CALIFORNIA’S FORECLOSURE PROCESS AND TIMELINES
How does the foreclosure process work in California?
The most commonly used process is called the “non-judicial process”.
The loan servicer or lender:
i. Must contact you and/or whoever else is on the mortgage loan, by phone or in person, to
assess your financial situation and explore your options to avoid foreclosure.
ii. Cannot start the for
eclosure process until at least 30 days after making contact to do that
assessment and explore options to avoid foreclosure.
iii. Must advise you during that first contact that you have the right to request another
meeting about how to avoid foreclosure. That meeting must be scheduled to take place
within 14 days.
iv. You may designate a HUD-certified housing counseling agency, attorney, or other
advisor to talk on your behalf with the servicer or lender about ways to avoid foreclosure.
You get a chance to accept or reject any loan modification or other foreclosure avoidance
plan that your representative and the lender/servicer come up with during that
conversation.
v. After taking these steps, if no foreclosure avoidance plan has been worked out, the
foreclosing entity must record and serve the homeowner (and anyone else listed on the
title) with a Notice of Default.
vi. A minimum of three months after serving the Notice of Default, the foreclosing entity
must serve the homeowner (and anyone else on title) with a Notice of Sale
vii. A minimum pf twenty days later, the property can be sold at a foreclosure sale.
assessment and explore options to avoid foreclosure.
iii. Must advise you during that first contact that you have the right to request another
meeting about how to avoid foreclosure. That meeting must be scheduled to take place
within 14 days.
iv. You may designate a HUD-certified housing counseling agency, attorney, or other
advisor to talk on your behalf with the servicer or lender about ways to avoid foreclosure.
You get a chance to accept or reject any loan modification or other foreclosure avoidance
plan that your representative and the lender/servicer come up with during that
conversation.
v. After taking these steps, if no foreclosure avoidance plan has been worked out, the
foreclosing entity must record and serve the homeowner (and anyone else listed on the
title) with a Notice of Default.
vi. A minimum of three months after serving the Notice of Default, the foreclosing entity
must serve the homeowner (and anyone else on title) with a Notice of Sale
vii. A minimum pf twenty days later, the property can be sold at a foreclosure sale.
Call Ann for a free confidential consultation 714/588/7676 a short sale may be a better option.
www.remaxann.com
Comments(2)