This information is to assist any homeowners that may possibly be facing foreclosure. There are certain basic steps that are taken before a foreclosure can be implemented.
Default........This is usually the first step in the foreclosure process. It is when a payment is missed on the property either to the lending party, taxes, or a homeowners association.
Legal Notice.......This must take place in order for the foreclosing party to notify the owner of the property that they are entering the foreclosure process. For those of us in California this is called a Notice of Default (NOD). It can be delivered through personal service or published in the newspaper.
Auction Date.......This is the date the trustee (the person or company hired and responsible for administering the assests of the beneficiary) sets to auction off the property in default. The auction will usually take place on the courthouse steps.
Possession.......The beneficiary will set a minimum bid for which they will accept. If there is a winning bidder and the process is completed, a deed to the property is recorded and the property belongs to the new owner. If there is no acceptable minimum bid, then the property is said to go back to the beneficiary.
This means the bank or lending party has control over the property again. This is referred to as being bank owned or real estate owned (REO).
The foreclosure process in California has certain timelines that must be met to protect the property owner. In most cases, the mininum amount of time possible from default to actual foreclosure can not be quicker than approx. 120 days.
In the upcoming articles I will explain the many ways available to avoid foreclosure including....loan modification, refinance, forbearance, and short sales.
For further information visit our website at www.mymajesticproperties.com or contact us direct at Majestic Properties 661-706-9401
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