Fresno California Foreclosure Help, Defense, Laws and Process

 


Once the notice of payments records foreclosure time begins, California foreclosure law states that in 10 business days a copy of the recorded notice of defaulting is sent by qualified regular mail to the borrowers at all addresses provided and any recorded request.

In 30 days copy of the notice of default is sent by licensed and ordinary mail to all new owners and junior lien holders to the legal document of trust being foreclosed.

A trustee’s sale security report is ordered from the government assistance providing all deed information and then the foreclosure remains dormant for 60 days unless the borrower makes connection to cure.

Foreclosures in California are primarily administered outside court, although court foreclosures are allowed but outside court foreclosure takes around 4 months.

Stop Foreclosure in Fresno, California

A judicial process of foreclosure which involves filling a law suit to get a law order to close out and is used when no rule of sale is current in the mortgage help or record of trust.

  • Using the government help process, lenders may seek advice from closure advice agencies but in other circumstances the borrower may be given at least 1 year to redeem the property.

Non judicial process for foreclosure exists in a mortgage or legal document of trust in which the borrower pre authorizes sale of property to pay off the balance of the loan.

The power given to the attorney to sell the possessions may be executed by the lender or their representative.

If the certificate of trust or mortgage contains power of sale from the attorney specifying the place and terms of the sale, then the specific procedure must be followed.

The notice of sale must contain loan modification, time and place of the foreclosure and a statement where the property will be sold at auction.

The sale must be held on a business day between 9.00 in the morning till 5.00 in the evening and must take place in the area specified in the announcement of sale.

The trustee may need evidence of the bidders’ ability to pay their full bid amount and anyone may bid at the trade which must be made at open auction.

Fresno California Foreclosure Process

Judicial and non judicial foreclosure is the most process used in California. Judicial foreclosure is hardly ever used in California, and only in the absence of power sale clause in the loan record or when the lender is looking for a court order for a bankruptcy.

Non judicial foreclosure is mostly used and this process is used when there is a command of sale authorizing the lender. In the event of failure to pay the property is sold to satisfy the loan total.

If the power of sale clause includes the procedure then it has to be followed, if not, the process is as followed.

  • Notice of default is recorded with the county where the property is located so that when a borrower fails to make a loan payment a copy of this notice is sent by qualified mail to the borrower within 10 working days of recording.
  • If the borrower fails to meet the default then a notice of sale is recorded, which says that the lender will sell the goods at public sale in 21 days. The notice is then sent to the borrower and published weekly in a nation newspaper for three consecutive weeks before the selling date.
  • Trustee sale auction is held on a public auction at the time and location stated in the notice of sale and supervised by the lenders representatives.