensive it gets for you especially if you have the loan reinstated.
  • Contact your lender as soon as possible.
  • Acknowledge the notices sent out to you by the lender. The first few notices will contain prevention tips to help you save your home.
  • Be aware of your mortgage rights. This will assist you to deal with the process accordingly and no one will take advantage of you.
  • Contact your HUD-approved Housing Counselor.
  • If you have no other means of finance try and liquidate your valuable fixed assets as soon as possible.
  • If push comes to shove then file for bankruptcy. This will buy you time to gather resources to repay your loan.

Anaheim, California Foreclosure Process

Foreclosures in California are done out of court, although court foreclosures are also allowed. Out-of-court foreclosures in this state take about 4 months. The judicial foreclosure process occurs when the power of sale clause is absent in the loan document. The lender must sue the borrower to obtain the decree to foreclose. At times the court may grant the borrower a year to redeem the property.

The non-judicial foreclosure process is used when the power of sale clause is in the document. The power of sale allows the lender’s attorney to file for the sale of the property in the event of default. The following is the process followed:

  1. The default notice is recorded with the court. A copy is sent via certified mail to the borrower within 10 business days of recording. The borrower is granted 90 days to cure the default.
  2. If the borrower fails to cure the default then a notice of sale is issued and the property is set up for auction in 21 days. The notice is published in the newspaper for 3 consecutive weeks prior to the sale date.
  3. A public auction is carried out at the designated time and place stated in the Notice of Sale. The property goes to the highest bidder and they receive a trustee’s deed on completion of the sale. If no one bids then the property reverts to the lender.