Residential Foreclosure Process in California

The process of residential foreclosure can be a stressful and confusing experience for homeowners in California. It’s essential to understand the legal proceedings involved and seek professional help from a reputable law firm to navigate through the process.

In California, residential foreclosure is a non-judicial process, meaning that it doesn’t require a court proceeding. The process starts with the lender filing a Notice of Default (NOD) with the county recorder’s office. The NOD informs the homeowner that they’re in default and have a limited time to cure the default or face foreclosure.

After the NOD is filed, the homeowner has 90 days to cure the default by bringing the mortgage current or working out a payment plan with the lender. If the default is not cured, the lender will file a Notice of Sale (NOS) with the county recorder’s office, setting a date for the auction of the property.

The homeowner has until five days before the auction to pay off the debt and prevent the sale. If the property is sold at auction, the new owner will receive a Trustee’s Deed upon sale, and the former homeowner will have no further claim to the property.

It’s worth noting that California law provides homeowners with several options to stop or delay foreclosure, such as loan modification, short sale, and bankruptcy. These options can be complex and require legal expertise to navigate effectively.

If you’re facing residential foreclosure in California, it’s crucial to seek legal counsel from a reputable law firm like stonesalluslaw.com. Their experienced attorneys can help you understand your rights, explore your options, and guide you through the legal process.

In conclusion, residential foreclosure can be a daunting and overwhelming experience for homeowners in California. Understanding the legal process and seeking professional help from a trusted law firm can help you navigate through the process and protect your rights.