Is anyone familiar with California Real Estate Foreclosure process?

by oliver on September 30, 2010

Question:

Is anyone familiar with California Real Estate Foreclosure process?

I am particularly interested in how long it takes from the first time the payment is 30 days late.

Answer:

Usually, the lender will file for a foreclosure against the borrower once he is behind his payments for three consecutive months. During the first and second month of missed payments, the lender will just contact the borrower thru phone and ask about the reason for the delay. Once the lender files for foreclosure, the borrower will receive a notice of default, reminding him of his debt and informing him that his house will soon face foreclosure. The borrower will be given a certain time period in order to make his mortgage current and eventually prevent the foreclosure process. During this time, the borrower may work out an agreement with his lender in order to prevent the process from taking acceleration. If no agreement was made or if the borrower was not able to make his mortgage current, a notice of sale will be issued. This notice is usually given 21 days prior to the actual date of sale. During the foreclosure sale or auction, the one who gives the highest bid will take over the property in question. And after the auction, the new owner can file for an eviction process, ordering the previous owner to leave the property at once.

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