California Property Foreclosure Process by hkksew3563rd


									The foreclosure process in California - Notice of default

To begin the California foreclosure method, the lender is needed to make get in touch
with the house proprietor to determine alternatives to property foreclosure just before
a "Notice of Default" may be filed. (CC 2923.5.(a)(1)

After this procedure is finished, the foreclosing lender's trustee may record a "Notice
of Default" with the County Recorder.

A duplicate of the "Notice of Default" is mailed to the home owner who is subject to
foreclosure. CC 2924c.(a)(1)

The foreclosure method in California - Notice of Trustee Sale

The following action in the California property foreclosure procedure is the Notice of
Trustee Sale:

*After 90 days, the foreclosing lender's trustee performs some ministerial methods
which could take up to a week to complete.
*Next the "Notice of Trustee Sale" is recorded with the County Recorder which
indicates what the date of the auction will be.
*A duplicate of the "Notice of Trustee Sale" is served to the house owner who is
subject to property foreclosure. CC 2924 c.(b)(1)

The foreclosure procedure in California - The Auction

The next phase in the California property foreclosure process is the Public sale.

*The Initial auction date can be as little as 14 days following the Notice of Trustee
Sale is recorded. CC 2924 f.(b)(1)
*Throughout this step, the house is sold in a public location to the highest bidder.
*The opening bid value is set by the trustee as directed by the investor on the personal
*The cost is usually based on the amount of debt and any associated legal fees.
*Quite often, auctions are postponed simply because the loan provider is working
with the home-owner to avoid the property foreclosure public sale. Auctions may
possibly be postponed for up to one year. CC 2924 g. (c)(1)

The postponement process is not an official step in the California foreclosure process,
but probably it really should be simply because most auctions are postponed several
times. Auctions might be postponed for several reasons.

The foreclosure procedure in California - The Deed Transfer
The final step in the California foreclosure procedure is the transfer of the trustee's
deed: The trustee's deed transfers property to winning bidder. By default, this will be
the loan provider if no bid larger than the lender's opening bid is obtained. CC 2924 h.

California Mortgage loan Foreclosure Laws - Postponement of Trustees Sale

The postponement of the Trustees Sale is not an official property foreclosure step
under California property foreclosure process, but perhaps it should be simply
because most auctions are postponed several times before taking place.

The California mortgage foreclosure laws (Civil Code section 2924g) allow the
lender's trustee to postpone the property foreclosure auction for up to one year without
getting to restart the California non-judicial foreclosure procedure.

Reasons for Postponement

Under The California mortgage loan property foreclosure laws; there could be various
reasons for the postponement:

1. Financial institution/Borrower Agreement - This is the most typical postponement
reason under the California Mortgage loan property foreclosure laws. For example, a
loan modification or forbearance agreement negotiation will frequently outcome in a
postponement. Home owners should also be conscious that in the situation of
forbearance agreements, missed payments could automatically restart the property
foreclosure procedure without any further notifications being made by the lender.

2. Bankruptcy Filing - If a house owner files for bankruptcy protection, California
home loan foreclosure laws require that the courts put an automatic stay on all
financial debt collection actions -- this includes foreclosure. Although this might seem
like a good answer, bankruptcy merely delays the property foreclosure. In most
situations, the loan provider will file a request to the court for an order for relief from
the stay. The bottom line is that the house is collateral for the financial debt, and the
financial institution has the right to take the collateral if the house owner lacks the
capability to pay the financial debt as agreed.

3. Lender's Beneficiary's Request - California home loan foreclosure laws allow the
lender's beneficiary to ask for (decide) to postpone the sale. They may possibly do this
for any reason. For example, they might not be ready to take the home or believe the
property is about to be sold in a private sale.

4. Trustee's Discretion - The lender's trustee might postpone the sale under the
California Home loan foreclosure laws. One common cause is that they are unable to
attain the loan provider for guidelines.
5. Court Order - Though considerably unusual, a court order may be used to postpone
the sale, this is especially true when a lawsuit is filed with regards to some allegation
affecting the title or the mortgage.

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